- How many different products / services do you offer in your business?
- Do each of these products / services require your time to deliver or are they automated?
- Can you scale these products to deliver them to multiple customers at a time?
- Do your products / services allow you to make recurring income off one sale, or is it just a one-time payment?
These are questions you should seriously consider in your business as the type of offerings you deliver to your customers may be the difference between having the business of your dreams or your nightmares…
Let Me Explain…
Business owners generally have 3 aims for their business. Some they may be more aware of than others, but they are:
- Personal Aims (why they are in business in the first place – passion / need / etc)
- Financial Aims (the figure they want to earn)
- Lifestyle Aims (work from home / work from their laptop / have freedom / travel / etc)
In a future article, we’ll be talking about aligning these 3 aims in your marketing more thoroughly, but for now, let’s just stay focused on the big picture relating to your offerings.
Products And Services Impact Business Aims
For instance, if one of your business aims is to allow you the freedom to spend more time with your family, delve into a hobby, or just generally not work more than the standard 40 hour work week, the time you spend delivering your products / services will impact on this aim considerably.
If your work involves you working one-to-one with people, then in order to make money, your time is required.
To make sure you hit your aim of having more freedom, if you were in this position, you would either have to:
- Charge more
- Have an offering that doesn’t require your time to deliver / allows you to leverage your time better
Having The Right Products / Services Allows You To Make More Money And Spend Less Hours Working
Is that something that would be of interest to you? I’m guessing it would!
What Kind Of Offerings Can You Deliver?
To some extent, this is going to be dependent upon your specific business and industry, but I’m going to discuss 3 different types of offerings that can be implemented in most businesses.
- Services – you exchange your time and expertise in return for money
- Products (Digital / Physical) – a pre-created package of goods
- Information (video / text / audio / interactive)
- Recurring Income – Sell once and get paid every month for either a set amount of time or ongoing
- Forums / Networks / Groups
Ideally, I think that every business should have at least one offering from each of these categories to reach its full potential, but it’s possible to hit all of your business aims by just subtly changing one.
Going back to my original example, if your business aim was to allow you to have more time while still hitting your financial needs, and you currently only provide a one-to-one service, what could you do to increase your income while not putting extra work hours into your week?
Option 1: Alter your service so that it can be delivered to groups instead of just one-to-one so you make more money per hour.
Option 2: Generalise your service and turn it into a standalone product which can be sold in bulk.
Option 3: Do both of the methods above, and make the service and the product into something subscription based so once you hit a certain number of clients, your business doesn’t require you to do any more selling, freeing up your time.
Charging More For Your Services
Of course, you can always start by charging more for the current offerings you deliver. I would recommend starting here first to make sure you are optimising your business for revenue.
You may find that by charging more, you hit your business goals straight away, or at least, get a lot closer to them.
Often though, you need a combination of both charging more and adding more offerings.
Finding The Product / Service Offerings Right For You
You first need to be clear on what your business aims are, and then a healthy amount of brainstorming needs to be done to gather options and see what is viable.
In my Marketing Strategy Workshop, we do this together by looking at how you can go about creating and setting up different kinds of offerings in your business. We also look at how to create a ‘tiered’ product offering by modelling one of the most successful coaches in the world so you can optimise your business to bring you the most revenue in the least time-consuming way possible.
Do You Have A Marketing Plan For Your Business?
I’m sure as you sit there, reading this article, thinking of the potential offerings you could deliver to your customers, you want your marketing to be the most effective it possibly can be, don’t you? Otherwise, why would you be reading an article on a marketing website?
Great marketing comes from having a great plan in place. A Marketing Strategy that allows you to hit all of your goals, both financially and personally, and allows you to be confident, proud, and enthused with how your business is running and growing.
I help Coaches, Creatives and Entrepreneurs create bespoke Marketing Plans to allow them to do just that in my Marketing Strategy Workshop.
If you feel confused with the current way you’re marketing, you can find out more about my Marketing Strategy Workshops by clicking here.
Latest posts by Ben (see all)
- The 3 Phases Of Marketing - February 22, 2016
- What Are You In Business For? - February 15, 2016
- Benefits Of Offering Multiple Products And Services - February 8, 2016