Your Quiz Results Are In And It’s Official….
The No 1 thing holding you back
from growing your product-based business is….
A Simple Strategy for Scaling
It’s something we see all the time within our community of product bosses, trust us you’re not alone.
So many product-based business owners assume that to successfully scale their business they need to increase their sales, but that isn’t necessarily the case.
Sometimes, it’s more important to refine what you’re doing and make it more profitable or streamlined before you start thinking about increasing sales and finding more customers.
More customers can be a great thing, but have you considered alternatives like focusing on your top 20% of products making you money and by selling more to your existing customers?
Why not think about reminding your current customers that they haven’t purchased anything in a while?
Refine down to scale up!
You’re not on your own….
Making the shift from only just surviving to feeling like you’re thriving isn’t the insurmountable task you think it is. It may feel like you’re spinning your wheels right now, and as if everything is an uphill battle, BUT you’ve made the first important step to moving the needle in your business by taking this quiz.
And that step is ACTION.
You’ve taken positive action towards making a change.
And as we like to say,
"Action takers are money makers".
Bottom line: The main key to scaling is FOCUS. More is NOT more! You’re repeating what works and reworking or deleting what doesn't.
Why is this so important? Because when you're making ALL the things instead of focusing and refining down on the products that sell, you end up with a confused customer.
And a confused (overwhelmed) customer never buys.
Imagine walking into a shoe store where there is no order to anything, shoes aren't in pairs and the sizes are all mixed up. You've got to be really dedicated to finding a bargain, or that perfect discounted shoe, when you have to wade through all that mess.
Most people will give up and walk out of the shoe store.
BUT when you focus on your best sellers and attracting the right customers, you're making the decision to buy from you an easy one.
And if that means you lose a few customers who didn't like what you were selling, you're doing something right. It means your focus has sharpened because attracting the right customers and repelling the wrong ones is all part of the scaling strategy.
So don't be afraid to feature your top 20%. Put those products up front and center for your customers to see. Don't make it hard for them.
Let it be easy.
When you focus, you're creating a money snowball that can gain momentum - this leads to compound growth, which in turn, leads to exponential growth.
That is how you scale with less effort!
So the next time you're tempted to lose focus and stray away from what your customer wants, ask yourself these questions….
Is this product one of my best sellers?
Will this product or idea make me money or make me lose focus?
What do the figures tell me? Is this profitable, and does it positively impact my bottom line?
Am I doing this to satisfy a creative urge, or is this something that's in demand?
Is this going to simply be a big distraction?
"Action takers are money makers"
Jacqueline & Minna
Your Product Boss Report Card
Let's find out what your report card would say if you were taking lessons in scaling your business with less effort. Understanding how to stay focused on what matters, is the fast track to consistent growth in your business.
CONFIDENCE:
Spending your time on products that aren't selling, hoping you can turn them into best sellers can really knock your confidence. It's hard to stay positive and upbeat when you're putting in the hours, doing the work, but nothing is happening.
And that is why we've spent so much time telling you to focus on your top 20% and NOT the other 80%. Focusing on products that aren't selling is disheartening and it doesn't have to be like that.
Clarity:
Get crystal clear on the things that are moving the needle in your business. Be led by these and don’t allow yourself to get distracted by the non-moneymakers making demands on you.
Focus on what works then refine and repeat. Not only do you gain clarity but your customer gains clarity too.
MONEY:
When you go down the rabbit hole of making more and more products instead of focusing on your best sellers what you're doing is costing yourself more money in raw materials for product development.
It's money out the door instead of in your pocket. Product development takes money and when you're starting to scale it just isn't sustainable.
FOCUS:
Try to focus on what keeps more money in your pocket. We don't want you to be busy, we want you to be profitable. It's all too easy to spend time on low-value tasks instead of focusing on the ones with a high dollar result.
Goals:
Plan out how you're going to achieve the goal of creating more revenue in your business. This will help you stay focused.
Ask yourself what you have to sell and where you have to show up. What do you need to do in order to reach that goal?
And remember, profit should always be your end goal. One million in revenue means nothing if you're not profitable.
PRIORITIZING:
Free up your mental, calendar and physical space so you can get off the hamster wheel.
Doing a brain dump of all those thoughts running around your head, prioritizing things on your calendar, and getting your inventory in order will help you to focus on the things that matter most.
Your Product Bosses - Jacqueline and Minna
Time to implement a strategy that scales!
But first, let’s look at the strategy that does NOT scale.
It’s a strategy that sees you reinventing the wheel - making more things and hoping more products will attract more customers.
One where you believe the Etsy myth, that more products equals more revenue.
But that doesn’t work. You can’t keep pivoting one way and then another, constantly creating new products and following new ideas as they spring into your head. This actually takes money OUT of your pocket. More products means more mistakes, more development costs, more complicated systems and less money.
Because focusing on what is NOT selling is a sure way to have less money in your pocket and the hard way to scale.
Whereas, when you focus on your top 20%, those best sellers that fly off the virtual shelves, you’re letting it be easy.
Everything you do suddenly becomes much easier from marketing to selling.
This is how we teach our Product Boss students to scale successfully to six and seven figures. Not by focusing on the 80% of their poor-selling products, but instead, focusing on the 20% of their best-selling products.
So stop leaning into what doesn’t work. Poor selling products are hard to sell. They drain your energy and evaporate your confidence.
