As business owners, we often find ourselves with a plethora of products to sell, but the problem arises when these products are not aligned with our business’s promise. Are you facing this issue in your company? If so, don’t worry, there is a way to fix this. In this article, we will dive deep into how you can align your business’s products with your promise and take back control of your product offerings.
First and foremost, it’s essential to revisit your company’s Promise. When you first started your business, you had that promise in mind, and over time, itl may have changed. It’s crucial to take a step back and evaluate whether your products still align with your promise. If not, it may be time for to look at making some change. Industries evolve, and what you were offering previously may now be outdated. The question you need to ask yourself is, “Are my products helping my customers lead a better life?” Whatever the answer may be, you’ll have a clear idea of where to bring your product line.
Once you’ve evaluated your product offerings, it’s time to parse off 10% of your offerings. These are the products that are no longer valuable to your customers. To make this 10% valuable again, you need to drive traffic back to those products. One way to do this is by making those products cheaper, better, and faster. If parsing out this 10% of products doesn’t turn things around, it’s time to let those products go. Remember, as a business owner, it’s essential to focus on what’s working and not hold onto dead weight.
Expanding your product offerings is another crucial step in aligning your products with your promise. As business owners, we often get bogged down in the daily management of putting out fires and looking at growth day in and day out. However, growth and inventory go hand in hand. By paying attention to your inventory, you can help your company grow. It’s essential to look at innovations in your industry so you can deliver the top products to your clients. When you offer these new, cutting-edge products, you’re providing your clients with a better experience with your business.
In addition to expanding your product line, it’s also important to look at innovation outside of products. There are always new ways to test out new things and processes. As you test new processes out, you may choose to implement them into your daily operations. This could be anything from a new method of customer service to a new marketing strategy. The key is to keep an open mind and be willing to try new things.
In conclusion, aligning your products with your promise is crucial to the success of your business. If clients aren’t responding to certain products, it’s time to let those products go. When you look at your product line against your promise, profit will be a natural byproduct. That’s because you’ll be aligned more with your clients, and they will bring the profit when they choose your company over competitors.
Your action item to make this happen is easy. Take every product or service that your business offers and give it a check mark if it aligns with your promise. If it doesn’t, it’s time to reevaluate and make changes. Remember, aligning your products with your promise is not just about profit, but it’s also about providing your customers with a better experience and making your employees feel more connected to your company’s mission.
The insights in this blog post are based on an episode of my new podcast, Business Owner Breakthrough! To check out the whole episode, click here.