October 23

Do These 4 Things Before Adding Products to Your Service Offerings

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One of the great things that I like about being an entrepreneur is the freedom and ability to target challenges that other people face on a daily basis. Whether it’s a learning curve someone has to overcome or a need to grow in certain areas related to skill sets or behavioral capacities, there is always significant points of contact where I can make a difference.

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Product Creation

As many of you know, one of the ways that I provide impact and lasting change is through my I Speak Life Academy Private Coaching and my public speaking. I have been honored to share some of the largest stages and work with some of the most high profile companies in the world, but…there is one thing that I have found over the years that truly makes a sustainable difference in people’s lives long after I’m gone or the coaching sessions have concluded…products!

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Why The Right Product Matters

Yes, products, but not just any products. Products that uniquely focus on the barriers that people may be facing, while offering a customized solution (not always unique) that will allow them to learn at their own pace, work within their framework of understanding and offers them small wins (Overkill is not welcome) for self-mastery. So, today I want to share 4 things with you that you should contemplate before thinking about creating a product or even venturing down the road of offering add-ons to your regular services. This pre-work is important for you no matter how large or small your company is or if you are a business owner, or entrepreneur that is just starting out. Why? Because if you don’t get this right, you will experience challenges almost immediately.

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 4 Things To Consider

If you are contemplating adding a product to your offerings, you have probably already starting asking yourself, what skills or knowledge do I possess that I can share with the rest of the world, and that is a great start. However, another question that you must ask from the very beginning is, does a need exist for what I would like to create? Let’s take a look at the 4 things:
Is there an established need?
I don’t care how good your product is, if it does not have a  solution that someone wants, it will not add value or consequently sell. So, do the necessary work to establish need and then adjust as necessary to clearly define how your product fulfills that customer’s needs.
What is your value promise?
What will your product do that others cannot? Or an even better question is, how does your product offering particularly suit my level of pain that I am experiencing? Not physical pain (although yes, in some cases) but the discomfort that their current situation is causing in their lives. Clearly establish the value add and highlight the narrative of what will occur on the other side of the value equation.
What is the method delivery and consumption?
How will your product be delivered? An online course, mastermind, private coaching, etc. The user experience must be clearly defined and provide a guide map to the end user of your product. Anything else risks confusion and more pain associated with unresolved issues.
What is your price point?
This is a big deal because many people will undervalue their work and leave quite a bit of money on the table. When pricing your product, there is no cookie-cutter way of doing this and again it goes back to the need and the demand for your services and reach. A good rule of thumb is to price your product based upon what similar products are selling for and then raise or lower based upon performance. Do not get bogged down here because you can always adjust.

Take the First Step

At the end of the day, you need to take the first step and provide your customer with something of value. If you are innovating, testing new limits and growing, then you can never go wrong in business.

Point of Clarity Quote:

“There is no innovation and creativity without failure. Period.”

-Dr. Brene Brown

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