business growth stages

 

Introduction: How to Know When to Expand Your Product Offerings

Expanding your product offerings can be a great way to grow your business. However, it’s important to do it strategically, especially as you move through different business growth stages. In the early stages, focus on refining your core product and building a strong customer base. As you move into the business growth stages, you can start to introduce new products or services that complement your existing offerings. It’s important to carefully consider your resources and capabilities when expanding your product line, and to always prioritize quality over quantity. By doing so, you can successfully navigate the different business growth stages and achieve long term success.

Congratulations! You’ve created your first product, built your email list, and started making sales. Your business is up and running, and it’s a great feeling to know that you’re on the right track.

But now that you’re earning, it’s time to think bigger. How do you keep the momentum going? How do you expand your offerings in a way that continues to serve your audience and drive growth?

The key is to exhaust all possible avenues for your current product or service before jumping into something new.

In this post, we’ll talk about business growth stages when and how to expand your offerings, so you can continue building authority, serving your audience, and growing your business. Let’s dive in!

Why Expanding Too Soon Can Be a Mistake

When you start making money from your first product or service, it can be tempting to rush into the next big idea. You may think, “Okay, my business is doing well let’s launch something new!”

But here’s the thing: expand too soon, and you risk overwhelming your audience or spreading yourself too thin. Instead of looking for the next product, focus on fully maximizing the value of your current offering.

Don’t rush. First, you need to exhaust all the mediums in which you can sell and deliver your product or service before you even think about creating something new.

This is a key strategy for keeping things simple, building a solid foundation, and ensuring you don’t waste time or resources on products that may not resonate with your audience.

Step 1: Fully Maximize Your Current Product

Let’s say you’re offering a paid webinar as your first product. This is a great start! Now, before you move on to the next idea, consider all the different ways you can deliver more value to your existing customers using this same product.

Examples of Mediums to Explore:

• Webinars: Offer a series of webinars to dive deeper into different aspects of your topic.

• Mastermind Groups: Host a mastermind group for a select group of customers who want more personalized guidance and support.

• Video Courses: Turn your webinar into a full fledged video course that offers in depth lessons on your subject.

• Ebooks/Guides: Create an ebook or downloadable guide that goes along with your content and provides extra resources.

Exhausting all the possibilities for delivering your current product ensures that your audience gets the most value out of it. This also helps you build authority and expertise in your niche before launching something completely new.

Step 2: Follow Your Audience’s Progression

As you continue to offer value, you’ll notice your audience’s needs and interests evolve. Pay close attention to what they want next.

• Ask them directly: Send surveys or ask for feedback to find out where your audience is going and what their next steps are.

• Monitor their behavior: Look at how people engage with your current offerings. Are they asking for more in depth training? More one on one coaching? Or perhaps they want to take their knowledge to the next level?

• Track their success: If your audience is starting to see success with your product, they’ll want more advanced strategies or more exclusive content.

Your audience will guide you. If you follow where they’re heading, you’ll always be able to provide the next step in their journey.

Step 3: When to Launch a New Product or Service

Once you’ve fully explored all the ways you can deliver value with your current product, then, and only then, should you consider creating a new offering.

By now, you should have a loyal following that trusts you and values the work you’re doing. And because you’ve been delivering consistent value, they’ll be excited to purchase your next offering when the time comes.

Here are a few examples of when to introduce a new product:

• After offering multiple variations of your current product (e.g., paid webinars, video courses, coaching).
• When your audience has asked for it or expressed interest in the next level.
• Once you’ve maximized the potential of your current product and feel confident that you’ve exhausted all mediums of delivery.

By gradually expanding and only adding new products when it makes sense for your audience, you ensure that your growth is sustainable and that you’re always in alignment with what your audience needs.

Step 4: Automate Your Selling Process

As you expand your offerings, it’s essential to automate your sales process. The more you can streamline the sales, marketing, and customer service side of things, the more time you’ll have to focus on delivering value.

• Set up automated email sequences that nurture leads and sell your products automatically.
• Use sales funnels to guide customers from one offering to the next, all while providing them with the right content at the right time.
• Automate affiliate marketing by giving your audience the opportunity to promote your products for a commission.

Automation ensures that you can continue expanding and creating new products without losing momentum or getting overwhelmed by manual work.

Examples of Product Expansion

Let’s take a look at a few potential ideas for expanding your product offerings over time.

1. From Webinar to Mastermind Group:

• Start by offering a paid webinar on a specific topic.
• Offer a mastermind group for those who want more personal interaction and advanced strategies.
• From there, create a video course that provides a deep dive into the same material.

2. From EBook to Coaching:

• Offer a simple ebook or guide.
• Once people find success with your ebook, invite them to a coaching program where they can get personalized help.

3. From Course to Membership Site:

• After creating a course, consider offering a membership site where subscribers can access additional lessons, tools, and resources on an ongoing basis.

FAQ: Business Growth Stages

Q1: How do I know when to create a new product?
A1: Wait until you’ve fully explored all the ways you can deliver value with your current product. This means offering multiple formats (webinars, courses, coaching) and tracking your audience’s feedback and needs.

Q2: Should I launch a new product if my current one is still selling well?
A2: Not necessarily. It’s important to max out the potential of your current offering before moving on to a new one. This allows you to build deeper relationships with your audience and continue serving their evolving needs.

Q3: How can I automate the sales process?
A3: Use email marketing automation, set up sales funnels, and implement automated follow up emails to nurture leads and guide them through the buying process.

Q4: Can I launch a new product without alienating my existing audience?
A4: Absolutely! If you’ve built trust with your audience by delivering consistent value, they will be excited for your next offering. Just ensure it aligns with their needs and progression.

Conclusion: Business Growth Stages

Growing your business is an exciting journey, and expanding your product offerings is a natural part of that process. However, it’s crucial to expand strategically and ensure you’re delivering value at every step.

By maximizing your current product first, listening to your audience, and automating your sales, you’ll build a solid foundation for future growth. When the time is right, your audience will be ready to invest in your next offering and you’ll be ready to deliver it.

Start simple, follow the progression of your audience, and watch your business growth stages!