Want to know what the Content Marketing Trifecta is and why it is so effective…
Want to know how to build an offer suite around a signature offer? When you are first starting a business it makes sense to have one signature service or offer. Less really is more in the beginning and by just marketing and selling one signature offer you’ll be able to master marketing and selling that signature offer faster. However, as time goes by only having just one signature offer can impact the growth of your business. There comes a point where you need to offer and sell more things in order to maximise client or customer lifetime value and overall revenue. Keep on reading to find out how to build an offer suite around a signature offer.
This page may include affiliate links, which means that if you choose to make a purchase, I may earn a commission. This commission comes at no additional cost to you.
What is a signature offer?
A signature offer (also referred to as a signature service or signature programme) is where you have one offer (such as a service, a course or group programme) that your business is built around and known for. A signature offer will be based around your skills, knowledge and experience. There will be a specific framework or steps that people follow in order to get a specific transformation.
Some examples of signature offers would be: Denise Duffield-Thomas has Money Bootcamp, Jeff Walker has Product Launch Formula and James Wedmore has Business by Design,
Signs it’s time to build an offer suite around a signature offer
Having a signature offer in your business is great. Being able to focus on marketing and selling just one thing will enable you to build traction and for your business to be known for something. This drastically helps with sales, as well as recommendations and referrals. However, there comes a point where just having a signature may mean you’ll be having to turn away of lots of potential clients or customers. Here are some signs that you need to build an offer suite around a signature offer:
- Your signature offer involves paying once for lifetime access as so there is no way for repeat business and you can’t generate any monthly recurring revenue.
- You are turning potential clients or customers away because your signature isn’t right for them (but you know you could help them). It might be that the signature offer is too basic or too advanced or they are too early or too late in their journey in relation to your signature offer.
- You feel trapped or limited by your signature offer.
If you are feeling any of the above then expanding what your business offers so you have a whole offer suite rather than just a signature offer makes sense.
| WANT TO SUCCESSFULLY SELL A RANGE OF SERVICES IN 2024?
To successfully sell a range of services you need the right offer suite, with the right prices, and then have the right marketing and sales strategy. In a Strategy Day I’ll help design your offer suite, ensure it is priced correctly, and that you have a clear strategy for marketing and selling those services or digital products. So if you want complete confidence with the services you offer, your ability to sell them and that you’ll smash your financial goals – book a Strategy Day. For more information and to book click here.
|
HOW TO BUILD AN OFFER SUITE AROUND A SIGNATURE OFFER
Building an offer suite to maximise client or customer lifetime value
It is well known in business that it is easier to make someone who has already bought from you once to buy again (as long as they had a good experience) rather than trying to get someone who has never bought from you to buy.
With that in mind, it makes sense when building an offer suite around a signature offer to think about what additional services or products you could offer specifically thinking about who buys your signature offer.
Two questions to ask yourself are:
What could I offer to someone who isn’t quite right for my signature offer yet?
What could I offer to someone after they have gone through my signature offer?
For example, if your signature offer is a high-ticket offer then you could think about what would be suitable for someone who isn’t ready for that level of investment yet. Often businesses will create digital products or smaller services, which can be priced lower than the signature offer, but will give someone an experience of working with the business.
Whereas, if your signature offer is a low-ticket or mid-ticket offer like a membership then you might want to have something for people to move into afterwards. For example, it is very common for people who run memberships to have one-to-one services that they also offer at a premium price.
An example of an offer suite that is designed to maximise client or customer lifetime value.
A business coach had an evergreen group programme as her signature offer. For a while she was completely happy with the group programme, however, given it was pitched for people hitting aiming to hit £10k months she would turn people away. And after people had hit £10k months (which on the whole happened within the 6 months) there wasn’t any way for people to continue working with her even though people wanted to. So she redesigned her offer suite as follows:
To sell those not ready for her signature offer YET > A self-study course for new business owners who want to hit £5k months (£1,500)
Her signature offer > A 6-month evergreen group programme for business owners who want to hit £10k months (£5,000)
To allow people to continue working with her after her signature offer > 6 months of 1-to-1 coaching for business owners who want to generate multiple 6-figures in annual revenue (£12,000)
Building an offer suite to enable your business to generate monthly recurring revenue
If people pay for your signature offer once (such as a one-time purchase course or service) then that can mean there is a lot of instability in monthly revenue, especially if the signature offer is impacted by seasonality or you only allow it to be purchased at certain times of the year. In recent years increasingly more businesses are looking for ways to generate monthly recurring revenue. Everywhere you look business are adding in subscriptions and for good reasons. Monthly recurring revenue gives you more predictability with your income. This makes forecasting easier and will you to make more informed decisions when investing for the future of your business.
