Many coaches dream of having a multi-six figure, or even seven figure, business, and in order to do so you need to only have high-end programs. But as big corporations know, an empire is built on a product suite. Imagine where Coca-Cola would be if you could only get coke in one size. Imagine where Apple would be if they only had the desktop computer.
Think of it like this:
Businesses are built on products; empires are built on product suites.
If you look at businesses throughout history, there are very few large businesses that only have one product, because empires are built on product suites that take their customers on a journey, solving multiple problems for their customers along the way.
Your coaching business should be no different.
While I do firmly believe every coach should have a flagship program, I do also firmly believe you are limiting your income potential and your capacity to serve if you only have one product or program available for your clients.
Your ideal client is a blend of several different psychographic and demographic elements. You will probably have a big number of people find you who are not your ideal clients, but just because they’re not ready for you now doesn’t mean they won’t be in the future.
By developing a suite of lower-end products that can be sold and delivered automatically, you’re going to be doing a few key things:
1. You’re going to be serving those who are not ready for your flagship program.
2. You’re increasing your revenue.
3. You’re taking clients on a journey, helping them get ready for your flagship offer down the road.
What goes in a product suite
A product suite is a series of products that go together and solve problems for similar clients, or problems your clients are experiencing that may prevent them from investing in your flagship program. While your products can be all of the same type — video courses, audio courses, ebooks — I strongly encourage you to mix up the formats.
People learn differently; some learn best reading, others watching, and others listening. By creating products in different formats and at different price points, you’re appealing to more people who have the problem your product suite is solving.
Each product should help your customer with a particular problem — one problem, one solution — and gets them closer to being an ideal client for your flagship program.
At the bottom of your product suite you can have an ebook, a print book, printables, or a mini course. This product should be under $30.
Next, a slightly larger course, a paid webinar, or a paid audio bundle. This product should come in between $100-$200. This product is more in depth than the first product, but not as comprehensive and robust as a larger course.
Your third product is as comprehensive and in depth as you possibly can be without being involved in delivering the content live. This product should be between $300-$997, and is the last product before your flagship program.
To make it easier for you to create and your audience to buy the next program, each product should build on the one before it. Start with your third product — your most comprehensive and robust — and then break it down into the smaller parts to use for smaller products. This will speed up your process, and make each product to seem a natural fit with the next. This makes it clear each product goes with the next one, and makes it more likely you will take customers on a journey.
A product suite may sound intimidating and like a lot of work, and I would be lying if I told you it’s easy, but it is only as complicated as you make it.
I suggest you plan on spending two months building out your largest product in the suite, and then you can simply break it down into smaller components for the smaller products.
Yes, you may spend far less time. My first online course only took me about two weeks, but if you are serving clients, taking care of your family, or have any health concerns, you may struggle to find time in your calendar to finish your product quickly. I prefer to err on the side of more time so you won’t be disappointed for not finishing your product quickly.
Download my free workbook and get started planning out the products of your suite. In this workbook we’ll get clear on your target audience, the problem your product solves, and the problem your product suite solves.