To help move your business forward you have to work towards building a product suite. Over the years of my entrepreneurial journey, I have learned so much about the best ways to create a successful product suite for your business. I have been able to create offers that set up a customer journey, one that meets them where they are on every level.
In this post, I will walk you through my experience with creating a product suite for my business and show you how creating this will help you identify the kind of people you should hire for your business to help move your business forward.
Note: We are combining things we talked about previously in my last two podcast episodes so if you haven’t already listened, go back and tune into Episode 112 and Episode 113!
When you are an entrepreneur, one of the best things you can do to take your business to the next level is create a product suite. This is when you create a group of offerings for your ideal client that is targeted towards different points on their journey. You do this to build trust, expand your income and reach a wider audience.
You want to be able to meet your client wherever they are, whether that means before they invest or when they are already invested. One of the reasons these offers are so great is because many times they can allow you to move to the next level of a full-time income and you can quit your 9-5. Plenty of my clients have done this and so did I.
If you are building a product suite the questions you should ask yourself is can you scale your offer? And do you want to scale that particular offer?
You want to make sure that your offer is something you want to expand on as your next big idea. If it’s not then start thinking about new ideas.
If it is something that you want to scale then make sure it’s something that won’t take the life out of you. For example, something that many people expand on is private coaching.
While this is scalable to a point it also takes a ton of time and energy. You are depleting yourself because you end up giving so much to your clients and calls after calls can be really draining. Scaling this will run you down.
Instead, you should focus on scaling an offer that can create passive income.
With every business owner, the package and offers are going to be different for each entrepreneur. It doesn’t matter what business you’re in, the way you create offers for your range of clients will look different.
For the beginning level of my product suite, I have my Unique coach approach quiz, my Facebook group, Podcast, and YouTube channel. This level allows people to consume information and content for free and start educating them and helps to build trust with them.
I also have my Unique Coaching Method Course and Membership and this one is a passive program people go through. In this, we support the community with coaching and I am a part of it once a month. For this course, I don’t have to be as involved because I have support coaches. This is not a super hands-on program for me which also plays into the price point.
Then I also have another passive course, Launch Like a LadyBoss course and this is where people learn to launch programs and this is completely passive.
The next level to my offer is a group coaching program, the Client Attraction Academy. This course is more expensive. This is something where I did one to many interactions with the group. I was able to fill in a gap in my product suite with this one because this group allows me to reach and help more people at one time.
The next offer is the Unique Coaching Method Mastermind. This one is a group of 8 people and it’s a higher level program that’s a combination of one on one meetings and group meetings. These people have to be ready for this level.
The next level I have is the VIP Mastermind. This is for a specific audience who made a specified amount of money that wanted to continue their growth and push their business even further. During this, I did a ton of coaching and so it was more expensive.
The top end of my suite is the one on one coaching, along with 90-minute intensives. These were the highest level and the most expensive because they require so much time and energy coming directly from me.
As you can see throughout my journey I have something for almost every single level that entrepreneurs can take part in. The higher the level the higher the price and more of me.
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While I went through my product suite a certain way, that is not going to be the same for everyone. The thing you should be thinking about is making sure you are creating a clear customer journey. You want to be able to direct and differentiate your offers so that people know what they should take part in and what’s best for them in where they are in their entrepreneurial process.
You have to make sure you are clear with the suite you create so that you can create passive income for your business and scale your offers so you can reach more people. This will help you to stop having to trade time for money. It gives your audience more than just one option to work and learn from you.
It costs a lot more money to attract a new client than it is to keep one so if you can show them the journey they can go on through your different offers you can create a really awesome experience and relationships with your clients.
Something I made sure I did was to create offers that didn’t leave clients hanging. Each offer I created is complete in itself. I had more options for them if they wanted to continue with other offers but it wasn’t ever an incomplete offer I provided.
When you create a customer journey you should make sure that the entire experience your clients go through interacting with your company is a positive one.
You should try to get back into your mindset of when you were in their shoes and think about the offers or things you needed from the beginning of your journey that would have pushed you to take part in the offers.
Think about the freebies that would have caught your eye and the next thing you needed to get you closer to your goals and keep doing this until you know what you would’ve needed from a business to invest in a high ticket or high-level offer.
Understanding that there are two types of purchases when it comes to considering products is important.
One is the high commitment purchase. This purchase is usually a higher price point but it doesn’t necessarily have to be. It could instead be a high commitment level purchase, meaning there would be ramifications if it didn’t go right. For me, these would be one-on-one coaching sessions. Generally speaking, no one will just jump into this kind of offer from a business. They have to be with you for a while, the trust has to be there, it’s more of a long-term investment.
A low-commitment purchase is one that won’t change your life if you don’t use it. This is something that won’t impact your life dramatically. This is where you can create offers or freebies that help you build trust with your audience and generate passive income.
These would be creating YouTube videos, podcasts, Facebook posts, etc.
If you can set your expectations right for your offers you can create a really strong product suite.
These are the four quadrants to go over to know how to hire a team for your business:
After you can answer these questions, consider them for hiring purposes. Quadrant 2 and 3 are both great ways for you to find out potential skills you want to outsource for your business.
You can use your answer to quadrant one to see if there are ideas you can expand on for your product suite. Quadrant four will help you get clear on things you don’t want and will stop you from falling into the trap of doing certain things just because other people are doing it.
When you go to hire people for your business you should get very clear on the kind of qualities, skill sets, and expertise you want them to have.
This may not just be one person you may need to invest in a few different people for your company. No matter what, the people you hire should hold the same values and be a strong fit with the way you run your business.
It’s very important to work with people who you are excited about and who will help your company grow.
When it comes to creating a successful business and one that is scalable you have to make sure the offers you create are ones you can expand upon.
Creating a strong product suite for your business is SO crucial to your business’s success. You need to make sure you have a clear customer journey that your audience will want to be a part of.
Throughout your experience creating this suite it will also help you see the opportunities you may have to expand your business and hire a team.
And finally, as always, stay safe, stay healthy, and stay #PrettyAwkward!
I hope this post helped you see all the ways a product suite can help your business grow.
Take The Find Your Unique Coach Approach Quiz here: www.meganyelaney.com/quiz
Watch the live recording of this training in my FB Group: https://www.facebook.com/groups/impactfulpassiveincome
Apply for my high-level coaching programs here:
—->Unique Coaching Method Mastermind (limited spots and starts on July 18th): https://hello.dubsado.com/public/form/view/5fa6e161518946d51d9fd583
—->VIP Days (Virtual & NYC till Fall): https://hello.dubsado.com/public/form/view/6027128b63a8777aa9c88438
—->90 Min Intensives: https://hello.dubsado.com/public/form/view/60270ffc8330357ac5a054f0
I have helped HUNDREDS of women get their unique coaching voice and find their soulmate (clients that is!)
Because I’ve been there too. I went from wanting to be a health and fitness coach...trying to take awkward booty pooping selfies, to embracing my #prettyawkward style and scaling my coaching business past six figures.