How I 7X my income
Hi Medium fam,
Today, I’d like to share how to create a product suite to maximise your earning and income potential in your business.
And if you’d like to learn strategically how to Build a 6 figure business — give yourself 1 year’s time to create a new you and new life. It’d be the best gift for yourself in the new year!
Let’s begin~
Part 1
The Power of a Well-Crafted Product Matrix
In the realm of business, particularly when it comes to personal branding and online ventures, a well-crafted product matrix is not just a nice-to-have — it’s an essential component of a successful monetization strategy.
This matrix serves as the backbone, providing structure and direction to your offerings, ensuring that you meet the diverse needs of your audience while simultaneously driving revenue growth.
Simply put, we want to meet the audience where they are at — the better we serve, the more we make.
Part 2
To boil it down to one line,
the essence of a product matrix lies in its ability to simplify the complexity of your offerings into a coherent system.
This system should be potent in its impact, strategically designed to address the various segments of your audience.
Here’s how to craft such a matrix:
#1 Identify Your Audience Segments
The first step in crafting a product matrix is to understand the various groups that make up your audience. Conduct thorough market research to identify distinct segments within your target market.
Consider factors such as demographics, psychographics, and behavioral patterns to gain insights into their needs, preferences, and pain points.
- Needs: What problems are they trying to solve? What gaps are they looking to fill?
- Preferences: What features, styles, or formats do they prefer in the products they use?
- Pain Points: What challenges or frustrations do they experience with existing products or services?
By segmenting your audience, we can create tailored products that resonate with each group, making your offerings more relevant and appealing.
This targeted approach not only satisfies specific needs but also increases the likelihood of customer loyalty and advocacy.
#2 Develop Products That Serve Each Segment:
Once you’ve identified your audience segments, develop products that address their unique needs.
This could range from entry-level offerings for beginners to premium products for more committed customers.
I’ll share more about this in part 3 of this article.
#3 Build a Logical Progression
Design your product matrix so that customers can progress through your offerings.
This progression encourages continued engagement and increased lifetime value.
This logical progression encourages customers to explore and invest in higher-tier products over time, increasing their lifetime value to your business.
Here are a few inspirations for you:
Start with entry-level products that ease new customers into your brand experience.
As customers become more familiar and satisfied with your offerings, introduce mid-range products that provide additional value.
Offer complementary products that enhance the customer’s experience with your existing products.
For loyal customers, promote premium products that offer exclusive access, advanced features, or prestige.
By designing a product matrix with a clear progression, we create a pathway for customers to naturally move up the value chain.
This strategy not only boosts revenue but also strengthens customer relationships and brand loyalty.
Here are 5 common pitfalls to avoid:
- Avoid assumptions about what your new audience wants or needs. Conduct thorough market research to understand their preferences, pain points, and behaviors.
- Try to keep the product matrix simple and easy to understand. A complex matrix can confuse customers and hinder decision-making.
- Ensure each product in your matrix offers distinct benefits and serves a unique purpose to avoid internal competition and customer confusion.
- Missing out on entry-level or lower-priced products can prevent you from attracting a wider audience and building a customer base
- Failing to include premium or high-value products can limit your ability to cater to customers willing to pay more for added benefits or exclusivity.
Part 3
How I do it:
I take a Three-Tiered Approach in deciding my product suite.
A Three-Tiered Approach product matrix often includes three types of products:
#1 Traffic Products
These are your entry points, designed to attract and engage a broad audience. They could be free or low-cost offerings that introduce customers to your brand and its value proposition.
#2 Profit Products
These are your bread and butter. They offer a balance between value and price, providing a sustainable revenue stream. Profit products are typically your core offerings that cater to the majority of your audience.
#3 Premium Products
Positioned at the top of your matrix, these products are designed to maximize revenue. They offer exclusive value, often with a higher price tag, appealing to a niche segment willing to pay for premium benefits.
An extra tips:
Within your product matrix, cross-promotion plays a crucial role.
By strategically linking your products, you can guide customers through your sales funnel, encouraging them to explore and invest in a wider range of your offerings.
And it’s not something that sets in stone.
What I do is regularly review and update my product offerings to stay relevant and competitive.
To help you get started designing your product suite, I’ve prepared 3 more resources for you:
#1 Many ask me HOW to build a powerful and magnetic personal brand, I do include the “Magnetic Personal Branding” program in the yearly mastermind, but here’s a strategy session + toolkit for you to jump start now. You can get it here.
#2 You can learn strategically how to Build a 6 figure business by joining the yearly mastermind (all the supports included) — give yourself 1 year’s time to create a new you and new life. It’d be the best gift for yourself in the new year!
#3 I’ve also done a series of livestream on “Execution with ease” that you can watch for free on fb group
If you’ve any Qs, feel free to reach me at IG DM @simplifiedbusinesscoach
And at the end,
here are 3 Reflection Questions for you to work on:
- How can you segment your audience to better tailor your product offerings?
- What traffic, profit, and premium products can you introduce or refine in your current product matrix?
- How will you leverage customer feedback to enhance your product matrix over time?
To your success,
Connie
