Profitability, Entrepreneur

Becoming a Product Boss with Jacqueline Snyder and Minna Khounlo-Sithep

Episode 337: Show Notes

Today on the show we are so happy to welcome the combined force behind the The Product Boss Podcast, Jacqueline and Minna! Through their show, they teach business owners how to grow product-based businesses with strategies and a strong community. Each of them have their own business as well and have taken their personal work into their joint venture, offering their expertise as a great service to other creatives out there!

We are so happy to welcome the combined force behind the The Product Boss Podcast, Jacqueline and Minna! Through their show, they teach business owners how to grow product-based businesses with strategies and a strong community. Each of them have their own business as well and have taken their personal work into their joint venture, offering their expertise as a great service to other creatives out there!  |  The Strategy Hour  | Boss Project

Today's talk is all about taking your products further and the idea of going deeper instead of wider. Although Jacqueline and Minna mainly focus on product-based business, these strategies can be applied to whatever you are working on with the basic idea being to make more of the customers you already have rather than going to find new customers from scratch. So let's dive in and hear what they have to say!

The Meanings of Depth and Width

It is not uncommon for us, as business owners, to think we have to do all the things! This is usually not the way to go about it, throwing everything at the wall and hoping something sticks. Our guests believe niching down is one of your best tools in the entrepreneurial game and we agree! Find one itch to scratch, find an audience and then dig deeper into that specific market. Variations are okay but rather be known for one thing than not known for many. If you can develop your most valuable product early on and pursue that above all else, you might just be onto something. Once you know what you niche is you need to hit your customer at every level of their experience and interaction with you. This means utilizing Pinterest, SEO, social media and getting as much traffic as possible. You have to get people to find you, pull them in and get them to buy from you. Once you have connected with customers, rather try and get the most out of that relationship, it is always easier to build, than to start from scratch! To do this you need to know what is selling and when, look for you bestseller and double down on your busiest periods.

Moving Customers Onto Other Products

You can always send reminders, messages or thank you’s to your clients. The point is to stay in contact, whether through email or social media. Also think about the section on Amazon where it shows you what other people bought with the product you are purchasing. How can you recreate this sort of feature for your business and up-sell your products? If you can get clear on how you serve your people, this part will be much easier. Remember, do not live in someone else's vision board, get inspired from outside sources but run your own business! You need your own thing that you control because at the end of the day, every business is different. If you are clear on what you want and what your customers need, you will find the path that works best for all of you. The more time you spend living in these spaces, moving your figurative business furniture around, the smoother everything will get!

quoteThis

Once they are your customer, it's much easier to get them to buy from you than it is to find new customers.
quote This via @theproductboss

Feedback, What Brings In People and Staying Creative

Jacqueline and Minna remind us that staying niched and narrow can be your best ally. It can be really hard to merge two different streams into one business, so think carefully before you do this. You want to be able to stay creative and flourishing even when sticking to one avenue, so make time for yourself to keep those juices flowing. Maybe take a Friday off every week to work on yourself and your ideas, so that you are nourishing that part of you that just needs to get out. Keep that muscle strong! You can even take small risks once in while in this way, trying things out and feeling free. It is also much easier to sell something when you know that it is your bestseller, you can tell customers with confidence that this is a product that people love. Do not forget to optimize your website and pages, make it clear what is your most popular item and how they can easily purchase it, use testimonials and reviews to your advantage! Giving your customers more reasons to buy something is always a good thing, you are essentially telling them what they should want to buy and they will be grateful!

Highlights

  • The Meanings of Depth and Width. [0:03:15.4]

  • Doubling Down and Getting More Where it Counts. [0:09:12.7]

  • Moving Customers Onto Other Products. [0:14:12.2]

  • Getting Away from Paralysis and Over Comparing. [0:20:22.6]

  • Feedback, What Brings In People and Testimonials. [0:24:54.4]

  • All the Different Ways to Add on and Up Sell. [0:29:30.8]

#TalkStrategyToMe [0:37:30.6]

  1. Figure Out Your Bestseller.  

  2. Sell the Hell Out of It!

  3. Expand Your Business.


Today’sGuest

337-headshot.jpg

Jacqueline Snyder and Minna Khounlo-Sithep

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Jacqueline Snyder and Minna Khounlo-Sithep are the combined force behind The Product Boss podcast.  They teach business owners how to grow their product-based businesses with smart strategy and a community around them.  In addition to The Product Boss, they each own their own businesses. Jacqueline is the owner of Designer Consulting Co-Op and has over 12 years of coaching fashion apparel brands and is a start-up expert.  She formerly owned her own product business, Cuffs Couture, and grew that to international sales. Minna has over 15 years of entrepreneurial experience, is the owner of Lil’ Labels and an Amazon expert.

KeyTopics

  • Products.

  • Niche Down.

  • Customer.

  • Up-selling.

  • Business Expansion.

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