Scale Up Your Business Podcast
Using A Product Ecosystem To Create Multiple Streams Of Income
“A Product Ecosystem aligns with value proposition and is crucial for a business to be able to scale up.”
In this episode of Scale Up Your Business Nick covers what an ecosystem is and the importance of the product eco system, also known as a product staircase.
Also covered in this episode is how you can implement a product staircase into your business effectively and touches upon how you can come up with the products to put within your staircase themselves.
‘Product’ aligns with another episode that I’ve previously published on value proposition and it’s an absolutely crucial thing.
If you haven’t got a clear problem to be solved for your niche/audience to focus on; you could do all of the marketing and selling in the world but you wont sell anything.
A product ecosystem is the ability to create a number of pathways for your audience to engage then eventually buy from you.
An ecosystem is thinking about the entry points or lifetime value that you want to take your ideal prospect through.
If your product is of high value it can have a longer sale cycle. So the way to try and get your valuable products to sell is to have ladders within your staircases where the customer can engage.
Think about what you can give away for free. This is often information like podcasts.
Is there something that you can sell that has an accessible monetary value but at the same time is not that much that it’s too much of a thought for someone to says yes. This can sometimes be consultancy.
Then think about customer lifetime value. What happens after you sell your product? A lot of business grow by selling services.
Put yourself in the minds of your customer and audience and think about the end to end journey.
Product creation formula keeping the staircase in mind:
Your products need to all work together. Decide on the best format that aligns with what your business is.
Choose a compelling name. Don’t go out there with anything boring. Think about the benefit of your product.
Price it along the staircase. The first should be free. The second needs to be accessible. Then you need to sell your core product.
Focus on the benefits of what you’re selling them not the features. Keep asking ‘why’ until you get the answer.
Sometimes it’s worth having a guarantee. This doesn’t work for everything but can be affective with certain products. It gives a level of certainty.
Think about packaging a few of your components together. If you discount it then try get a longer term deal.
Use genuine and believable scarcity. This could be time or the number of products you have. Try use social proof and testimonials alongside the scarcity.
‘Having a well thought out ecosystem is going to help you regardless of where you are with your business.’
‘Sometimes product ecosystems can be called product staircases or ladders.’
‘A product staircase is one of the best ways I know to bring a customer along with you to the point that they want to buy.’
‘If you can spend 8 hours with someone then they’re going to start forming a relationship with you.’
‘Try to win the hearts and minds of your prospects.’
‘Don’t go out there thinking your going to only be selling one thing.’
‘Add value, add value, add value without expectation and you’ll get where you want to be in life.’
‘Clear benefits aligned with your proposition will create a position in your market that will make your prospect more likely to buy from you’
Scale Up Your Business Podcast: Rock Thomas: Interview With The World’s #1 Whole-Life-Success Expert | Apple | Stitcher | Omny
Traction: Get a Grip on Your Business by Gino Wickman
ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor.
My background is in growing and scaling VC and private equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.