Position Your Product/Service for Maximum Profitability: Lean Start Up Hong Kong
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The document outlines strategies for positioning products or services for maximum profitability, emphasizing the importance of understanding client motivations and market demands. It highlights exercises for comparing offerings with competitors and adjusting pricing models based on value and client feedback. Ultimately, it encourages flexibility in pricing and the necessity of listening to clients to improve business outcomes.
Position Your Product/Service for Maximum Profitability: Lean Start Up Hong Kong
- 1. Position Your Product/Service for Maximum Profitability Lean Startup Series #3 Image source: thevarguy.com
- 2. About Art Art Lee is a seasoned digital marketer with extensive experience in leading and managing technical projects across APAC and U.S. He has both extensive technology and business skills which are both required to effectively manage any digital marketing campaign and to ensure business objectives are met. The skills that are most valued by clients is his ability to listen and to create solutions.
- 3. Image source: brainzooming.com Session #1 - Idea generation Coming up with your own ideas
- 4. Image source: surveyshack.com, whicheb5.com Session #2: Researching Your Target Market Defining your ideal client
- 5. Helping business owners (SMEs/Freelancers) to build their own businesses on a lean(er) budget Educate business owners to make informed decisions (simple and effective) Accommodate lowest common denominator - semi- seasoned business owners Encourage audience participation Image: hymnindia.com
- 6. What are you worth? (market comparison) What motivates your ideal client? Position yourself for maximum profitability Image: marlijnenoordink.blogspot.hk Where to start Defining your monetary potential
- 7. Your worth is based on…. Economy Market demands Market sentiment Motivations Image: allhiphop.com
- 8. Charge based on demand High Value In demand Very Useful Not Useful Selling Waste yourself of time short Image source: pearanalytics.com Low Value
- 9. Price/Cost…a moving target Analyze Adjust Competitors For large & small Client Feedback To meet expectations Motivations To match motivations Image source: movingtargetrecords.com
- 10. Example as digital marketer…. Analyze Adjust Companies (large and small) In-Line with competitors as a start Adjusted once portfolio grows Feedback (clients and prospects) Some had higher expectations Goal is to make them feel they got more than what they paid for Motivations Speed to market/to complete Added services Expert insight (strategies)
- 11. Group Exercise: Analyze Competitors Product Service Take one product, compare it to Take one service, compare it competitors & feedback: to competitors & feedback: • How they are selling? Do the same…. • How they are discounting? (volume, tax breaks, extras) • How successful/attractive are they? • How are they different than you? Image: absfitness.in
- 12. What motivates your ideal client?
- 13. Exercise: Motivations Products Services List characteristics that motivate List characteristics that motivate customer to do business with customer to do business with you. you. Price Level of service Level of service Added value Discounts Quality of work Quality References Image source: empowernetwork.com
- 14. Image source: womensally.com Build negotiation structure Position yourself for maximum profitability
- 15. Where do you play? Highest margin- Max dollar for bill rate/least max amount of work value/satisfaction Lowest Too much work margin/worst for little money expectations
- 16. Pricing Model Exercise: Service Competitors How You Compare Volume Discounted/Low priced Quick and painless Certified Total Cost: Your Cost:
- 17. Pricing Model Exercise: Product Competitors How You Compare Volume discount Speed to deliver Quick and painless Total Cost: Your Cost:
- 18. Website Example Competitors How You Compare Speed to Deliver (volume) Takes a bit longer (quality) Price (10K) Price 15K Quick and painless Quick and painless Simple design, placeholder Functionally efficient for content, some functions Approach that makes sense, last Not happy for long…. longer Total Cost: Your Cost: Image: webpresence.tv
- 19. Summary Be realistic with your pricing, mood changes when work is much more than your cost Client motivations are key to winning new clients Don’t out price yourself unless that is your goal Keep pricing flexible Image: freemarketingmadeeasy.com
- 20. Get Busy Doing or Get Busy Losing Good Luck! Come talk to me if you have any questions.
Editor's Notes
- #10: Teams, Corp Consultant Freelancer, Big or Small Company, work together to provide an integrated research