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Before you go any further, check out the previous episode on Brainstorming and Creating Digital Products and Offers, which leads into today’s topic of creating a value ladder of digital products and offers.
In today’s economy, you want to be mindful of the revenue coming into your business, especially if you are struggling as an introverted entrepreneur. By creating new offers like digital products for your business, you will be more confident in times when things begin to slow down in the world. So having those multiple income streams is key to your business’s overall sustainability. Let’s explore value ladders and how creating a product suite will boost your client experience and your business’s sustainability.
In this episode, I dive into:
- What precisely is a value ladder as it pertains to your business
- How to enhance your client experience with a value ladder
- The three basic steps your value ladder should include
- …and much more
What Exactly Is a Value Ladder, and How Can It Benefit My Business?
A value ladder can be phrased in differing terms like a product suite, but I love calling it a value ladder. It provides the perfect visual representation of a customer’s steps in their journey. So a value ladder consists of your products, offers, and services and allows them to work in a way that maps out the journey a client or customer should take that leads them to your end goal or signature offer.
In a sense, it’s like a sales funnel when it’s implemented, but in terms of solely looking at your offers and the way they work together, it is visually easier to picture it as a value ladder with different rungs leading you to the next step.
A value ladder can be super helpful when you brainstorm new offer ideas and ways to improve your client journey. There are so many ways that you add offers to your business and make them work together. If you are still unsure about what a value ladder is and how it can help your business, I’d love for you to grab my Offer and Value Ladder Workbook. The workbook walks you through different types of businesses and different types of service providers to give you more clarity around what would work for your business to offer. There are also insightful examples and tools to help you map out and build your own value ladder and improve your client experience.
Enhancing Your Client Experience By Building Out Your Value Ladder
When taking stock of your offers or you begin to build out your value ladder of products and services, I think it is a great idea to start by asking yourself these questions.
What will my client need next?
Is there another offer I can create that builds up from the first product?
This is how you can connect the dots and create a value ladder that will work for your business. Your value ladder may not work for every client or customer that goes through the steps. Some may jump off the ladder and go straight to your signature offer or end goal. You want to create an experience for your clients like a journey map of offers that leads them from one to the next.
For value ladders, the first rung on the ladder may be a lead magnet or free offer, which gets your clients or customers onto the ladder. The next rung may be a bump offer. Then there may be a small or medium offer that leads to your end goal. I don’t want you to get overwhelmed by the number of offers as you may not need all of them. Instead, it would help if you focused on building and adding those new offers over time – not all at once.
The Three Basic Steps Your Value Ladder Should Have
Your value ladder should have three steps or offers at the most basic level. But, again, I don’t think that you necessarily need to have more than that right away. As you learn more about your audience, see how your offers are selling, and what your audience is still struggling with, you can create more offers to build upon in that next step. However, I believe three steps or offers is a great starting point because your audience isn’t going from your first offer to your signature offer; that’s too big of a leap for most people.
You want to meet them with your lower-priced and mid-tier offers that will take them on a journey towards that end goal. Delivering those quick wins with your valuable content and smaller products builds trust and gets them to the point where they are ready to buy. The know, like, and trust factor will have set in for them as they have already purchased smaller priced items from you.
Regarding the client’s journey, it is much easier to deliver that with your products and value as you nurture that relationship. They will feel more comfortable purchasing that higher-ticket offer when they have already bought from you and trusted you. It is necessary to get someone from opting into your freebie, having no idea who you are, to sign up for your signature offer at a price like $2,000 or $5,000.
Ensuring Business Sustainability With the Use of Value Ladders
I have several different value ladders in my business as a multi-passionate entrepreneur, which has worked well for me. If you have an overall topic or theme in your business, that will help you get clarity without having to narrow down your entire business to just one topic.
Suppose you have struggled in the past with niching down as a multi-passionate. In that case, the value ladder format of offers, ideas, and topics will help you achieve the sustainability you are looking for with your multi-passionate business. It will allow you to focus on your offers, frame them in a value ladder format, and create the kinds of products and services that people want and need from you. A value ladder helps you narrow down your messaging, not your offer.
However, if you have no problem niching down to one main topic that you talk about, then you will only need one value ladder of offers to create that sustainability. You may have more bump offers in your ladder, and it won’t be a straight line. You will have pathways where people can jump off the ladder and go to another ladder if you can visualize that.
Just know that this whole value ladder of offers and creating different value ladders is up to you. That is the beauty of the value ladder concept. You can customize it to your business, your audience, and what you want to do. So if you have a new idea for an offer that doesn’t fit your current offers, start a new value ladder. First, start thinking about what lead magnet or freebie to create that will lead to your latest offer. Then, keep thinking about the next offer and so on, as it will be helpful for your brainstorming process. You will be able to develop new offers that you would have never imagined.
If you want to gain more clarity around value ladders and creating offers for your business, check out my Offer and Value Ladder Workbook. It will also give you some great examples of ways to develop and use value ladder(s) in your business.
What is one way that you could help your audience get a quick win with a freebie and use it as the first rung on your value ladder?
A Breakdown of This Episode
[2:33] What a value ladder is, and how can it help your business right now if you are struggling
[4:14] Building out your value ladder of offers and how it enhances your client experience
[6:00] The three basic steps you should include in your value ladder
[8:28] Ensuring business sustainability with your product suite of offers
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