Simplify your business with a product suite
As an entrepreneur, you were probably told that finding a niche will increase your profile and get you more clients. But how can you make it easier to find the right clients and keep them? You need more than one standalone product to satisfy and retain customers long-term. That is where a product suite can help you.
Building a strong product suite is crucial for scaling and retaining customers. By offering a product suite, you become a partner throughout their experience versus just a one-time transaction.
But where do you start? What products align with your business goals and solve your client's pain points?
Today, I want to give you a product suite roadmap so you know exactly how to build one.
If you set up your product suite strategically, you will have a bigger impact on your clients, create loyal customers and increase sales, so let's get started.
What is a product suite?
A product suite is a portfolio of packages you offer to ensure your client can stay with you throughout their business journey. They all have different price points. The golden rule: the more time your clients spend with you, the higher the price.
Here's an example:
Your client is a new business owner and invests in your £50 mini-course to set up their business.
A few months later, they face a different challenge-getting clients consistently. Since they liked your course, they hire you for a 90-minute strategy session for £297 to learn how they can optimise their strategy.
They instantly see results and now decide to invest in long-term 1:1 coaching for £2500 for three months.
That way, the product suite ensures your client can stay with you throughout their business journey.
Sometimes, we get so obsessed with a single offer, but we are likely leaving clients out to dry because we don't have any other options to serve ideal clients. Creating a product suite around both the needs of a client and what you love doing can increase options and sales easily.
But here's the caveat: the products must align with each other. You can't offer random packages; follow the client journey instead.
How to structure your product suite
Freebies
The first product is something you could call "exposure products". These free resources should provide value to your audience, build trust and speak directly to their pain points. These are things like
blogs
podcasts
videos
Facebook groups
LinkedIn articles.
They cater to the group in your audience who need help getting started. Freebies generate maximum exposure. That's why you'll find the largest group of consumers in this product suite section.
After you deliver the freebie, potential clients who have signed up should be added to your automated emails that continue to send them down the path of "purchase".
As potential leads become more knowledgeable and get to know you better, they move up the product suite pyramid.
Low-ticket offers - tripwires and evergreen courses
The next products in your product suite are low-ticket offers, also known as passive income streams. They let your prospect get to know you better without investing much money.
Ideal products at this stage of the product suite are DIY courses, bite-sized training or e-books. These packages don't require you to be present and are usually below £100.
That's intentional: This product shouldn't break the bank, so clients don't feel it's risky to buy from you. It has the added advantage of making your clients feel smart because they test you before committing first.
That allows them to take that first step onto the product ladder.
Remember, all your product suite offers build on each other, so clients who have seen the transformation in their business from your low-ticket offer are highly likely to purchase other products from you, too.
Mid-level offers
These offers in the product suite usually consist of group programs with a Q&A session. They don't require much of your time, but you can guide clients through the process. If your clients want something more engaging than an online course, this is your best option. The Foundations course of HerHQ is an excellent example of that.
Premium offers
Now, you can shift your focus to selling premium offers such as high-level VIP mastermind days or VIP coaching. Clients will experience a high transformation in their business as a result of this product suite offer.
1:1
The top of the product suite pyramid is the 1:1 with you. Here, your expertise shines the brightest. You're going to have the least amount of clients here, and it will have the highest impact on your revenue.
As a rule of thumb, the price for a premium product in your product suite should be a minimum of 1000 pounds.
How do you build a sustainable product suite for your business?
Have a bird's eye of the customer journey
Make sure your product suite makes sense and doesn't consist of a bunch of random products you created in the hope someone will buy them. All product suite offers must connect to a point in your customer's journey.
Branch out only when you have solid roots
Only grow when you're ready. Ensure you've done your market research and know what the customer needs and an offer your ideal clients are already buying.
Go for low-hanging fruit
If you see an immediate need, fill it! Don't try to reinvent the wheel. If you hear from a prospective client that they would love a quick win in one aspect of their business or need help in another area, create products for these needs first.
When looking at your product suite, your offers and pricing should be a direct comparison of where you're spending your time. The price point should reflect how much time you're spending with clients.
How the right copy can help your product suite succeed
Having an integrated product suite is a top strategy, but effective copywriting is crucial to making each product a success. The right copy will clearly communicate the benefits of each offer and compel your ideal clients to move up the product suite ladder. An experienced copywriter gets your target audience and can craft copy that speaks directly to their pain points and desires.
They know that personalised calls to action (CTAs) increase conversion chances by 202%, and adding the word "because" with a reason to your CTAs can increase compliance by 34%.
But more than that, copywriters help you tell a cohesive story across your product suite to ensure your clients see how all your products can help them at different stages.
Investing in professional copywriting support will maximise the return from each product you offer. So, if you need a copywriter who gets your brand and clients, let's chat about how I can help your product suite succeed.