Did you know? Jack Dorsey, though enterprising, had a speech impediment. Whoever told Jack Dorsey, co-founder of Twitter and creative programmer at the time, that his digital product – Twitter, launched in 2006, will be bought for $44bn (forty-four billion dollars) in 2022, would likely have to convince him enough to believe this.
According to Global Tech Talent Trends 2022 by our partners in Europe, landing.jobs, (see video below)
Plus, in 2020, over two billion people worldwide purchased products and services online, with sales totaling over $4tr (four trillion dollars) with this number expected to grow to $6tr (six trillion dollars) by 2024. By 2030, this tech evolution, scratch that, revolution will have re-shaped every product we use today.
In case you are still living under the rock and finding it difficult to believe my statistics, briefly journey back to 2020 and recall the global events that upset world economies. Restricted movements as a result of the constant lockdown, strategies employed by our government in a bid to prevent the spread of the pandemic, Massive increase in demand for online products and services (at Plugstuck we made as much profit as what we will make in a quarter), by the way, this is Just a little remainder of the ugly event that characterized 2020.
Pledge Parental Leave founder, Jules Ehrhardt, describes a digital product as “a software-enabled product or service that offers some form of utility to a human being.”
In itself, a digital product may not make money directly for a company or an individual. But, it could help sell another product or service or earn money through advertising.
Therefore, in simple terms, a digital product exists only in digital form. Some people also describe it as a product lacking a physical form that you sell online.
For example, a website, like Google, where you get useful information but necessarily don’t have to pay for it is a digital product. Products should primarily be about value.
In summary, a digital product is a product that is not tangible but is delivered and experienced through software and technology.
About 18 years later, and according to gobankingrates.com, Facebook’s net worth as of Q4 2021 is $124.879 billion
Thus, the importance of embracing the digital revolution cannot be over-emphasized, as interaction is almost seamless when it comes to digital products. That is, Digital products don’t require your customers to physically come in contact with you.
At worst, digital products supplement your income, and at best, the most sustainable, scalable, and important part of your current business.
Finally, who would have thought an idea turned into a digital product can be valued in hundreds of millions and billions of dollars?
Twitter, a digital product, created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and launched in July of that year is a clear example. 16 years later, with more than 330 million monthly active users, and on April 25, 2022, the Twitter board of directors agreed to a $44 billion buyout by Elon Musk, the CEO of SpaceX and Tesla, potentially making it one of the biggest deals to turn a company private.
You could be the creator of the next big thing. But turning your ideas into digital products requires professional training, coaching, and consistent action.
What actions are you currently taking at the moment? CLICK HERE to join us at We Are Coding 2022, where we’ll hold you by the hands to show you where the stones are laid, so you can walk on water.
WRITTEN BY ANDREW BALOGUN.
Andrew Balogun is a Software Developer, Researcher, and Project Management Specialist at Plugstuck.