One of the things that I absolutely LOVE to do with clients is help them map out their product strategy. I have an entire lesson on how to map out YOUR product strategy that I share with my clients inside my Million Dollar CEO™ program called The Product Vision Map. We don’t have time to get into all the details of that lesson today, but I DO have a few REALLY IMPACTFUL things to share that are going to help give you the clarity you need when it comes to planning out your own product suite and help you AVOID common traps that many course creators fall into.
The first thing I want to make clear is that you DO NOT NEED multiple products to get to $1m. In fact, for many course creators, selling multiple offers is actually limiting your profits and throttling your growth.
The reason is FOCUS. Going all in with your signature course and implementing an evergreen system to market and sell it consistently allows you to build momentum fast. You are able to focus your attention on creating and optimizing one really great, solid offer.
The reason why our clients inside Scale with Success® are able to go from no funnel at all to $40k/mo CONSISTENTLY is because they are focusing their time and energy on promoting one offer consistently. Doing so provides CLARITY to their audience.
A confused audience doesn’t buy and if you are selling multiple offers where there’s lots of different promises being made, this will end up costing you sales.
Here’s an example. When I first started working with Jena she had 2 “big” offers and 5 or 6 smaller offers. At the time, she was making around $18k/mo.
We’ve been working together for awhile now and in the last year alone she went from $18k/mo to $81k/mo…just from selling ONE OFFER. She even had a couple six figure months along the way!
Growth like that would NOT have been possible for Jena had her attention been stretched in a bunch of different directions at once by selling ALL her offers at the same time. Remaining focused on selling one signature offer eliminated confusion for her AND her audience.
I’m not saying that selling multiple products is BAD (I mean I sell two different programs right now and I love it), but it does add an extra layer of complexity to your business.
Adding a second product into the mix means setting up a new evergreen funnel to automatically attract fresh leads and convert those leads into customers.
You’ll also have to get a new delivery system up and running. I usually recommend WAITING to create a second offer until you are taken OUT of the delivery process for your first offer.
This is so you can ensure students of your original offer continue to have a STELLAR experience while you begin to test out and explore what works best for your new students in your new offer.
You also may need to hire some new people to help you create or deliver your new program.
My point is, a new offer is NOT something you want to just jump into without fully considering everything that it entails.
One of the biggest mistakes I see course creators make when it comes to creating new products is that they keep creating new stuff based on audience requests. The problem with this approach is that you are REACTING to others as opposed to PLANNING for what YOU want to create.
This is essential if you are serious about building a PROFITABLE online course business. The exercise of thinking about and really clarifying WHERE you want to go will give you a filter for your decisions. Is this opportunity aligned with my 5 year vision? Yes? Ok, great. Let’s move forward with that. No? Ok, well I’m going to have to pass on that for now.
Your business depends on YOU to avoid creating clutter that prevents your ability to scale.
Another benefit of having a clearly defined vision of what you want your product suite to look like 5 years from now, is that it provides clarity for your TEAM.
As CEO, your job is to enroll your team in your vision.
Most course creators don’t have a vision, they have a To Do list that never ends because they are constantly adding new ideas and projects to their plate.
Being patient is hard if you’re used to doing whatever you want whenever you want – but it’s essential to master.
Being patient doesn’t mean sitting around and waiting. Once you create that vision, your next job is to pay someone to give you a plan on how to make that vision happen.
Paying for the BEST advice you can afford saves you time, money, and your sanity.
It will take ACTION to make your vision a reality, but it needs to be intentional. At this stage, you need to be following proven strategies, not just making it up as you go.
So, what do you want YOUR product suite to look like 5 years from now? Don’t get sucked into thinking you “have” to have a course, a group coaching offer, and a mastermind.
I mean, you CAN if you want your business to look like that, but you don’t have to.
A super simple trick that I use with clients when it comes to mapping out what they want to create is to think about what their audience’s NEXT problem to solve is and aligning their needs with YOUR unique skills and capabilities.
I repeat, you do not HAVE to create a mastermind if you don’t want to. You do not HAVE to create a high end group coaching program if you don’t want to. You don’t HAVE to be the one doing the coaching in your own program if creating curriculum is where your real talents lie.
So, let’s say you have a signature course that helps people solve a real problem over a period of 8 weeks or so.
Well, what’s next? Is their life all of a sudden perfect? Of course not. There is always room for further growth and development.
As their leader, it’s your job to understand what their NEXT struggles are to help them determine where they need to go next.
There HAS to be alignment between what THEY want and what YOU want.
You are not a machine and you don’t have to create a program that everyone thinks YOU should create…it’s your business and you get to determine what that looks like.
When you think about the content, community, and coaching that this next program offers your students, how is it DIFFERENT than what you currently offer?
You’ll need to keep this question in mind, because when you make that second offer – it is something they’ll be thinking as well.
So, hit me up on Instagram in the DMs or join my free private FB group and let me know what YOUR biggest takeaway was from today’s episode.
And if you want to learn more about my Million Dollar CEO™ program, go ahead and send me a DM on Instagram.
See you next week!
Today’s episode is brought to you by Scale With Success® Accelerator — an online course designed to help you generate launch-sized revenue without lanching. If you want to learn MORE about our proven method for success, click here to watch my free masterclass. See you in there!