Driver 7: Your products and services

Driver 7 on your products and services is linked to your business model. Specifically, you can take the opportunity to enhance, add, package, and license the different ways you can redefine your company’s offering. Certain customers buy certain products, this means you have a full spectrum of sales so having a basic to luxury version of your product is a way to capture more buyers.

Adding a new product or service that extends your offer and strengthens your brand.

If you are good at selling X, what is Y that could also be sold without confusing your core business. There is a reason John Deer doesn’t sell sports cars and Ferrari doesn’t sell tractors though both likely have the expertise and capacity to do either.

Creating packages for your products can be a very powerful way to boost revenues. Some purchases are always made together, like a new car and an extended dealership warranty with the latter being next to impossible to sell after the fact. And while you are buying that new car, extended warranty, why not buy an extra set of keys just in case.

If you have any propriety service or product, licensing it so other companies can offer it, while you collect royalties, is work-free revenue. However, quality control and losing what makes you unique in your market is something that could cost your company. It is a good way to establish authority which you can leverage for preeminence and mavenship.