It is well-known that consumers value digital equivalent goods lesser than their physical counterparts. Take e-books as an example. Although e-books contain the same content (occasionally even more), can be carried by the thousands, and can be accessed anytime, consumers place higher value on their physical versions. A recent research shows that the perceived value of ownership of physical goods is the difference maker, hence explaining the consumer behavior—Harvard Business Review. (This is still true after controlling for costs.)
Click on the image below to read the full research finding.
Going by the same rationale, the finding also implies that it is possible to increase the perceived value of digital goods by increasing the value of ownership in them. If you run a digital goods business, here are three tried-and-tested strategies to achieve this:
- Customization. Incorporate elements of customization in your digital products. For example, allow consumers to customize colours, images, and add (or remove) content to your core product.
- Personalization. Enable your digital product to make personalized recommendations. For example, monitor how your consumers are interacting with your content within your digital products and make specific and relevant recommendations.
- Tools. Attach a tool to your digital product that addresses a personal problem. For example, attaching a financial tool may help consumers figure out their cashflow issues based on their personal spending preferences and habits, while a career tool may help identify suitable jobs based on their personality and competencies.