A business product strategy is crucial to staying in business for the long haul.
Because if you don’t map out a product strategy that works for you — one that grows your revenue (and not your stress levels), you won’t stay in business.
Let’s create a product strategy that keeps you from burning out.
Let’s build your success on your terms!
Decision #1 when it comes to your product strategy is, “Should I create a single offer and put all my efforts behind promoting it?” or “Should I create multiple offers and put my efforts behind growing them?”
There are pros and cons to each approach.
Fortunately, you can have the best of both worlds.
Let’s dive in and see how you can develop a product strategy that lets you have it all (minus stress).
What is a business product strategy exactly?
Your business product strategy is the approach you’ll use to plan, build, and implement your offers over time.
Your product strategy will guide:
- What offers you create
- How many offers you build
- How you promote your offers
Your business product strategy will have a greater influence on how your business feels to run than almost anything else.
Why develop a product strategy that keeps YOU at the forefront?
If you don’t keep your own needs in mind, you end up building a business that may work great for someone else — but not for you.
Why do that?
It’s your business. It should suit you — and you alone.
Let’s look at your product strategy through that lens.
As you read through the pros and cons of each approach below, ask yourself …
Does this approach feel easy or difficult?
Product strategy example 1: The single product approach
You can build an online business around a single product or service. And there are lots of reasons why you might want to do this.
The single product approach: Pros
When you have a single product or service, running your business is simpler, hands down.
- You pour all your research and development time into a single, strong product or service.
- You build all your marketing messages — your business name, tagline, content marketing, social media marketing — around a single topic.
- Your messages — and your brand — are easier to remember.
All great reasons to run a business that hinges on a single offer. Is there any reason to not do this? Well …
The single product approach: Cons
When you have a single product or service, there are some frightening risks you’ll need to live with:
- Your revenue comes from a single source — you’re “putting all your eggs in one basket,” and that’s risky.
- Technology or trends may change and suddenly, and your offer may no longer be relevant.
- If your offer fails in the future, your income source dries up, too.
That all sounds a little scary, doesn’t it?
Maybe the solution is to develop multiple products?
Read on …
Product strategy example 2: The multiple product approach
Another approach to product strategy is to build an online business around multiple products or services. Let’s examine the pros and cons of each.
The multiple product approach: Pros
There are a lot of compelling reasons to create multiple offers for your online audience.
- You can serve customers in a variety of ways and meet their needs at different stages of their growth.
- Multiple products and services offer cross-selling opportunities. You can offer complimentary products or services and this increases the revenue you can earn from each customer.
- Offering multiple products or services allows you to benefit from return customers —
So … it’s multiple products all the way, right? Not so fast …
The multiple product approach: Cons
Creating and offering more than one product or services has lots of advantages, but there are a few things to keep in mind:
- It will be harder for your audience to understand what you do.
- You’ll need to spend time clarifying who each offer is for so that people find what they need when they need it.
- Multiple offers means you have more to juggle — more marketing campaigns, more product updates, more customer service.
Overall, multiple offers mean a more complex business model for you.
How to choose?
Maybe you don’t have to …
How to have the best of both product strategies
My recommendation if you’re just starting out is to use an iterative approach.
Start small, get to know your audience, and grow from there.
This will help you to avoid the burnout that may come from juggling too many offers at once.
Here’s how to make it work:
Start with a single offer: Create one “signature” offer and hone your implementation skills by creating and promoting it.
Add offers as your audience tells you it needs them: Listen closely to what your customers tell you they struggle with. If it’s a problem you can solve, consider developing a new offer to meet their needs.
Learn more about creating online offers
There’s a lot to learn about creating and offering products and services online! Here are some resources from here on the BIG Brand System site.