Take the Product Staircase to Your Marketing Success
What Is a Product Staircase?
Different customers have different needs – not to mention different budgets.
Your pricing strategy and your marketing strategy should take these differences into account and should influence the creation and development of your products and services.
This is the basic concept of the Product Staircase; offering a range of products or services of different complexity at a variety of price points.
How Does a Product Staircase Work?
A Product Staircase is a set of ascending ‘steps’ for potential customers to take during their journey with your business.
Each step consists of a different product or service offering, which is set at a specific price point to attract a variety of customer groups.
The first step on your staircase will be a freebie give-away that encourages potential customers to take action. This is the beginning of your marketing funnel; it’s a list building process and the beginning of your engagement with potential customers.
The second, third and fourth steps on the Product Staircase are designed provide customers with a variety of price points; from toe-in-the-water, low cost products and services through to high-cost, total buy-in.
Your customers should be able to move seamlessly through each step on your Product Staircase as their love of, and trust in, your products and services grows.
Another benefit to offering products and services at differing price points is to provide customers with the ability to buy from you whatever their ability to pay.
Here’s what each step on the Product Staircase looks like in action.
Step One: Your Freebie
This step is all about attracting potential customers by sharing something for free – this is known as a Lead Magnet.
Lead magnets can take many different forms; everything from the PDF information or ‘cheat sheet’ downloads through to quizzes, questionnaires, or ‘gated’ video content.
Essentially, a lead magnet should be something that your potential customers will find really valuable, but doesn’t cost you too much to create.
What do you get in return?
Their email address and their permission to communicate with them on an ongoing basis.
Don’t waste the golden opportunity your website provides for this step. Many websites include a generic ‘sign up here’ section, with no indication as to what a potential customer will actually receive in return for their precious contact details.
Instead, make it clear that you’re going to share something immediately useful, and new sign-ups could skyrocket.
(This step can be just as effective offline – think of the free paint swatches you get from various brands when you’re re-painting your living room!)
If you are interested in talking about how to create a Lead Magnet for your business – book a call.
Step Two: Your ‘Bread and Butter’ Offer
I call the second step – and the first paid-for step on your Product Staircase – your ‘bread and butter’ offer.
Because it is an easy ‘yes’.
It’s a low-cost, high-volume product or service that provides a non-expensive introduction to you and your products and services.
It allows customers to ‘test’ you as a product or service provider before committing to a larger investment.
Another benefit is that your bread-and-butter offer allows potential customers who don’t have a large wallet to buy from you and benefit from what you have to offer.
Examples of an ‘easy yes’ include a book or e-book; a Power Hour; a short course delivered by email, a ‘Challenge’ run via a Facebook Group; a workshop; a hand cream (cosmetics company); a small pair of earrings (a bespoke jewellery company) etc.
You could analyse your current products and services to check which one best suits this step. If you haven’t got something that fits the bill, put this on to you ‘To Do’ list.
NB: Low-cost is relative. If your top price item is £100 your low cost offer would probably be £10; if it’s £1,000 maybe you’re looking at £100.
Step Three: Your Dream Offer
This is your core offer; the thing on your Product Staircase you want to attract most of your customers to buy.
Your dream offer is a more in-depth, higher cost product or service for customers who are serious about buying from you, or who have the ability to pay more.
Following on from the previous examples, this could consist of a set of coaching sessions, a course, or a piece of custom-made jewellery.
This step could also include add-ons or upsells from the previous step, such as an ongoing membership offer, with private access to a social media group or a restricted area of your website.
You’ll expect to sell fewer of these products or services, but those you do sell will make a tangible difference to your bottom line!
Step Four: Your ‘Cream’ Offer
This is the premium product or service on your Product Staircase. It’s high-cost, low-volume (the total opposite of your ‘bread and butter’ offer!)
Examples could include a yoga instructor offering a week-long wellness retreat in the south of France, or an exclusive one-to-one Mastermind programme that you will only run at certain times each year.
You probably won’t sell lots of these, but they will make a significant impact to your turnover.
Using Your Product Staircase to Create Your Marketing Strategy
So, now you understand what each step on a Product Staircase should consist of, you can set defined sales targets for each one.
Once you have done that, you can create your marketing strategy.
Your marketing strategy should identify the specific methods you will use to attract the number of clients, or sales, you need at each step of your Product Staircase in order to achieve your targets.
It’s important to note that you will probably need to take a variety of approaches to promoting products or services at different stages of your Product Staircase. Don’t expect to use the same tactics for every step!
If you are interested in talking about how to create a Marketing Strategy for your business – book a call.
- Customers can enter your product staircase at any level
- Not every customer will make it all the way up to the top of your Product Staircase
That’s absolutely fine.
People will start their journey on the step that feels right for them.
I would love it if you would share any experiences you’ve had of using a Product Staircase. Or, do you know any business owners who are using this method successfully? Please feel free to use the comment box below!