The Fierce Business Babe Podcast Ep 86: Expanding Your Product Suite
In today’s episode I’m going to be talking about a strategy that I have used in my business to scale to multiple six figures, Product Suites. I will be diving deep into why product suites are so important in your business, the different levels of a Product Suite, how to break it all down and so much more!
Expanding Your Product Suite
By: Melissa Lin
Let’s expand upon a strategy that I have used in my business to scale to multiple six figures, Products Suites. In the early days of my business, I am going to admit this, I only had one or two offers. I totally lacked on upsells, I lacked in having downsells and I really didn't have many options for my audience to choose. That was how I started my business back in 2014 and I really didn't start to get a big boom or expansion in my business until I started to scale my business, until I started to add product suites. Now keep in mind, there is a difference between having too many options that confuse your audience versus having a strategically put together product suite that actually creates a customer journey for your audience. So keep that in mind, there's a difference.
Before we dive into breaking this all down, how you can start to implement it and action items for you. Let’s answer this one question first. “Okay, Melissa. What is a product Suite?” A product Suite is a bank of your core offerings, the foundations of what you sell throughout the year, the foundations of what you sell regularly. The reason that I recommend a product suite is so that you're truly able to scale. You can scale by doing this one thing: serving more people. The more the more you serve, the more success is going to come your way, the more money that you're going to be able to make as well. So in order to scale you'll need to serve more people, which is what you can do as you add more streams of income into your business.
If somebody comes to you and maybe they aren’t ready for your highest ticket offer, That's okay. You can downsell them into one of your other offers that may be a better fit for them at the time and then down the road they may be ready for your higher ticket offer. If you only have one offer right now in your products suite, that’s okay. We’re going to add to it, but if you only have one offer, you may be getting bored of selling that same thing over and over and over. If you are getting bored, I can promise you that your audience is getting bored too. Here are some reasons and some big perks to start to expand your product Suite in your business. Let's go through these then I will actually break down the product Suite and dive into what it looks like inside, examples of how you can start to create yours, what it looks like in my business and what that customer journey really looks like.
So the first perk of expanding your product suite is that it creates a customer Journey for your clients. Your products create the customer journey for them. So as I mentioned earlier, not everybody will be ready for your high ticket offer. And that's okay. That's not the ideal client at that moment. However, they may be ready for a smaller offer with a smaller transformation that will help prepare them for that higher ticket offer down the road, that next step. Maybe they hop into your course first and then as they get started and get into things and get a quick win, a quick transformation, they will then move into a mid-level or high-level offer. Don’t you worry, We’re going to break those down. That’s the first park: it creates a customer journey for your clients.
The second perk is it gives you the opportunity to upsell or downsell. So remember how I mentioned at the beginning of this that I didn't really have any upsells or downsells when I first started my business in 2014. Now, I have them everywhere. Anytime we launch, we have something to either upsell or downsell from. That’s how we determine our launch calendar and our sales calendar. So it gives you the opportunity to upsell or downsell. Without a product suite, you truly are leaving money on the table, babes. If your potential client isn’t ready for that higher ticket offer, your product suite allows you to downsell to a better suited product for them and then down the road you can upsell them into that higher ticket offer again.
The third perk is your customer acquisition cost. How many feel like you're on Shark Tank right now? But I'm serious. Your customer acquisition cost. It is more expensive for you to bring on a new client than retain an old one. Yes, We want to continuously bring in new clients so they can also go through your customer Journey, but it's more expensive to bring on a new one than to retain an old one. So why not have that next step available for your clients in that customer Journey you're creating after they've worked with you. Maybe they were in your lower offer or a mid-level offer, what’s the next step for them? We want to have that available for them. Now that we've gone through those different perks, those big reasons why product suites are so incredible, Let's start to actually break down your product suites. I love doing this. It's always so much fun. And remember if you don't have a product suite yet, It's okay. We're going through that right now. We actually just wrapped up a 10-day workshop on creating your product suites and it's just absolutely incredible what you can do when you add these into your business; the new income streams you're creating and the additional Revenue you're going to be generating in your business as well. Like hello get your bank account for all the new income coming in, that extra cash flow.
So let’s break down that product suite. It is going to consist of three main levels of offers in your business. You will have a high-level offer, a mid-level, and then also a low-level and you'll most likely have many offers in each of those levels that you have available at different times throughout the year. Not all of my programs are open and available at different times of the year. There's a reason for that, or strategy behind all of that. Everything that we do in our business, there is always strategy behind. So these levels create that customer journey that I mentioned earlier. A customer may come to you and may start at a low level program and then move into your more mid-level program and then your high-level and go through that customer journey. However, they could also enter right into a mid-level offer or a high-level offer if they are ready at that moment. So let's break those three levels down, what they actually consist of inside, and some examples for you so that you can start create this in your business as well.
