Ah, the hero product. It's the gem in your business's crown, the thing you're best at selling. It's time to ask yourself, "What's my hero product?" This question might seem simple, but the answer is where the magic begins.
It's not about the latest thing on Instagram or the shiny new object. It's about what you excel at, what you love, and what brings out the best in your business.
Your hero product is the one with the highest margin and the best sales track record. It's the thing you're known for, possibly the product or service that sets you apart from everyone else. It represents your expertise and is often tied to your passion.
But how do you know what your hero product should be? What if you have a whole suite of services or products? It's about identifying the one that ticks these boxes:
High margin: This product brings in the most profit. High sales frequency: You're selling a lot of these. Core strength: You're the best at delivering this.
Why does it matter? Well, for starters, it helps you streamline your efforts. No more chasing after that next "big thing". Instead, you're putting your energy into what pays off the most.
This focus can help you develop even better techniques for selling and delivering your hero product. It also lets you attract the right customers while gently pushing away those who aren't the right fit.
Consider this: the customers attracted to your hero product are likely the ones who already value what you're doing best. You're not selling to everyone, just the ones who matter—your ideal customers.
Business is much like any relationship—it's about attracting the right people and letting others go. Have you heard the saying, "Not all money is good money"? That's what happens when you try to be everything to everyone. You end up with the worst customers, the type who haggle over every price and make your life difficult. But when you focus on your hero product, you're setting a clear expectation. You're loudly proclaiming, "This is what I'm great at!"
This clarity not only helps you internally but also communicates a strong message to your potential clients. It signals expertise and confidence in what you're putting into the world. You'll attract clients who recognise this confidence and align with what you stand for.
Look at it this way: average attracts average. When you stand firm in your hero product, you elevate your brand and your market presence. You're no longer the jack-of-all-trades but the master of what truly matters.
Let me give you a real-world scenario. Consider Apple. Known primarily for their iPhones, this product not only represents a significant portion of their revenue but also embodies their philosophy of sleek design and user-friendly technology.
Or think of Starbucks, where their coffee is the hero product, echoing their emphasis on quality and customer experience.
Both companies have diversified products, but their hero products bring the most loyalty and recognition. They drive the brand's core message home effectively.
Finding your hero product requires some introspection and honesty.
Here are steps to help you get there:
Self-assessment: Break down your offerings. Which one aligns most with your passion and skill? Customer Feedback: What are your customers raving about? Look at reviews and testimonials for insights. Financial Analysis: Which products bring in the most profit? High-margin items are often the unsung heroes. Market Need: Is there a demand you specifically meet? Your hero product should answer a critical need.
If you’ve found what you're best at, it's time to nurture it. That means refining your processes, enhancing customer experiences tied to it, and continuously improving on the facets that make your hero product shine.
Adopt rituals and methods to keep this product fresh and relevant. Your hero product is your standout feature, the thing that elevates your business from good to great.
Your hero product isn't just a revenue driver; it's your brand story in action. Explore what makes your service or merchandise unique, and push its story out into the world. By honing in on your hero product, you're not just selling—you're building a legacy.
Reflect on these insights and make the bold choice today. Define, develop, and excel at your hero product. It's time to channel your energy into what you do best and let the rest fall away. You'll not only find purpose and clarity but also build a stronger, more efficient business.
A business that doesn't just chase profit but provides genuine value and impact. After all, business ownership is a gift, and your hero product is the bow that makes it presentable to the world.