Expanding your product range
Lesson 51 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Expanding your product range
Lesson 51 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
51. Expanding your product range
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Expanding your product range
Now expanding your product range is one of the best ways to increase the lifetime value of your customers. Now, what I mean by lifetime value is if a customer buys one item from you, then they've essentially bought that item. So unless that item is something that needs to be replaced, or it needs to be bought again and again, on a monthly basis basis. For example, then they're not really going to have anything else to buy from you if that makes sense. Obviously, this depends on the type of business that you're actually providing. So for example, with my branding agency, I sell brand names. And then the next step in the service is brand logos. And then the next step in the service is marketing strategy. And then the next step in the service is website design. And then after that, we have brand management. Now, brand management is a continuous effort to grow the brand. So that is a repetitive service which can be done again and again and again, forever for the lifetime of the business. S...
o for you personally, in your brand, you need to find the system that can allow you to ultimately build and expand your product range to offer more to customers, to get them to buy more from you. As I said before, early on in the course, in the beginning, single product focus is super important. You need to make sure that you are really becoming the person or the company to go to for that particular product. But once you have a reputation for that particular product or service, the next step is to start to expand your product range. If you really want to, if this is a tactic that appeals to you, so that you can start to offer more value to that particular customer just in a different way. So how do you start developing new products for your customer from a base? It all starts with market research. The first thing that you can do is check out what other competitors sell that are selling the same thing as you. So for example, you are a fitness, a power company and you sell things like shorts and vests to work out in, right? You could also sell things like water bottles. You could sell things like grip bands. So when you're lifting weights, you could sell things like gloves. When you're lifting weights, you could sell things like muscle recovery guns. Now, the reality is that the opportunity, these are endless and limitless. You can literally sell anything that you want as long as it's relevant to the thing that you were originally known for. So another way that you may be able to spot new opportunities for new products is by listening to your customers. For example, we have tons of clients that want to work with us, but just cannot afford to have us design their brand for them and their brand identity. So we try and help them and answer some questions for them, but they really struggle to get their color palette, right? So for that purpose, I developed a software on our website which can help you to get your color palette within seconds. And now that we've invested all this time and energy into actually developing the software and the platform. Now we can just charge a very small fee for the person to get the perfect color palette in no time at all. So listening to customer feedback and listening to their problems is one of the most influential and important ways to see new opportunities when it comes to product extension. So listening to customer feedback and seeing the problem that they're facing is one of the best ways to spot new opportunities when it comes to product line extension. Now, in regards to the pros and cons of extending your product range, there are the obvious pros of ultimately being able to be more profitable, having more customer loyalty and also just being able to offer more to a new potential customer. So you have more channels for new customers to adopt to. So what positives can come from extending your product line. Well, the first thing is profitability, you know, you've already got your customer and then they can buy more from you and you don't really have to spend any additional money to get them to buy that additional product. Secondly, it gives more customers different ways to actually buy from you. So for example, if you only had one product, then ultimately, the customer is going to only have one way to actually become a customer. Whereas if you have two or three products, then these other two products may actually attract new customers into your ecosystem. Now, obviously, there are positives but there are some negatives as well. Like for example, if you start lots of different products to your product range, then your customer could end up confused. It's also going to be a lot more to manage for you instead of just doing one type of product or service. Ultimately, the more products that you try to sell within your brand, the more complicated the puzzle becomes. Now let's look at some examples of how product line extension can work in a successful way. Apple is actually a great example of this. They started off with computers for the home and now they sell headphones, the iphone, the ipad, the ipod is the ipod still around the I watch. So they literally have so many different products now that are all kind of born from the same brand and the same imagination and the same philosophy. And that is something that's super powerful. And obviously Apple are, you know, a little bit further ahead than most people, but it just puts into context that all of their products are still very much aligned to the bigger vision of the company. They're all coming from the same place. And you can feel that Nike is another example, I'm not sure if you knew, but Nike started back in the 19 sixties only selling running shoes. That's all they did. Bill Bowman, one of the guys who started the company with Phil Knight made the first pair of Nikes with a waffle iron, a waffle iron. But over time, they kind of merged away from shoes and now they sell all types of apparel and you know, they sell lots of different stuff. Now, after assessing the product line extension approach, in regards to customer retention, I scored it two in regards to cost. The reason being is product line extension is not cheap. You need to develop a new product, you need to arrange that product market, it communicate it effectively sell it, which can be very expensive. Now, in regards to energy to set up, we're going to score it as a three and that is simply because it will take a lot of time and effort. It is going to take a lot of energy, think of a new product to get it to market, to do it properly instead of just rushing it and just putting it out there into the ether just in case people need it. Now, energy to maintain isn't so bad. We're going to score it as a seven because once you've did all that hard work and you've kind of pushed the ball up the hill, you kind of just have to make sure it doesn't kill anyone on the way down. You just kind of need to make sure that it just stays as it is. You just need to find things over time using the pipe model that I've just mentioned in the last lesson, but in regard to lightly return investment, I'm going to score this as a 10. The reason being is I think that having additional products once you've actually been established, important, please pay attention once you've been established within one particular product or category. Once you start extending from that, that can be very, very effective to increasing profitability and giving you more opportunities as a brand and business. So anyway, I'm sure you're fully aware that extending your product range is always going to be a good idea, but make sure the timing is right. Don't rush it. Do not start off a business and obviously you can do whatever you want. It's your business. You are the captain of the ship. I'm just the power on the shoulder trying to guide you in the right direction. I saw so many founders try to jump too far, too fast. And I honestly cannot think of any time where it's ended. Well, that's just the truth. So hopefully you take my advice, but if not, that's absolutely fine as well. And I wish you all the success, but I hope you enjoy this lesson and I look forward to seeing you in the next one.
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