How New Entrepreneurs Can Create The Right Product Mix

Magically, just by saying the words business owner, you think you'll instantly be viewed as an authority in your field. Right? Wrong.

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If you create a marketing plan product one week and the next week you introduce a program that trains people to conduct webinars, this flip-flopping demonstrates that you tried one product, did not experience success right away, and are now moving on to a new idea to see if that will stick.

For example, let’s say you walk into a restaurant. The menu lists 300 items that range from pizza to Mexican food to sushi. Would you be able to decipher this eatery’s specialty? More importantly, would you trust the restaurant enough to order a sushi roll from an establishment that also sells burritos and pizza? Probably not.

Now let’s say you enter a second restaurant with 10 American cuisine items on the menu. How do you feel now? This menu seems more trustworthy, and you are probably no longer worried about getting sick after your meal.


‘Niche’ Yourself

If you want to be an authority and not advertise the fact that you are a rookie, then niche yourself. When you think you have carved out a good niche for your brand, try one more time to make that niche even more specific. Ask yourself, “What am I the best at in the world?” Then go and do that.

Focus on just a few products or programs. I would suggest three products ranging from a low price point online version to a mid-tier price point and, finally, a premium price point. All of your offerings should fit neatly inside your niche.

For our organization, we knew we wanted to help women in business to become clear, strategic, and mobile to grow their online businesses. So, we focus on two digital products for our low price point. We also provide a one-day program (that we rarely offer) for our mid-price point. And finally, we have offer signature premium program. That’s it. We keep things simple with three distinct products.

That said, we do have customers come to us with other needs. But rather than attempt to accommodate every possible consumer need, we try not to worry about areas where we don’t shine. Instead, we stay focused on our specialties and try to be the best at these three.


Product Focus Equals Results

In the first few months of business, we had to abandon the notion that we could provide everything to everybody. The results speak for themselves. Our programs are filled, and we are the best in the world at what we do. We are continuing to build our authority as a brand along with our online community.

So, my challenge for you is this: Ask yourself, “What am I the best at in the world?” Develop your programs around that answer alone. Then continue to grow your community and reach while keeping your main message very simple and surrounded by your few programs.

Be consistent and patient in growing your business and the rest will fall into place.


This article has been edited and condensed.

Lindsey Morando is an online marketing strategist and co-founder of Marketing Co-op, an online marketing firm helping women in business who struggle with marketing overwhelm to get clear, get strategic and get moving to grow their business online so that they can get results. Connect with @Marketingco_op on Twitter.

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