Powerful Product Development: 4 ways to build your ideas
A great brand is only as great as the experience your products offer. What types of product would be expected in your brand, and are you offering them up? It’s easy to slip into a one dimensional product line but I know your ideas branch farther and can tell a better story than with just one product. Since it can be a stretch to think of what else to add to your line here are 5 ways to build your ideas into a memorable brand.
No. 1: Core Products
Your core product is the one your business started because of. It’s that one idea that friends started to take notice of and family members were asking about. Sometimes your core product picks you! And in the beginning this may be the entire business–it’s time to branch out using your core product as inspiration. If you are a jeweler what is your BEST selling item? If you are an invite designer, what is your BEST selling invite suite? Offer this one product with variation and make it your staple. Variation may be seasonal, color, material, etc.
No. 2: Passive Products
Passive income products are those that you invest your time upfront and then once that product is released you are not present for the purchase or delivery. You are an expert of your niche and know your brand better than anyone–use this to your advantage. Information products make for ideal passive products because your customer can simply pay and download. Easy as that! Here are a few examples of passive products:
- Online courses
- Digital guides
No. 3: Marketing Products
Think of this product as a promotional product or promo piece. Instead of handing out free products, discounts, or monetary incentive use a marketing product to better declare how well you know your industry. Marketing products are similar to passive products, but they are not for sale. They are for you to use in sharing your brand and building a larger customer base. These may be free but they should not be cheap. Meaning, spend some valuable time with this–it will go a long ways. Here are a few ideas of marketing products:
- Introduce a “be the buyer” program
- Hold a contest for new local designers to work with you or sell in your shop
- Contact a blogger, writer, or speaker about teaming up to talk on a topic their readers would love (be very narrow and use your niche expertise!)
- Create bonus products to go along with a new launch for the first few buyers (For example–style workbooks, an in-store or on your website customer feature, or free add-on products)
- Teach something! You are an expert remember? Put it in writing, an e-book, an online course, a webinar, an in-store chat, a “how to” workshop, etc.
- Host a customer appreciation party and don’t forget to invite a photographer or videographer for press and for your blog
No. 4: Product Streaming
Turning one product into several is product streaming and it can be super effective. It’s about highlighting your brand as one concept sold a few different ways. I like to go for five, how many can you think of? Take your core product and turn it also into a story product, passive product, and marketing product. For example, my core product is creative business coaching. But that is not for everyone! So I have pulled out one key element, story branding, and written a digital workbook, a complimentary e-course, a workshop, several guest posts, and speaking gigs on that one topic.
Product streaming also builds in your own insurance so if one stream fails, your total income maker is not wiped out! Hit at least 3 price points and capture your ideal audience more than one way.