Getting to grips with what to offer your audience may be incredibly simple or extremely complicated.
Some businesses offer one physical product through retail channels. Some companies sell a single item through their own app or online store. Other organizations offer a web of different items for various customer segments.
A simple exercise is to filter through the 5-Level Offering. By looking at these areas you might find easy ways to increase income streams or identify the most scalable approach of streamlining what you deliver to customers.
Every entrepreneur should consider what they could offer in terms of
- CONTENT
- PRODUCTS
- SERVICES
- EXPERIENCE
- SUBSCRIPTIONS
Whilst there may be some overlap with some of these and varying definitions, it is helpful to segment your offering for several reasons. Here are a few…
You may find that you’re delivering a lot of content for free and some of this could be repackaged into physical or digital products that could be sold for profit.
You may have several services and products that could be bundled together into a subscription that achieves recurring revenue for you like clockwork.
You may have a product that sells very well and you could offer a maintenance/warranty package as a subscription that could double your profit margin.
You might have a long history of selling services where you feel capped by an industry-standard hourly rate. Repositioning your service as an experience could increase the perceived value and price-point substantially.
You could have a labor-intensive sales process for your services that doesn’t seem scalable. By creating an education product, you could attract new customers who can be nurtured without the need for back-to-back sales meetings.
There are infinite possibilities for adapting and refining your business model using the 5-Level Offering as a framework.