So if generating monthly recurring revenue is your goal then you might look for how you can create a new offer that will compliment your signature offer and generate monthly recurring revenue.
Here are some examples:
A website designer could start offering website hosting that is billed monthly.
A copywriter who only does website (brand new or revamps) could start offering monthly retainers where they write X number of blog posts per month
A social media strategist could create a membership to provide accountability to clients they’ve created strategies for.
Building an offer suite to help more people
If you’ve set big impact goals for your business is might be that you need to build your offer suite so that you are able to help more people. For example, if right now you are only working with people one-to-one you’ll be limited to how many people you can help per year. But if you enjoying working one-to-one having a range of offers will allow you to still work one-to-one, whilst also helping more people.
For example, you could decide in order to help more people to start a membership, create low-ticket digital products or run events that hundreds or thousands of people can attend.
Building an offer suite to increase annual revenue
In most cases using any of the approaches already mentioned will help you to increase annual revenue. By building an offer suite you’ll have a bigger breadth, which should mean more people who want to work with your business are able to. The only time building an offer suite can have a negative impact on annual revenue is where you create more low-ticket items in your business and everyone switches from high-ticket offers to your low-ticket offers and the volume doesn’t increase by enough to make up the difference.
However, if you are consciously designing your offer suite to increase annual revenue then you’ll want to look at two things. Firstly, think about how you can add premium offers to your business. With very few exceptions, most business can offer a premium offer that will be bought. It might not be many but the beauty of premium offers is you don’t need many to be bought in order for it to have a positive impact on your annual revenue. Secondly, you’ll want to focus on where is there demand. Is there anything that multiple people have asked for and you know you have people who are already aware of your business and would buy if you offered it.
| WANT TO GROW YOUR BUSINESS THE SMART WAY?
I specialise in helping online, service-based, business owners who are small in team size, but big in ambition. And that means they have to work smart. Building an offer suite opens the doors for you to help more people, make a bigger impact and make more money. But just because you can doesn’t mean you will. With my one-to-one mentoring I’ll ensure you successfully manage to introduce your new offers and sell everything your offer for maximum impact and revenue. And in the most efficient way possible. |
Finalising your offer suite
By this point you should have a list of possible ideas of what you could put into your offer suite and it is time to review all the options and make a decision.
Remember that building the ultimate offer suite takes time. It might be that from thinking about all the things mentioned you build out what you know is the ultimate offer suite, but you aren’t in a place to offer all of that yet. That is fine.
Write down what your offer suite is and then add timings for when you’ll add in each new offer. This is especially important if right now you have your signature offer and your ultimate offer suite involves creating courses, digital products etc. Give yourself time, but know what you are aiming for.
Once you’ve got a written down version of your offer suite ask yourself these questions:
Are people able to understand the difference between my offers and self-identify what is right for them?
Will it be possible, with my current resources, to market all of these offers successfully?
If you answered yes to both – congratulations!
If you answered no to either question then you’ll need to do more work.
If you answered no to being able to market all of your offers successfully then check out this blog post – 3 ways to market multiple services or digital products.
That’s it! You know now how to build an offer suite around a signature offer.
Expanding what your business offers so you have a carefully designed offer suite can drastically change the number of people you can work with, the impact you make in the world and the money you can generate. So taking the time to carefully design your offer suite is so worth it.
Hopefully this blog post has you excited for what is possible. Let me know in the comments what your biggest takeaway is.
And if you’d like one-to-one help to design your offer suite there are two ways I can help you.
Option 1: Get your offer suite, pricing and marketing strategy sorted in one day!
Book a Strategy Day and I’ll help you to design your offer suite, map out adding everything into your business in the next 12 months and being able to successfully market them all. To find out more and book a Strategy Day click here.
Option 2: Get your offer suite, pricing and marketing strategy sorted PLUS 6-months of training, one-to-one mentoring and accountability
Know that just knowing what to do isn’t enough, then my 1:1 Business and Marketing Mentoring is perfect for you. You’ll get 6 months with me by your side every step of the way to ensure you are able to successfully implement the strategy and get results. To find out more and apply for 1:1 mentoring click here.
Related Posts
