Christo­pher Mur­phy ex­plores how build­ing a prod­uct pipe­line can give your busi­ness a boost

net magazine - - CONTENTS -

Chris Mur­phy ex­plores how build­ing a prod­uct pipe­line can boost your busi­ness

In this lat­est ad­di­tion to my se­ries ex­am­in­ing the de­sign of busi­ness, I’ll ex­plore the ben­e­fits that cre­at­ing a prod­uct pipe­line can of­fer and how ev­ery new prod­uct you re­lease boosts your other prod­ucts’ sales thanks to a ‘halo ef­fect’.

A sin­gle prod­uct will only main­tain mo­men­tum for so long and, as such, over time you’ll nat­u­rally see a fall-off in sales. This is where build­ing a ‘pipe­line of prod­ucts’ comes in. The se­cret is to re­lease new prod­ucts of­ten and main­tain con­tact with your cus­tomer base.

With your first prod­uct un­der your belt, it’s a good idea to take a step back and con­sider how your cat­a­logue might evolve. Ask your­self: what ad­di­tional prod­ucts might you cre­ate, and how might th­ese re­late to your over­all vi­sion? Once you’ve done that, make a list and start cre­at­ing!

Ev­ery new prod­uct you re­lease will drive traf­fic back to your web site and pro­vide a perfect op­por­tu­nity to su­per­charge sales: not just with your new prod­uct, but with your ex­ist­ing prod­ucts, too. In short, ev­ery prod­uct you re­lease drives en­gage­ment and gives your bot­tom line a wel­come boost.

The good news is that – over the course of a year’s worth of ar­ti­cles – I’ve cre­ated a sys­tem that you can re­turn to re­peat­edly. Even bet­ter, next month I’ll be wrap­ping it all up in a free ebook you can re­fer to. This 12-stage process is perfect for ei­ther get­ting a new busi­ness up-and-run­ning or en­hanc­ing an ex­ist­ing one. All you need to do is work through the process once and then re­peat.

A Wel­come Boost

Once your in­ven­tory ex­tends be­yond a sin­gle item, a wealth of op­por­tu­ni­ties are un­locked. With a cat­a­logue of prod­ucts to mix and match from, it’s pos­si­ble to pur­sue dif­fer­ent mar­ket­ing strate­gies, bundling items and of­fer­ing dis­counts on dif­fer­ent com­bi­na­tions of prod­ucts. Th­ese can make all the dif­fer­ence to your bot­tom line.

Gum­road has help­fully pub­lished a num­ber of case stud­ies that high­light this phe­nom­e­non, all avail­able at its Re­source Cen­ter ( https://gum­­source-cen­ter), which of­fers a wealth of other use­ful ad­vice, too. The case study featuring dig­i­tal artist Kyle T Webster – whose clients in­clude Time, The New Yorker and The New York Times – is well worth reading ( https://gum­­source-cen­ter/kyleweb­ster-case-study). Webster’s ap­proach, fo­cused on de­vel­op­ing pas­sive in­come streams through the sales of dig­i­tal prod­ucts, is one that of­fers a lot of lessons you can learn from.

As the team at Gum­road put it: “[Webster] in­creased the rate at which he re­leases new prod­ucts to at least two per month. This has al­lowed him to draw more fre­quent at­ten­tion to his [prod­ucts] as well as cross-pro­mote his older items after each new re­lease.” Now, al­though you might not have the ca­pac­ity to main­tain a re­lease sched­ule of two new prod­ucts per month, this ap­proach of es­tab­lish­ing a fre­quent sched­ule of re­leases cer­tainly pays div­i­dends. By main­tain­ing a fo­cus on your prod­uct pipe­line you reap re­wards.

As ever, the se­cret to suc­cess lies in re­search. Look at your com­peti­tors, iden­tify strate­gies that they are us­ing and learn from them. Main­tain a steady re­lease sched­ule and en­joy the ben­e­fits!

Re­source Cen­ter Visit Gum­road for a wealth of busi­ness ad­vice

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.