Focus on the products making you money so you can be a money-making machine.
Learn the secrets to maximizing your revenue and growing a profitable business year-round...
With Our PROFIT Formula
-
PLAN
Too many times we see promising Product Bosses get stuck because they've not planned things out properly. This results in "analysis paralysis" because they feel overwhelmed and unsure of what their next step is resulting in them not taking any action at all!
Plan for success by setting clear goals and breaking them down into projects and then tasks. Ensure they have clear deadlines and reverse engineer the schedule based on your expected due dates.
And remember to set a gauge on your ROI so you have a way to measure the results be it in sales, followers, and outcomes.
-
RESEARCH
Do your research on your customer. And I mean really get to know them, understand their needs and what they want from you.
What are the products they're drawn to and can't get enough of?
Figuring out who your customers are and where the browsing turns into buying is the sweet spot to selling more and doing less.
Because once you really know them you can tailor everything you do completely to them.
Focusing on the clients who actually buy from you, rather than anyone who stumbles across you, makes it easier for you to sell to them time and time again.
-
OPPORTUNITY
Look for the untapped opportunities in your business and learn to lean into your best sellers. If you have products that are doing really well then keep selling them.
Put your resources behind those products, have confidence in them and allow them to shine. Spend your time and energy on them rather than the products that don't benefit your bottom line.
And remember, 80% of your sales come from 20% of your products.
So identify those best sellers, then see how they can help lift the sales of your other products by creating bundles in your offers.
Could any of your best sellers be a two or three-pack? Could you combine them with a poor-selling product to move inventory and up your bottom line? Think about what you sell and how you could create some fantastic bundles that your customers just can’t pass up.
-
FOCUS
It's time to become laser-focused on your business. It isn’t about doing MORE. It’s about doing more of WHAT’S WORKING. (Because if you’re not, chances are, you’re leaving money on the table.)
Remember how we told you to bundle products together? Well, now we're telling you to upsell!
Think about the last time you were shopping on Amazon and saw a box saying “Customer who bought this item also bought these two other items, want to buy all three?”
It's genius and of course, we usually do what Amazon tells us to and buy all three. It's upselling at its best and easiest so focus on how you can upsell your best-selling products.
-
ITERATE
Maybe leaning into your existing customers or reaching out to your existing customers is key. Look at who is already buying from you and see how you can sell more to them.
You don't have to create something new all the time. Product development can suck time, money and quality from your business. Instead, think about taking your best sellers and iterating on them. Look at what people love.
Starbucks do this really well with their Pumpkin Spice Lattes they sell in the Fall. Come Christmas, they move that flavor spice profile to a Gingerbread Latte and then come the New Year, they release the Cinnamon Shortbread Latte.
See what they did there? They hooked that same customer on $5+ “Holiday Favorites” for about 4 months! Genius. So think about which product is your Pumpkin Spice Latte. Then iterate.
-
TRACK
Too many business owners lose precious time and money by not keeping track of their business.
It’s important to track the promotions you do and note what worked and what didn’t work. That way you’ll have even more success the next time you run them.
Are you tracking your figures monthly, quarterly and annually so you can see how things are looking?
And don’t forget about the seasons. Which are your busy ones and which are your quiet ones? How can you prepare for the quieter ones and make them more profitable?
Meet the duo behind The Product Boss Quiz…
We created The Product Boss out of our own struggles.
In a sea of service-based advice, we needed more ideas and strategies that were specific to product entrepreneurs - to connect, grow, inspire and lift each other up in our businesses and lives.
We’re Jacqueline Snyder and Minna Khounlo-Sithep and we’re the combined force behind The Product Boss and the Shop 1-in-5 Pledge. We’re also the co-hosts of The Product Boss Podcast, a top 10 Marketing podcast.
We've both run our own successful product-based businesses and know exactly how you feel because we were right where you are today at some point in our product journey.
Jacqueline
“I didn’t have investment from some fancy financier or even a small business loan.
My business was 100% self-funded with $20k I had saved from working as a fashion designer.
With A LOT of hard work, I turned that $20K into a multi-six figure business with products sold in 60 countries and worn by a ton of celebrities.
...So if you’re living that bootstrap life, I GET IT.”
Minna
“When I first started, I had no idea what I was doing. I was 100% self-funded, had to wear allllll the hats, and figure everything out by myself.
I hit 6-figures selling a $10 product in my first year. But I felt so lost, confused, and like I was winging it (because I kinda was), and when I wanted to hit that next level...
...I STILL COULDN'T FIND SUPPORT FOR PRODUCT-BASED BUSINESSES!”
Now we help product-based businesses, like yours, grow their systems, visibility, and sales to create the life and business you want.
We’re honored to say we’ve coached over 60,000 thousand students in our courses, workshops and masterminds – anywhere from start-up to multi-million dollar small businesses. And we want to show you what is possible for you using our methods and frameworks created specifically for physical product businesses.
We have grown a community of high-achieving product-based small business owners scale their physical product businesses out of their living rooms and beyond.
We’re connecting women around the world through a blend of real-life motherhood, creative strategy and business leadership.
Are you ready to make BIG moves this year?
You've taken the time to complete the quiz and now it's time to take action.
This is your VIP invite to our exclusive, free workshop series to help product-based business owners set themselves up for success in 2023!
Discover how to implement your quiz results and more…