It’s imperative that you begin now to create the digital products that will eventually replace your physical products
The last 15 years in the publishing industry have seen a revolution in marketing channels. Publishers now sell more products and generate more revenue on the Internet than from any other source.
Here’s the Mequoda Manifesto: Over the next 15 years, publishers will transition to delivering exclusively digital products. And that transformation will be twice as gut-wrenching as the shift to online marketing.
If you want to make more money selling your editorial content online, you need to start creating more digital products right now. It’s that simple.
What separates the publishers who are making a lot of money from those who aren’t, is the depth of their product line.
If you don’t yet have a lot of product to sell online, you can’t afford to wait any longer to create new information products. They should be digital and downloadable, both sold and delivered online.
Seven reasons why all your products should be digital
Reason #1: You can charge the same price.
One of the mistakes some publishers make is thinking they must charge less for a downloadable book or video or package of Excel spreadsheets. Not so!
Buyers will pay the same price for a digital product that they will pay for a physical product.
Other than a few dollars you might make on shipping and handling, all our experience shows you can charge the same for digital vs. physical products without price resistance.
Reason #2: Your customers will be equally satisfied.
Consider the convenience of digital delivery to the customer.
Surveys show almost no difference in customer satisfaction between physical and digital products. The younger the customer, the less likely there is to be any difference in customer satisfaction at all.
Reason #3: You can deliver your product immediately.
Consider the economics of digital delivery to the customer. Instant gratification for your customer translates into immediate payment to you.
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Reason #4: Digital products require no physical invention.
By the year 2025, your entire backlist will always be available because books will never go “out of print.” The world’s information archives — all newsletters, newspapers, magazines, books — will be available to everyone, forever.
Reason #5: Digital products make micro-publishing viable.
A book that previously could only be published for as few as 100 – 2,000 special-interest readers could be economically viable.
Digital products mean the previous expenses of typography, printing, binding, warehousing, picking, packing and shipping are eliminated.
An author who can sell as few as 1,000 copies at $20 each might be satisfactorily compensated for his special-niche written material.
Reason #6: Digital products are green.
When the marginal cost of manufacturing and delivering your product can be measured in pennies, you’ve made a substantial reduction in your carbon footprint.
Think of all the fossil fuel and trees we’ll save. Plus, you’ve made a significantly greater contribution to your bottom line.
Reason #7: All information products will be digital by the year 2025.
In a few years, customers will expect to be able to buy any digital product — newspaper, magazine, or video — and download it immediately to both their desktop computer or their portable digital reader.
More on the Mequoda Manifesto tomorrow.
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