{"id":666,"date":"2008-09-10T22:21:37","date_gmt":"2008-09-10T14:21:37","guid":{"rendered":"http:\/\/www.whoisandrewwee.com\/?p=666"},"modified":"2008-09-10T22:21:37","modified_gmt":"2008-09-10T14:21:37","slug":"3-ways-to-upsize-your-product-income","status":"publish","type":"post","link":"http:\/\/whoisandrewwee.com\/business-development\/3-ways-to-upsize-your-product-income\/","title":{"rendered":"3 Ways To Upsize Your Product Income"},"content":{"rendered":"<p>When consulting with start-ups, the 1 trend I notice is that most entrepreneurs tend to underprice their products and services.<\/p>\n<p>While it may seem like great value to offer a service at $50 a month, especially when your expenses are low, it doesn&#8217;t make sense in the long run. That&#8217;s because your growth will be constrained by providing products at a low price-point.<\/p>\n<p><img loading=\"lazy\" src=\"http:\/\/whoisandrewwee.com\/images\/blog0809\/profit.jpg\" alt=\"profit\" width=\"450\" height=\"380\" \/><\/p>\n<p>To bridge the gap from bootstrapping startup to a business with sustainable growth, here are 3 strategies to incorporate into your business model:<\/p>\n<ul>\n<li><strong>Offer a premium\/upsized model<\/strong><\/li>\n<\/ul>\n<p>Talk to your customers and find out if there&#8217;s a &#8220;bells-and-whistles&#8221; version of your product that they&#8217;d like to get their hands on.<\/p>\n<p>Additional features and <!--more-->functions, optional templates, greater scalability, the ability to support multiple sessions, lower latency, a more resource-friendly version are all items that premium customers might consider.<\/p>\n<p>Why sell a &#8220;plain vanilla&#8221; (excuse the pun) fudge sundae, when customers might want a triple-chocolate, molten cocoa heart-stopper sundae with cookie dough, cotton candy and strawberry mix-ins?<\/p>\n<ul>\n<li><strong>Offer an end-to-end, turnkey solution<\/strong><\/li>\n<\/ul>\n<p>Find out if your customer wants help with installation, customization, long-term customer support. See what else they might want as part of a complete solution.<\/p>\n<p>Often, budding entrepreneurs are too happy to sell 1 unit of their product, and scoot back to their research lab.<\/p>\n<p>Why not take the opportunity to provide a complete service and use the opportunity to gather more product feedback.<\/p>\n<ul>\n<li><strong>Subscription and continuity income<\/strong><\/li>\n<\/ul>\n<p>Your utility company, your cell phone operator, internet service provider, cable TV operator all do this. They continue to provide service each month and collect a steady stream of income.<\/p>\n<p>Why not do the same too?<\/p>\n<p>It not only generates cashflow, it also opens up opportunities to further develop your customer service resources.<\/p>\n<p>&#8211;<\/p>\n<p>While there&#8217;s no surefire way to grow your product income, these methods will go a long way to finding out what your customer wants, and enhance customer stickiness.<\/p>\n<p>In the long run, it just might bring your product income to the next level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When consulting with start-ups, the 1 trend I notice is that most entrepreneurs tend to underprice their products and services. While it may seem like great value to offer a service at $50 a month, especially when your expenses are low, it doesn&#8217;t make sense in the long run. That&#8217;s because your growth will be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[49],"tags":[1450,816,1451,1452],"_links":{"self":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts\/666"}],"collection":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/comments?post=666"}],"version-history":[{"count":0,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts\/666\/revisions"}],"wp:attachment":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/media?parent=666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/categories?post=666"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/tags?post=666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}