WHAT IS YOUR KEY PRODUCT?
In this blog I am sharing more information from the book The Power of Little Ideas which I mentioned in an earlier blog posted on October 11, 2017. The theme of this blog is one of focus and choice.
A Key product or service is the one that you will focus all your attention on for the foreseeable future. It is the one around which you will build a portfolio of complementary products and services. Because of its importance the book details six tests that your key product or service should pass:
- Is it a product that is or could be central to your company – something that defines or helps to define you and what you do?
- Does or could this key product appeal to a distinct and sizeable set of customers?
- Does or could the key product exist more or less autonomously?
- Is the key product a stable product?
- Does the key product draw on and reflect the strengths and values your company is known for?
- Could the product and its complements generate significant revenues?
These six tests should be part of every small business analysis. While this topic has been the subject of many books and lectures, I like the concept of these six questions. Each business should have a key product that has to remain stable and should be incorporated into the Vision statement.
The complementary products and services may be the goals we set and reach for as we strive to make our vision a reality.
BizQuack has as its vision: “To become the Nation’s best, most respected, successful and sought after small business support system.”
As a subset to our vision is our goal to decrease the failure rate of small businesses.
Our main product is our online support system. Our complementary products and services include the books we recommend as well as the material that is constantly being added to our web site and the discounted one- on-one mentoring process available to our members.
Take a look at your own key product and the complementary products and services you offer. Start a conversation with our other members or reach out and set an appointment with another member to discuss your key product.
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