How to Pick the Right Products + Services
This month we’re focusing on how to start a business.
Whether you have an idea that you want to turn into a business. Or you have a business that you want to turn into a moneymaker.
Here’s what you need to consider when it comes to products, services, and pricing…
LISTEN TO THIS WEEK’S EPISODE
Why It’s Important
So often we get a creative itch and want to run with it. We build products and services for ourselves. Then try to push it onto our customers. And then get frustrated when they don’t want it.
I’ve done this a lot. And there’s a better way…
Test it Out
You want to start with your customers, ask what they need, and build that. You won’t have to do any convincing, just showing them what you’ve done and how it helps.
I’d recommend an actual sale test. When you ask “would you buy this?”, everyone will say yes. It’s a different story when you ask people to actually buy it.
Try a craft fair, a soft launch to friends and family, or a landing page.
Implement their Feedback
Actually listen to what people are saying about your products and your industry. In your beta test, on social media, in your life.
Listen to what they need. And actually implement it into your products and services.
Think about the problem
As always, focus on your customers problem. How are your products and services solving that problem? What are other ways you can solve it?
Curate your Offerings
Your products and services should be pared down and complementary. You don’t want anything to cannibalize other products and services. People should be able to buy everything you offer to solve their problem.
Set a Price
Pricing is hard for everyone. We constantly undervalue ourselves and what we’re selling.
Start with how much it takes to create. For a service, that’s your hourly rate based on experience, education, and results. For a product, it’s supplies, inventory, manufacturing, shipping, etc. You can look at competition here to see what is standard in your industry.
Then, focus on the value that it’s providing. How much time, stress is it saving? How much money is it adding?
And eventually you’ll need to increase pricing. It’s always stressful that you’ll lose clients, but let them go. You’ll find new clients who do see the value.
Go through your products + services. Which ones are working? Why? Do you need to adjust your pricing?