CREATING A PRODUCT SUITE TO INCREASE YOUR CUSTOMER'S LIFETIME VALUE
Stacy Tuschl is a speaker, business coach, and the owner of The Academy of Performing Arts in Wisconsin. She is the author of the book “Is Your Business Worth Saving?” where she reveals proven strategies for pulling entrepreneurs out of a rut and launching them toward business success.
How Creating a Product Suite Helps You Increase Your Customers' Life-Time Value
Creating a customer journey is a vital part of building a thriving business. One of the most common mistakes I see business owners make is they immediately go for the sale. We don’t come out of the woodworks, and just launch a business with one product that is $2k. Your customers need to be brought on a journey and it is a really difficult thing to convert a cold audience from simply a follower to a customer with a $2k. Of course there is always an exception to the rule, however, it just simply is not the norm. I can guarantee you, if you follow my step-by-step customer journey product suite, you will be able to successfully convert followers into customers, all the while continuing to increase their lifetime value.
My Five Step Customer Journey Product Suite:
- Give Value. (Free Offer - no cost to audience)
- Tripwire $7-$97 (Introductory Offer)
- Lower priced product - $197-$997 (Intermediate Offer)
- Medium priced product - $1997 - $5/$10k (Premium Offer)
- High priced - $10k - $100k (Exclusive Offer)
Now start with the end in mind… don’t necessarily start with the lowest price and work your way up. Let’s start with your big idea and reverse engineer it.
So what is your big goal of what you want to sell?
Here’s a personal example of reverse engineering a goal and turning it into a product suite:
Big Goal: To Host Year-Long Mastermind with Retreats.
Exclusive Offer (Highest Price Point $10k and up) - A 12-month mastermind program with quarterly in-person retreats. Now that we know our exclusive offer is our big goal, ask yourself, “How do I create something that would get people ready for this program??” This will lead you to your premium offer.
Premium Offer (Medium Price Point $1997 - $5k) A 90-day mastermind program with one in-person retreat. This is an ideal in-between product because it is a great way to work with me and from what I am hearing, quite a few of my current 90-day mastermind (The Profit Mastermind) members are already excited about the year-long mastermind, so it was really a great in between product. Now you ask yourself again, “How do I create something that would get people ready for this program???” This will lead you to your intermediate offer.
Intermediate Offer (Lower Price Point $197 - $997) A DIY online course. My DIY course “Launched in 90 Days” is priced at $997. Now I understand that might not feel that low at $997, however, yours could be anywhere from $197-$997. I always tend to do more premium pricing, because I make sure to jam-pack my courses with value and I have customers asking, “Why are you charging so little?” As tempting as it is to bump up your prices when you hear your customers ask that, I encourage you to do the same. If you have a program at $297, make people say wow this could be $497! Now you ask yourself again, “How do I create something that would get people ready for this course??” This will lead you to your introductory offer.
Introductory Offer (Tripwire $7 - $97) A paid training. I offer a few paid training which are much less content than my DIY course but still over-deliver on value. I currently have 3 tripwires: Social Seller Starter kit priced at$19, Brand Before You Stand priced at $47, Facebook Messenger Bot Training priced at $97. Now you ask yourself again, “How do I create something that would get people ready for this training??” This will lead you to your free offer.
Free Offer (No cost) Facebook LIVE training, PDF workbooks, checklists, podcasts, etc… the list could go on and on. Pretty much any VALUE you are providing via social media, email, etc is your free offer. This is vitally important to the relationship building process with your audience. Remember, all free content should be created strategically to lead to your paid offers. (For example, my latest ACE Framework guide!)
I hope that my customer journey product suite helps you move forward with creating your own suite and, in turn, increasing your customers’ lifetime value! Remember, your ideal client wants to purchase more from you or purchase a next-level option. Make sure to have a suite available in order for them to do so!
In case you missed it, watch this free FB LIVE training I did today on product suites.
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