7 Reasons Why Your Business Needs a Signature Product
If a potential client or student stopped you on the street and said, “I’m trying to decide which of your programs or classes to try first. Where should I start?” would you have a ready answer? In your suite of current offerings, is there one that perfectly reflects your philosophy, expertise, and unique charisma as a teacher, trainer, or coach?
If this question threw you for a loop, don’t panic. Many of us don’t realize how crucial a signature product truly is … until our revenue goals aren’t being met and we realize we never bothered to create it. Which is why we’re swooping in today with some gentle nudging, hoping to convince you that a comprehensive paid product can accelerate your success in online business. But first ...
What qualifies as a signature product?
Let’s take our own business as an example. The Namastream platform exists to help wellness practitioners teach, train, and coach online, and our software offerings for teachers drives our business. But our Soulful MBA program is where we send newcomers who want to know what we’re all about. Participating in the Soulful MBA lets them immerse themselves in our community, build essential entrepreneurial skills, and get the support they need before launching their own online courses or membership sites. It’s the perfect entry point for newbie wellness entrepreneurs and reflects the strongest aspects of our brand.
Your own signature product should be equally robust. Meaning it should NOT be a five-page PDF that lists your top 10 recipes/yoga poses/wellness tips. It should have multiple components, dig deep, and cost the end-user a decent amount of money (at least $100). It should actively engage the customer and showcase the breadth of your talents. It should address a specific need that your quintessential client has, and do so elegantly. Most signature products are fairly general; a health coach might offer a video class alongside community access and a downloadable worksheet package that helps new clients develop and cement healthy eating habits. Her gluten-free living resources package would be reserved for a more specific clientele. That said, if you offer a huge variety of services and have a popular specialty, don’t be afraid to make that topic your signature. If your client pool is working moms, but your postnatal wellness program is what you’re known for, refine it, beef it up, brand it, and make it your signature product.
How can a signature product support your online business?
Why is this offering so essential, anyway? If your entire suite of products is selling well and reaching its intended audience segments, what’s the point of creating a mega-product that covers more ground? Here are seven solid reasons:
#1 First impressions with potential clients: Specialized products are great for customers already familiar with your work. They know your personality, your tone, your teaching style. The groundwork of building trust has already been laid, so you can dive right into the subject matter. For brand new clients, you need to introduce yourself a little more slowly. They’ll be more likely to become a repeat customer if their first exposure to your paid offerings sets the stage. It will get them used to your methods, tools, and approaches; it will give them an overview of your knowledge base; and it will prove to them that your products are a great value for their money. Your signature product is your calling card, and it can make or break your chances with a new client.
#2 Brand identity: As your calling card, your signature product is the product that people will begin to associate most strongly with you and your business. Making it truly useful, unique, and representative of your overall brand is like sending out a little ambassador for your wellness practice. It also proves that you are invested in the market and want your contributions to improve it.
#3 Deeper, more lasting impact: Someone who reads your blog religiously and pores over your social media posts but never invests in a paid product won’t get the full benefits of your expertise. A robust, paid product that amplifies your core message allows you to support them more deeply. You’ll change more lives and more minds with a carefully crafted signature product than you ever could with tweets or ‘grams.
#4 Increased knowledge and understanding of client needs: Assembling your signature product is a learning opportunity! Ask your current clients what they value most about your teaching, and which classes or offerings they’ve found transformative. Dig deep as you research, write, and produce. The product itself will grow your business, but its creation can help you grow as a teacher and service provider.
#5 Passive income: Yes, crafting a thoughtful, effective signature offering will take some time on the front end. But once it’s in the bag, you can sell it 24/7/365. It will generate passive income for as long as it’s available, and require relatively little upkeep, allowing you to focus on building your client list and beefing up your business in other ways.
#6 Global reach and a level playing field: A virtual studio allows you to sell your offerings to seekers all over the world, changing lives in countries and communities that you may never visit. Through your website, social media, and email list, you have the ability to promote this program or course to everyone in your personal tribe. This type of mass marketing was once available only to companies with vast resources, but thanks to the democratization of the web, it’s now part of your toolbox. Use it!
#7 Market position and visibility as an expert: In the online world, perception is reality. Creating and offering a signature product that positions you as a subject matter expert broadcasts confidence and competence. And when others begin to see you as a trusted expert, that shift will bring in new business. Be aware that this perception will correlate with the depth and utility of your offering. Let’s say someone searches Google or Pinterest for a health coach online and lands on a site with a $19, 50-page ebook. Not bad. Then they hit your site, and find a course that’s $97, but offers three hour-long videos, a set of custom meal plans, access to a closed Facebook group, and a 50-page ebook. Which person seems more invested in the subject? Which one appears more trustworthy and accomplished? A comprehensive signature product showcases both your commitment and your competence.
If you’ve never even considered creating a signature product, you’re not alone! Your business may have developed organically using other tactics, and you may already have built a suite of diverse programs and courses. But hopefully, this list of business-bolstering reasons has convinced you that adding a signature offering could expand your reach and your income — perhaps even exponentially.