Ask Steph: Should I continue with my current offers or create something new?

Today I'm answering a question from one of my long-standing students who is torn between scaling her current offers or creating new offers to service her existing community. In today's episode, I'm sharing some of the pros and cons around this important decision as well as offering a couple of alternatives.

– How scaling one product can minimise the risk and allow more time for focusing on the next thing.
– The challenges that present themselves whilst scaling up.
– Why creating a new offer and increasing the lifetime value of your existing customer is easier than trying to reach new people all the time.
– The strategy behind expanding your offers backwards, creating the simple win whilst nurturing your audience to your next offer

Welcome to another “Ask Steph” episode! Today’s question comes from Renata Bernardi, a long-time student of mine. Renata asks:

“Hi, Steph. My question is this: I'm torn between scaling what I've achieved with my current offers or creating a new offer to service my existing students and clients. They have been asking for a community, but I can't do both right now. What would you recommend I do first? Also, is investing time in writing a book worth it? People often ask why I don’t have a book yet, but I can't see it being a good ROI at the moment. Love your work. I've launched three times using your methodology, and it gets better every time. Thank you, Renata.”

Is Writing a Book Worth It?

I’ll tackle the second part of the question first since it's more straightforward. Writing my book, 99 Launch Lessons, was absolutely worth it for me. While it didn’t bring in massive sales, it served as a powerful marketing tool. One of my students discovered me through my book on Amazon, leading her into my brand universe.

I took existing content, expanded it into essays, and structured the book as a collection of 99 lessons on building a profitable online business. This approach made the writing process less daunting. If you’re interested, you can check out my book at stephtaylor.co/book.

Scaling Current Offers vs. Creating Something New

Now, onto the main question. Both scaling current offers and creating new ones have their pros and cons. Let’s break them down.

Scaling Current Offers

Pros:

1. Time Efficiency: The hard work is done. You already have the offers and processes in place, allowing you to focus on streamlining and optimising.
2. Lower Risk: You know your existing offers convert. Scaling them involves less risk compared to launching something new.
3. Potential for Team Expansion: With established processes, you can bring in team members to help, freeing up your time for other activities, including creating new offers in the future.

Cons:

1. Numbers Game: Scaling requires reaching more people, which can be challenging in the current online environment.
2. Increased Customer Support: More customers mean more support needs. You might need to hire someone to manage this.
3. Dependence on Audience Growth: Your income will be tied to how effectively you can grow your audience. Factors like higher ad costs during peak seasons can impact your revenue.

Creating a New Offer

Pros:

1. Meeting Existing Demand: Your current clients want more from you. Creating a new offer addresses this demand and can deepen client relationships.
2. Easier Sales: Selling to existing customers is easier than acquiring new ones. They already trust you and are likely to invest in additional solutions you provide.
3. Enhanced Client Experience: A new offer can help clients tackle new challenges, offering them a more comprehensive journey.

Cons:

1. Time-Consuming: Developing and launching a new offer requires significant time and effort.
2. Higher Risk: Even with client interest, there’s no guarantee the new offer will convert until you launch it.
3. Resource Intensive: New offers require new assets, marketing strategies, and possibly more team members.

Additional Options

There are also other approaches to consider:

Creating a Pre-Offer

This is a smaller, low-ticket offer that solves a problem your audience has before they’re ready for your main offer. It’s designed to give them a quick win and nurture them towards your higher-ticket items.

Pros:

• Nurtures Potential Clients: Provides value early, building trust and preparing them for bigger investments.
• Strategic Fit: Aligns with your overall business strategy, creating a seamless client journey.

Cons:

• Not a Major Revenue Generator: The goal is not to make lots of money but to set up future sales.
• Still Requires Effort: You’ll need to create and market this new offer, which takes time.

Avoiding Indecision

The worst option is to sit in indecision. Time will pass whether you make a decision or not. It’s better to choose a path and learn from it than to do nothing.

There’s no wrong choice here. It’s about what aligns best with your business goals and current capacity. Whether you choose to scale or create, make a decision and move forward. Each step you take brings you closer to understanding what works best for your business.

Remember, if you want more guidance on designing and refining your offers, check out my course Offer Less, Sell More.

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