How to Sell More Products & Services to Your Customers

As an entrepreneur starting a business, you will focus on developing your key products and services. Once you have your key products and services, it is time to develop your product portfolio. All too often entrepreneurs limit themselves by offering too few products. However, offering too many product options may not be good for business. The right number of products will make up your product portfolio. To craft your product portfolio, you will want to consider the product mix and how you can leverage it to sell more.

Develop Your Product Mix

The product mix refers to an assortment of products and services consisting of:
• Introductory Products
• Core Products
• Add-on Products
• Flagship Products
• Package Solutions

Together, these product types give rise to various ways to expand your product mix and/or product portfolio. Ultimately, your goal is to get more products and services on the shelves.

5 Ways to Expand Your Product Portfolio

There are five ways to expand your product portfolio beyond your core product:
1. Leverage introductory products to create first sales.
2. Expand your product range to serve more customers.
3. Offer add-on products for satisfied customers.
4. Offer a flagship product.
5. Create a full package.

1. Leverage introductory products to create first sales.

An introductory product is a product that initiates the first sale and establishes the customer relationship. A few examples include product samples, free trail period, software with limited functionality, a consultation, an audit, etc. A smaller or cheaper version of the core product is a great way to signal to customers your value while establishing a relationship. Once the relationship is established, it is easier to extend and sell more products down the line.

2. Expand Your Product Range to Serve More Customers

Do you have a one-size-fits all product or a product with variations? For example, you could offer a one-size fits most dress or you could offer a dress in various sizes and colors. Variations allow customers to get exactly what they want and allow you to charge different prices. Product variations can come in various colors, sizes, or material quality while service variations can vary in duration, extent, quality, etc. There are many possibilities, and your options will depend on your business concept and industry.

3. Offer Add-On Products or Services to Satisfied Customers

Add-on products are supplemental to your core product and extend functionality or add more value. Examples of add-on products include product components that extend functionality, add-on customizations or personalization, or an additional follow-up activity that improves the quality (ex: offer professional installation and delivery for a purchased product). Add-on products and services can appeal to satisfied customers who want more or to customers who have special needs.

4. Offer a Flagship Product

A flag-ship product is the most comprehensive, advanced, or luxurious product or service offered to the best clients. A flagship product is great for satisfied customers who want the best. The flagship product influences the perception of the brand and can help sell the cheaper ones.

1. Expand your product range to serve more customers.
2. Offer add-on products for satisfied customers.
3. Offer a flagship product.
4. Create a full package.

5. Create a Full Package

The full package solution combines various products into one solution. It can involve complementary products that support or enhance the core product. The goal is to create a package that is more attractive than the individual products alone and can be sold at a higher price.

 

Getting Started with GrowthWheel

This blog article is based on GrowthWheel’s Focus on the Product Portfolio article. If you found this helpful, GrowthWheel can help you grow your business in additional ways.

The first step is connecting with a GrowthWheel Advisor. Mark Johnson, the Executive Director of the Technology Innovation Center, is a Certified GrowthWheel® Business Advisor.

Once you have connected with our GrowthWheel Advisor, Mark will send you a 360 screening. After completing the screening, Mark will recommend decision sheets to help guide decision making and create a 30-60-90 action plan that outlines the decisions and timeline.
Send us a message today to get started!

Focus on the Product Portfolio

Enter your email to receive an copy of the Growthwheel Focus on the Product Portfolio article, via email.

Name