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How to Strategically Build a Product Ecosystem in Your Business #BSI 54



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hey this is Asha and welcome to another

episode here on backstage income where I

share with you how to build and grow a

profitable business now in today's

episode we're going to take a look at a

product ecosystem so if you're

developing a business online or if

you're thinking of developing any kind

of business at all you need to be

thinking about an ecosystem within your

business and it's one of the more

profitable ways to increase your revenue

to increase your sales and to really

just start thinking about your business

not just as a single product business

but as a real business that's generating

revenue from multiple product streams

and how customers are connected from all

sorts of areas so let's get started all

right so when we look at a product

ecosystem we're going to cover four main

things we're going to take a look at

what is it I'll share with you kind of

an idea behind it we'll take a look at

scaling and growing and the retention of

the business and I'll give you a quick

tip at how money is made so first let's

get started on what is a product

ecosystem now for many people just

starting out if you're brand new to

building a business a lot of people they

think of their single product right here

as their business and then they go ahead

and they try to sell it and then go

ahead and they try to sell it it's a

single stream income it's one product

that's the money you're making whether

you're writing your book right it's

making you money and every time you get

a sale you're getting money now this is

fine and good in the sense of hey you

got your product and it's making you

revenue consistently time and time again

but unfortunately it's one product if

you look at some of the big boys like

Apple Microsoft any any company at all

that's quite big they normally have

multiple product streams or in other

words an ecosystem so if I take a look

at Apple okay and you look at their

whole business structure they don't just

have one product in the mix what they do

is they have one product that might be

you know the iPhone okay then they have

another product over here that generates

some more revenue here's the iPad then

another one that generates a little more

it could be the iMac

or the tablets the laptops all those

kinds of things they have the iWatch so

they have a handful of products that are

generating revenue and income for them

so when they're making money and they

have this one customer well it's not

just from one product like a normal

person would think of when they're first

starting their business they have

multiple streams so they're going and

making money from all of these so let's

say a customer wants to buy an iPhone

while if they like the iPhone right here

while they might decide to buy an iWatch

so instead of one customer being let's

say a $500 customer it could end up

being a thousand dollar customer or

$1500 customer or $2,500 customer

especially if they buy three times right

they buy three different products so all

of a sudden you're increasing the scale

or the amount of money that somebody is

spending so that's what a product

ecosystem really is is thinking in terms

of eco eco systems instead of a single

product business now if we look at an

idea Bank for you to do this in your own

business let's say you run a dental

marketing business okay so you're doing

services for dentists something maybe

not as fun could be boring could be fun

but you're running a marketing service

for dentists so how do you structure a

product ecosystem for that well you know

let's say we start out with the service

part so one of it could be the service

that you're providing this could be the

coaching the consulting maybe they do it

for you kind of thing that you're

providing those businesses one of it

could be hey we'll set up the website

for you so again you're generating and

making revenue the other part of that

leg of that business could be hey well

I'll sell you some training so it could

be it could be training in terms of

ebooks or ebooks it could be courses it

could be software training to training

for the team it could be team training

so all of this could fit under training

so depending on hey are you more

tech marketing company or are you more

of a training company or are you more of

a service company for these dentists

another thing is could be you could be

selling packs let's say hey well I have

these packs or templates that are

already done for you on Facebook on

Twitter so you don't have to make those

okay here's our 300 pack of tweets that

you could just pull out here's our 500

pack of Facebook images that you could

use and just copy and paste and we only

sell five of these to five dentists and

they have to be in different states so

that way it's not the same dentist doing

the same tweets so in either case you

can see how now you're creating not just

hate one service for dentist it's now

I'm stacking multiple things of what can

I do what can I offer for these dentists

for the the practice owners and I'm

thinking about scale growth and

retention that's the next step all right

so as I look at scaling and growing and

retention I'm looking at hmm how do I go

ahead and increase these things now I'm

gonna tie these two together so here's

my tip for you how is money made when it

comes to the business how can you make

more money well you can number one you

can increase the number of customers

okay number two you can increase the

dollar value of that product so let's

say instead of a product costing $50 now

it's $500 or $75 or number three that

customer is just with you longer in time

right so this is kind of what you want

