Products and services don't make money. Product ecosystems make money.
Understanding how to effectively build and manage a product ecosystem is vital to creating a successful, thriving business.
The key is not just to create standalone products but to build an ecosystem where each product creates demand and supply, forming a self-sustaining cycle of growth.
Remember, it's not just about products making money - it's the product ecosystems that drive profitability and sustainable business growth.
In this video, Daniel Priestley takes a deep dive into the four key components of a profitable product ecosystem:
The Gift: This is a product that you offer for free, requiring nothing in return. It could be a free masterclass, informational videos, or a valuable podcast. These 'gifts' help build brand trust and attract potential customers to your ecosystem.
Products for Prospects: These are offerings that express the interest of your audience. It can be as simple as an email opt-in, a webinar registration, a scorecard/quiz or downloading a checklist. These help gauge and nurture the interest of your prospects, turning them into potential customers.
The Core Product: This is your main product or service and the primary source of your income. This is what your business is recognised for, and it forms the heart of your product ecosystem.
Products for Clients: These are products that you can upsell or cross-sell to your existing customers. Think of maintenance packages, continuity programs, or exclusive membership benefits. They increase the lifetime value of your customers and foster loyalty.
Want to learn more about how to build a profitable product ecosystem?
Register for our upcoming online workshop at dent.global/workshop and discover the secret behind the most successful businesses around the globe!
So, tune in, take notes, and get ready to transform your business with the power of product ecosystems!
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