Alex Okell

Four steps to diversifying your product suite for impact and income

Let’s dive into the four steps to diversifying your product suite for increased impact and revenue. By expanding your offerings, you can meet your audience where they are and cater to their unique needs. Let’s explore how to create a sustainable and systemized business that generates revenue even when you’re not directly involved.

This is a transcript of episode 3 of the By Invitation Only Podcast. Listen to the full episode here.

Step 1: Assess Your Current Offerings

  • Take inventory of your existing products and services.
  • Evaluate their profitability and demand.
  • Consider the accessibility of your products for your target audience.
  • Identify any gaps in your product suite and opportunities for expansion.

Step 2: Define the Ideal Customer Journey

  • Understand your audience’s needs and challenges.
  • Identify recurring themes and areas where they struggle.
  • Create resources or digital products to address specific challenges.
  • Design a step-by-step progression that aligns with your target audience’s journey.

Step 3: Validate and Develop New Products

  • Brainstorm ideas based on your expertise and audience needs.
  • Use market research and gather feedback from your community.
  • Consider various formats such as eBooks, self-paced courses, webinars, or memberships.
  • Pre-sell your products to gauge interest and generate early sales.

Step 4: Implement a Marketing Strategy

  • Set launch dates and create a timeline for product development.
  • Prioritize product ideas based on feasibility and demand.
  • Develop a roadmap for marketing and promotional activities.
  • Consider collaborating with affiliates to expand reach and increase sales.
  • Warm up your audience with valuable content before the launch.

Key takeaways: diversifying your product suite

Diversifying your product suite is crucial for business growth and sustainability. By meeting your audience’s diverse needs and providing a range of offerings, you can establish yourself as an authority and generate revenue on autopilot. The four steps outlined here—assessing current offerings, defining the customer journey, developing new products, and implementing a marketing strategy—will guide you through the process of expanding your product suite. Remember to involve your audience in the creation process and consistently deliver value to build trust and anticipation. With a diversified product suite, you’ll be well-equipped to serve your community, reach new customers, and increase your income. Start taking action today and experience the transformative power of diversification.

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