A product strategy that links four types of product with three pieces of glue so clients move from knowing little about you to buying a lot.
Daniel Priestley's framework, from Entrepreneur Revolution, pp. 107 to 130.
Gifts
Free products given with no conditions that are meaningful and cheap for you to deliver, so people want to know more.
Products for prospects (PFP)
Low-cost trial products that share your big ideas, capture contact details and give a quick win, preferably in under seven days.
Core offering
The full, remarkable and unique solution you are known for, priced to be profitable and focused on implementation, not ideas.
Products for clients (PFC)
Highly profitable, different and logical next products sold to existing clients, ideally subscriptions, aiming to double profit.
Lead capture process
Collects contact details between your gift and your PFP, through several routes.
Sales conversations
Structured conversations with people who have already tried a gift or PFP, so they are pre-sold.
Servicing process
Looks after clients above expectations after they buy, by underselling and surprising them, so they buy your PFC.
From chapter: CHAPTER 5: BUILDING YOUR GLOBAL SMALL BUSINESS, pp. 107–130
Priestley says a business starts as a series of experiments, and the next step is to build a model, then a product ecosystem. The model is a financial forecast and a business plan, ideally made with an outside consultant. He rejects four weak product strategies (OOPS, J curve, one-stop shop, brokerage) and offers the Ascending Transaction Model instead. The ATM links four products (gifts, products for prospects, core offerings, products for clients) with three pieces of glue: lead capture, sales conversations and servicing. He says most small businesses without it push the core offer too soon, cut prices and stay small.
