Looking for a unique way to boost your revenue?
Consider creating a hybrid product – a combination of digital (for instant download) and physical (shipped in the mail) components.
Imagine you’re selling a text-based course. You could release the course in parts over time, and then send out course materials like workbooks via mail.
Now, you might be wondering, why bother with physical products if you’re already selling digital ones?
Well, digital products offer advantages like low costs and easy fulfillment.
But here’s the kicker: by creating a hybrid product the right way, you can reap those same benefits with minimal extra effort.
Let’s dive into the top three advantages…
Carries a High Perceived Value
So, if you’re in the business of selling digital products, you’re always on the lookout to make those offers even better, right?
One way to do that is by jazz up your offerings with things like turning your text content into videos sharing more advanced insights, or throwing in some handy tools like checklists and templates.
But here’s a nifty trick to really amp up the value of your product: why not take that digital product and give it a physical form? Yep, you heard me right.
Turning something digital into a tangible, physical product can instantly bump up its perceived value.
Think about it – if you offer the same exact information in a downloadable book and a physical book, most folks will see that physical book as more valuable.
There’s something about being able to hold it in your hands that just makes it seem more special, you know?
So, imagine this – you take just a part of your digital offer and transform it into a physical product. Suddenly, your whole package becomes more valuable.
That means you can charge a bit more for it, and your customers will be even happier with what they’re getting.
And that’s not all! There’s another perk to creating a hybrid product from your digital offer…
Lowers Refunds
When a customer isn’t happy with a digital, all they have to do is shoot an email over to the product to get their money back.
It’s a breeze, which is why many folks don’t hesitate to ask for refunds on digital goods, even if they wouldn’t do the same for a physical item.
The key difference? With physical products, customers have to go the extra mile to get that back.
They’ve got to ship the physical part of the product back to snag a refund.
Now, picture this – someone is on the about getting a refund, not totally sold on the idea.
If they have to deal with sending something back, chances are they won’t bother. It’s just too much hassle for them.
And let’s not forget about the serial refunders – those folks who buy stuff with the sole intention of using it and then returning it for a refund.
They won’t even bother hitting that purchase button if they know there’s extra legwork involved in getting their money back.
This means your customer base will likely be filled with more genuine buyers.
Having lower refund rates brings two more perks your way:
1. Less customer service headaches. You’ll save precious time and money at your customer service desk when there are fewer refund requests flooding in.
2. More moolah in your pocket. Obviously, when you’re dealing with fewer refunds, your profits get a boost. Not only do you rake in more cash up front when people aren’t asking for refunds, but satisfied customers are more likely to snatch up your other offers down the line.
And here comes benefit number three of whipping up a hybrid product…
Provides Instant Gratification
Many folks are drawn to digital products due to the instant gratification they offer.
You hit “order” button, and in a flash, your purchase is downloaded and ready on your hard drive. It’s quick convenient, meeting the desire for immediate satisfaction.
Hybrid products, on the other hand, give you the best of both worlds.
The physical part of the product tends to be perceived as having high value, while the digital satisfies the need for instant gratification.
It’s like hitting two birds with one stone. So, as you tell, there are plenty of compelling reasons to create a hybrid product.
Now, let me share with you a couple of tips and best practices to help you set it up smoothly…
Create a Hybrid Product for a Reason
So, you’re probably aware of the advantages of developing a hybrid product, as mentioned earlier.
However, it’s essential to consider that these benefits primarily cater to your needs rather than those of your customers.
That’s why it’s crucial to determine whether your customers would truly benefit from a hybrid product as opposed to an entirely digital one.
Take a moment to ponder: Is there a specific aspect of your product that could be enhanced by being in physical?
Perhaps there are parts that your customers would prefer to have in a format.
For instance, if you’re offering an online course, you could it with a physical workbook to aid customers in applying the knowledge they’ve gained.
Providing a tangible workbook allows customers to jot down notes and engage more actively with the course material.
You can deliver the course digitally and then send out the workbook in a physical format to create a hybrid product.
Here are some examples of components that your customers may find valuable in physical form:
– Checklists
– Cheat sheets
– Planners/calendars
– Spreadsheets
– Infographics
– Mind maps
– Various lists (like equipment lists)
This list is by no means exhaustive, but it should give you some inspiration for components that lend themselves well to a physical format.
If you’re feeling adventurous, you could also explore the option of offering physical products alongside your digital offerings.
In this scenario, you might consider implementing a drop-shipping arrangement.
For example, you could put together a bodybuilding starter kit that includes a series of instructional videos (the digital aspect of the product) along with a selection of essential nutritional supplements like whey protein, vitamins, and creatine.
By partnering with a drop-ship supplier, you can streamline the process of fulfilling and delivering the supplements.
Another scenario to consider is if you’re providing information on how to start a hydroponic garden.
In this case, the physical component of your product could be a comprehensive kit containing all the necessary items for setting up a hydroponic garden at home.
This brings us to the next point…
Avoid Fulfilling It Yourself
If you’re in the business of creating a hybrid product, one crucial aspect to consider is how to handle the physical part of your product.
It’s best avoid dealing with fulfillment yourself, as it can be quite time-consuming and costly to manage inventory and shipping.
Instead, opt for having someone else take care of fulfilling the orders for you.
There are various methods to outsource fulfillment, depending on the nature of your product:
– Utilize a print-on-demand service: If your product consists of informational content, there are numerous print-on-demand available that can print and ship your product directly to the customer.
An example of such a service is Disk.com, which offers seamless integration with your shopping cart system for a hassle-free order processing experience.
You can explore other similar fulfillment options by conducting a search online.
– Engage a drop-shipper: For products that aren’t purely informational, you can consider working with a drop-shipper to handle order fulfillment.
Search online using terms like “dropship” or “drop-shipper” along with the type of product you’re selling to find potential partners.
It’s essential to thoroughly research any drop-shipper you’re considering to ensure they are reputable and reliable.
In Summary…
If you’re aiming to boost your revenue, considering a hybrid product might be a smart move.
These products tend to have a higher perceived value and lower refund rates, making them a lucrative option.
Have the option to hybrid info-products or create a bundle that includes both a physical item and an informational product.
Both of these approaches are versatile and can be applied to various niches, making them effective ways to increase your earnings.
However, if a hybrid doesn’t align with your business strategy, fret not.
There are numerous other strategies and ideas for enhancing your revenue detailed in this website.
