If you don’t have a product ladder, you need to build one now. A product or value ladder is a methodology that has the ability to transform your business, whether you provide services or products. Clients progress up the product ladder as they travel through the sales funnel (from awareness to interest to decision and finally action) (from free to low to mid to higher cost products or services).
What Is A Product Ladder?
A product ladder is a collection of products with differing prices and attributes. Product ladders make it simpler for potential buyers to invest in your line of products. Break services into chunks or sell items in various sizes and feature sets to create a product ladder.
Product and service ladders are all around us. Apple’s iPhone lineup is a good example: you can start with the (relatively) inexpensive and cheerful iPhone 11 and work your way up to the iPhone 12 Pro Max with its high-performance cameras.
Why You Need A Product Ladder
Getting more leads and increasing sales are two age-old problems that all business owners face. Whether you’re selling goods or services, your business depends on attracting clients and convincing them to buy so you can boost your bottom line.
While worrying about sales and profit is normal, the current condition of economic and communal instability has most certainly pushed these concerns to the forefront. Even in times of crisis, how can you attract leads and improve sales?
As your customers get to know you, like you, and trust you, this method drives sales growth, eventually leading to your high-value offer. Investing the effort to lay the groundwork for long-term relationships with your consumers will earn you more revenue, repeat customers, and loyal clients.
When To Use A Product Ladder
When you try to establish a firm on a single product, you give your customers only one option: yes or no. However, having a variety of options will help customers to choose the one that best fits their needs, risk tolerance, and budget.
A product ladder is a fantastic method to get your new business off the ground. You don’t have to create the mother of all products or services to get started; instead, start small, learn from it, and expand from there.
How To Create Your Product Ladder
As your customers get to know you, like you, and trust you, this method drives sales growth, eventually leading to your high-value offer. Investing the effort to lay the groundwork for long-term relationships with your consumers will earn you more revenue, repeat customers, and loyal clients.
- Unbundle existing products or services
If you currently have a business with one or two items or services, you can divide them into smaller units or offer “starter” versions (this is way easier with services, of course).
Instead, divide the entire process into steps. Your first step might be to draw up a road map for your customer, outlining how their website and marketing might change over time. (A free assessment of their current web site could be another entry-level offering.) A second step could be a rudimentary web site to exhibit your technical and creative skills. Ongoing SEO and social media marketing could be the third phase.
- Start small
If you’re just getting started, an entry-level product is a good place to start. Rather than building all of your items at once (spending a lot of time and work), you produce a tiny, relatively inexpensive product that buyers can easily purchase. Then, as you learn more about what customers value, you may start offering higher-added products.
More blogs HERE:
The Biggest Mistake We See In Marketing Today
Steps To Double The Sales In Business