Offering multiple services in your business is one of the things that can really take it to the next level. You might think, “If I’m already offering a rock star product or service, why offer anything else?”, well mainly because you want to create multiple revenue streams for your business. Creating multiple streams of revenue for your business by diversifying your service offerings will bring in a broader customer base, thus resulting in higher income. When you provide a way for individuals to get more than just one thing for you, you are tapping into the one thing that consumers love: convenience.
The Art of Convenience
We all love the idea and art of convenience, its what makes things easier and quicker for the most part. For instance, a trip through the drive-thru instead of having to get all the way out of the car, go inside, order food, wait, possibly have to fix our own drinks, carry the food back out to the car, then and strap ourselves in for the ride, isn’t as ideal as zipping through the drive-thru and having everything done for us, while staying put in our cars.
I know especially as a mom, the drive-thru (when I do make the occasion trip) is my best friend. The last thing I’m trying to do just to grab a bite to eat is have to get my son out of his car seat to go into the restaurant for 10 minutes to order and waiting on food.
During this time he’s usually trying to run around and I can barely get my wallet out to pay for the food in the first place. Let’s not even talk about trying to hold on to him and wrangle my food and drink at the same time, just for a quick meal.
Whatever makes things just a little easier for me in my life, I take advantage of. The reason being is when someone came up with the idea to make something convenient, they were solving a problem… and they knew it!
The more convenience you provide to your customer, the more of their problems you are solving. Plus, people love to be able to get multiple things in one place. Heck, can we say Wal-mart or the mall! This is why people love going to them because many times they are one stop shops that allow you to save time and money. No one wants to ride around town or search the internet for a bunch of different things when you can just get it all from a central hub, think Amazon. This leads to that much more of a reason you should think long and hard about diversifying what you offer.
No one wants to ride around town or search the internet for a bunch of different things when you can just get it all from a central hub, think Amazon. This leads to that much more of a reason you should think long and hard about diversifying what you offer.
Products are solutions to problems that is in essence, the main purpose of them. They exist, because there is a need to be fulfilled by them. When you take a look at your offerings, think what more can provide solutions for your clients or customers. What other things could your target market benefit from that you can create? If they purchase one thing from you, could you offer something else that complements it that would help to additionally serve your customer? These are some of the questions you could ask yourself in brainstorming and deciding what else you could offer.
What other things could your target market benefit from that you can create? If they purchase one thing from you, could you offer something else that complements it that would help to additionally serve your customer? These are some of the questions you could ask yourself in brainstorming and deciding what else you could offer.
Timing’s of the Essence
I’m working on a sleuth of new products for my business which I’m super excited to share about in the upcoming weeks and months. Yes, while it is extra work, I believe that its more beneficial to my business in the long to diversify now versus later. Honestly, I would rather to the work now than later anyhow, before I get bogged down with projects and client work. It’s perfect timing for me, because of the fact that my business is in the growing phase and this is the best time to create.
The reason this phase is the best time is because by the time my business grows out of this phase, it will be more established and so will my list offerings. Its helping to create a more consistent brand across the board, because my target market will see a full list of offerings, versus one or two things, and then a bunch of thing continuing to be released all the time.
I feel releasing products too often can send the wrong message to potential clients and customers, because it could make them feel as if they can’t keep with what I’m offering. Its kind of like when you go to the store to by something, and they release the upgraded version the next day and you didn’t even know about it. That really sucks! Yes, you could tell you customers a new or upgraded product is coming soon, but if you’re doing this every other week it might send the wrong idea to them. They might get the idea that you’re releasing unfinished products or services that aren’t ready, all the time.
Taking the time to create, and then come out with a comprehensive list of offering is a much better route to take. Plus, by having multiple offerings, you’re giving your customer more to choose from, and the likening the chance that they will add more to their shopping carts in one trip. This will bring in more profit for you, and move products faster (which is super important if these products are physical). Its never a good thing for any business to carry a large inventory of any of their products. Your goal should be to sell through, ship out and make a profit, whether physical or virtual as quickly as possible if you want to have a sustainable and profitable business.
Keeping The Consistency
The important thing to keep in mind is that your multiple offerings must be consistent and fit your brand. You don’t to be offering a lot of products that would be of no benefit to your target market. Doing so will only make to appear inconsistent and as if you don’t have a clear purpose for your business. Take heed to what offers you choose to make part of your business, to insure that they fit your brand’s purpose and message. Your new offerings will be more appreciated and result in a higher demand when you do this. As long as people can see the link between what you’re offering and your business’ purpose, then you’re on the right track.
Offering products impulsively can significantly hurt your business, because you need time to brainstorm about how they would best serve your target customer. Additionally, you need time to test it out, maybe offering a beta version for free to a select group of individuals, so that you can get feedback before launching. This feedback can be crucial in deciphering if the new offering is actually a good fit for your business.
Fostering Growth Through Diversification
Diversifying your offerings can absolutely aid in your businesses growth, as long as its done the right way. The benefits of diversifying far outweigh not doing so, which is one of the reasons I’ve decided to do it. I want to provide my clients with the convenience and ability to be able to get everything they need in terms of branding and coaching in one place, my place.
I feel I can best serve them by having products or services that they can purchase that will not only educate them, but continue to do so long after a project is completed. Its another way my business and I can be a valuable resource to them, which is the relationship most important to me, next to trust, in working with them.
A Little Help Goes A Long Way
Being helpful to others makes the extra time and effort that it takes to create additional offerings so worth it. If I know that I’m supplying something that makes someone’s life a little easier and in a convenient way, then I’m accomplishing a huge part of my business’ mission. In addition, I’m providing a way for my business to sustain itself and be successful by having multiple income avenues.
As a mom, this is extremely important to me, because my kids come first, and there may be times where I have to pass on a project, because of those priorities. I can worry less about my income, and focus more on being a good mom if I know that my income for that given day/week/month isn’t completely contingent on a specific project, since I have other sources of it coming in from my various offerings.
Setting your business up to align with your priorities and commitments in life is essential, no matter what you sale or provide to the market. Striking that balance between creating products that work for you, and allow you to live the life you want to live is essential. Diversifying your offerings can help do just that, so if you’re on the fence about adding additional products or services to your business this post will hopefully give you some clarity and a lot to think about.
Do you have current offerings in your business that you’d like to expand? – What are some of the ways these offerings can help your business growth?