Wheel Workshop

Products ‘Wheels’: Overview

Your products & services are the wheels of your business, without decent wheels you won’t go very far. You could have the a great team with the best technology but if your product sucks it will be hard to sell and hard to keep customers coming back. Just like your on your car you need to the approproate wheels and tyres for the vehicle and conditions, you need a good product / market fit. 

WTF should I do

The game here is to not just have a great product you should have a great product that fits in an ecosystem of products. You should have a range of products and services designed to take people from being a lead to customer and from a customer to loyal fan. Think of this like a ladder but instead of asking people to climb a ladder you send leads up a ramp. I call this the transition model. This means you make it a smooth transition from learning about your product to ascending up the ramp spending more and more money. Most companies ask people to go from 0-100 which is a big leap, ask potential customers to make an easy first step – something low risk and low cost. 

Why should I do it

If you have a whole ecosystem of products and services that are all linked together and you make it easy for customer to enter that ecosystem you can get customers cheaper, serve them better and make a lot more money from them. 

How to build it

Step 1. Understand your customer and the problem you are solving. Use the customer avatar matrix here. 

STEP 2: Look at a good example of a product ecosystem. (image map or diagram)

Step 3. Understand the Customer Money Ramp

– Watch the video here.

– Download and fill out the template here

Step 4. Price and position your products

– Learn how to price your products and services here.

– How to differenciate your product based on value not price.

The result

 Decreased cost to acquire the customer, higher conversion rates, higher lifetime value, happier customers and more profit.