Let’s start with your low-level offer. Your low-level is going to be something that is at a lower price point typically. I typically stay in the range of 0 to $1,000. That's pretty low-level in my eyes, maybe even less than $500, and this will usually be some type of very short-term access to you, If any access to you at all. These lower-level programs, these lower-level packages and offers are things that you want to be able to really scale on a large scale. You eventually want to have hundreds, If not thousands inside. As I mentioned, to scale you have to serve, serve, serve more people and to be able to do that, your lower level items will need to be less Hands-On. This means more automation and less access to you. What this could look like: this could be an online course, a membership, a workshop, etc., just to give you a few ideas to sort of brainstorm. This will give your clients a quick win and enough time with your material so that they can get started and then move into your mid-level offer when they're ready. Now since we've really gone into the low-level, let’s go into your mid-level offer.
Your mid-level offer is going to be at a higher price point than the low level of course, right? That just makes sense. And I say usually in the range of 1000 to $5,000. It's a little bit more accessible to you. So inside it's definitely a higher transformation than that low-level offer and there's usually more time inside the container. So this gets to be scalable as well. So that you can, of course, serve more people and bring more of that income in. Here’s some examples to help you brainstorm: group coaching programs, group coaching programs are very scalable, online courses, maybe some type of modified coaching as well. Maybe it’s modified group coaching. There's so much that you can do.Now, we've covered low-level. We've covered mid-level. Let's roll into high-level.
So your high-level offer is going to be at an even higher price point. I like to stay at $5,000 and above. It includes high accessibility to you and an even higher transformation. So here are some examples of a high-level offer: private coaching, high-level Mastermind, etc.
I'm going to go into the customer journey that we have inside of our business, behind the scenes. You know, how much I love to share those behind the scenes. So here is a quick breakdown of my business and that customer journey that we've created. Our low-level offers give our clients a great start in their business. We have a few courses to help them get started, such as hot leads machine, lead generation course, sell like a sales Queen, a sales course or our boot camp to help you get started in your business, but it's strictly a course. Very scalable. We also have workshops, We just wrapped up our profitable product suites ten day workshop, very scalable as well. So we can hold these programs, these courses, these workshops, and as our clients complete some of these they naturally move into mid-level offers. You get quite a few of them. So we've got like the Fierce Business Academy to help our clients scale to 5K months in their business. I also have a mid-level launching program. It's called Five-Figure Launch, to help you generate 10K launches and above over and over, literally step-by-step. This is one of the favorites from my clients, my higher-level girls get access to all of my programs and Five-Figure Launch is the favorite so far and literally a step by step. High level is the next step, which includes my higher-level Mastermind. Right now, We have the Fierce Business Mastermind or Six-Figure Fierce business Mastermind, also private coaching. I only take a few private clients throughout the year and then we’re adding a few more offers into each of these levels this year. So keep your eyeballs open and get ready, We've got some coming.
Now, I want to go through a quick case study for you, for those of you that are more number people like me, you know and you see the numbers tell the story. I want to go through a quick case studies thing so you can really see how much expanding your product suite can really add to your business? So here's an example. Here's a case study.
Let's say that you have a high ticket offer of $3,000 and you pitch that offer to 10 warm leads and you have about a 30% conversion rate. This means you have three sign ups at $3,000 so that brings you to the total sales of $9,000 for that high ticket offer that you have. That's one option. Now, if you don't have any upsells or downsells, If you don't have anything else in your product suite to upsell or downsell into, $9K is all you've got for that launch that we're talking about now.
Let's say Case study number 2 is going into a launch for a high ticket offer of $3,000. However, they have some downsells of other offers, other courses, of $1,000 or $500 with a lower transformation. So this case study number two: high ticket offer for $3,000, offers it to 10 warm leads, hot leads. They have that same 30% conversion rate, which means three sign ups at $9,000, but then they also have some conversions, some of the downsells they push, so maybe they have 20% conversion of a downsell of $1,000. They got to two of those that did not sign up for the high ticket offer,but signed up for a lower ticket offer at $1,000 and then maybe one or two signed up for an even lower ticket offer at $500. So, you have made more than just that $9,000 that case study number 1 had made.
You can do this by creating a product suite and expanding, having upsells and downsells in your business. Case study number one had a total sales of $9,000. Case study number two had total sales of almost $12,000, like $11,500, with those numbers that I just put together. So you can start to see yourself as having options and not in a way that's going to confuse your audience. You don’t want to have 20 different offers out at once, right? Have one offer and then maybe a downsell or an upsell option as you're on those sales calls with your potential clients or potential customers and then upsell or downsell when needed. So as I mentioned, creating your product Suite truly means adding more money into your bank account. I'm going to say that again. Creating that product suite is adding money into your bank account. So start to outline yours and let me know how it's coming. Send me a message over Instagram. I cannot wait to see what you put together for your product suite!
Topics we cover include:
What is a Product Suite?
Perks of expanding your Product Suite
What a Product Suite does for your business
How to break down your Product Suite
The different levels of a Product Suite
What A Product Suite can do for your business
And so much more!
Times to check out:
(4:22) What a Product Suite is
(6:02) Perks of expanding your Product Suite
(9:34) Breaking down your Product Suite
(10:47) Lower Level Products
(12:13) Mid-Level Offers
(13:16) High Level Offers
(16:00) Product Suite case studies and their numbers
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