Christopher Murphy explores how building a product pipeline can give your business a boost
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://gumroad.com/resource-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://gumroad.com/resource-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