to think about is okay well do I need to

get more customers and that's what most

people really focus on do I want to

increase the dollar value or the cost

for the end user or reduce your own

expenses or number three keep them

longer time value of a customer so if

I'm looking at scaling and growth and I

have these three things in mind I have

to also think about okay well how do I

go about increasing the customers

well that's let's say a whole different

video on its own but when I think about

Inc

creasing the product value of scale and

growth this is what most people don't

think about is they have this product

suite if we look at our product

ecosystem but their product suite is all

let's say of all a books so if you're

selling ebooks while the price is all

the same level instead what you want

your product ecosystem to really do is

the the cost of these products should

slowly continue to grow with time so if

you look at these different products you

have maybe one product over here okay

that basically okay this could be a ten

dollar product okay another product over

here could be a fifty dollar product

another product could be a hundred

dollar product so you're always trying

to ramp up these products to a higher

level now you could look at it in terms

of also a pyramid is one of the visuals

that I like to use so you always have

people at the free level so like this

video that you're watching it's at the

free level this is at the base okay the

next level could be it could be lets say

an e-book so that could be maybe at a

ten dollar five dollar level depending

on your niche or your market really this

starts to become looking like a pyramid

okay so as we draw this out we have kind

of our ebook then maybe you have a let's

say $40 product which this could be your

templates that you're selling or some

kind of a course or mini course it could

be a coaching session but normally that

would go a little bit higher so let's

say $200 for coaching or a one-on-one

session for an hour then you could go

into more like a seminar or a one-day

event with them so you start thinking

about stacking these levels higher and

higher higher so you go from 3 to next

to the next higher to the next higher

and some of these things I mean for some

people depending on the industry that

you're in this could be a $10,000 let's

say annual program

right it could be a $50,000 annual

program you know the sky's the limit and

then in here you have other levels it

could be five thousand one thousand five

hundred dollars two hundred dollars one

hundred dollars five dollar book you

know so they all kind of stem upward as

you're building your pyramid but that's

what the ecosystem looks like and it's

not just about having one book now at

the beginning you might try a few things

right you start out with the free things

because that's where most people will be

at then you'll have let's say you have a

thousand people that do the free thing

then you might have seven hundred that

do the book you might have five hundred

that do then the next one so there's

always going to be less and less people

it's kind of like you know there's less

less professional athletes whereas you

might have fifty thousand kids in one

state playing football or soccer but

then maybe five of those actually only

become professionals so at each level

there's always less than most people

because the concentration of a focus is

less and less as you get to deeper

learning because you have to stay with

it longer so it's just natural to slowly

diminish that so in the case so you

might have only 100 people that attend

the seminar and maybe five people that

give you $10,000 a year but now you got

a product suite so in either case now

you have a product suite so what I went

ahead and did was redraw this for you so

you can see let's say making youtube

videos this is all free right and then

an e-book could be five to ten dollars

and then you have a course and then you

couldn't put templates I mean for some

of these you could switch depending on

your value but you're constantly trying

to stack that value lever you could do

webinars to coaching programs and

seminars and remember it within of these

within these you have you know multiple

books that you could be creating right

it's not just one book within the

courses again the same thing you got

multiple courses that could be created

and some of these courses could be $49

others could be $97 others could be 297

dollars you know you're stacking it at

different levels so you're spreading out

all your different products at different

areas creating this product suite and

just constantly building you know more

products in your suite all kind of

related to your core business that's

ultimately

a dole to where now you're getting

revenue from all sorts of different

streams in all sorts of different areas

because if you just have one book right

if you just got this one book and you're

just trying to sell that book or that

one single product and you're trying to

rely on that which many people do the

hey I got this one golden products gonna

be great just like the hacky sack guy

made millions or just like that guy made

millions from that one product yeah

that's all nice and that's a good

fantasy and it does happen to people you

know on a lot of TV shows hey they got

this one product and it makes the

millions and that's fantastic but when

you look at a real business in terms of

making it more like leanness of success

it's having a core of products it's

having a suite of products and that's

really what you want to start thinking

about all right so thank you so much for

joining me in this week's episode I hope

you found it helpful insightful and you

learn something and if you did you want

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