Product Development to
Generate Revenue
Product Development is often overlooked by Small Business Owners (SBOs). I find this strange because most SBOs are always looking for ways to differentiate themselves. Great product development is one of the best ways to secure small business success!
Before I share the #1 Tip to rock this out, I want to make sure everyone understands the term Product Development is an expression used for products, services, or a combination of the two. Our Blog Followers know I commonly refer whatever SBOs are selling as an offering. So the rest of this is relevant regardless of what type of offering you provide your customers.
#1 Tip for Superior Product Development
Know the Purpose of YOUR Offering.
If you don’t know why it is beneficial for your customers to purchase your offering, how will they know if they should?
This is essential to understand. If you are unable to express what makes your offering superior, potential customers won’t see it as such. It is your job to create a superior product, express to your marketplace why it is superior in providing the solution, and delivering it as promised.
Typically SBOs start their product development with a price and then create something minimal to offer. This isn’t the best approach. If you position YOUR Business in the marketplace by price, you will always be lowering your price. Thus, you won’t be making enough profit to stay in business.
Start Here:
- Begin your product development with the Purpose of YOUR Offering. Write it down.
- Each time you develop a part of your offering make sure it supports the offering’s purpose.
- Don’t add too many bonuses – it muddies the message and devalues your offering.
Remember: Keep it simple.
Too many bells and whistles confuse the customer. Worse yet, they may think your offering isn’t good enough because you aren’t staying on message of why they experience a relief or gain from purchasing YOUR Offering.
Are there times when you want to make sure you’re adding a good amount of bonuses to make an irresistible offer? Sure! I have everyone start with the basics first.
Slow down to make sure you create an engaging message to attract YOUR Ideal Customer. In this case, less is more!
Note: If you have more than one offering. Completely develop one offering before you start another. We want you to have one solid offering ready to take to market. Then, start another.
Having trouble simplifying your offering and its message? Let me know where you’re stuck with your product development and it’s messaging. Please share in the comments section – I’ll be sure to respond.
THANKS FOR ALLOWING ME TO HELP YOU IMPROVE YOUR BUSINESS!
Brilliant Breakthroughs, Inc. helps Small Business Owners
Simplify Strategies & Align Actions
to further Profitability, Peace, & Potential
Call Maggie (262) 716.7750 for YOUR No-cost Consultation
Blessings of Success to YOU ~
Maggie Mongan, Brilliant CEO & Strategist
Brilliant Breakthroughs, Inc.
Direct Dial: 262-716-7750
LinkedIn: MaggieMongan
p.s.: If you’re in the Milwaukee area on Friday, October 27th, please join Wisconsin Business Owners Group for a great Lunch and Learn.
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