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3 Offer Types to Know Before Launching in 2023
Note to Shannon: There is a lot of terminology overlap with the traditional marketing BCG Matrix, though we had previously discussed these definitions that are tailored to our space… let me know if you want me to reference out to BGC articles [as authority builders for this blog] or If you feel it would cause confusion because our definitions vary from the original BCG Matrix.
Focused on Keeping Each Paragraph to 2ish sentences for readability on mobile.
If you’re reading this, you’re probably planning a launch in the new year.
If you’re really on top of things, you’ve already got many of the nitty gritty details already identified within the offers you’re launching or relaunching- like what specific content you’re adding to your curriculum; whether its a DIY, DWY, or DFY; and how many people you’ll let through the doors.
But there’s actually a concept that you NEED to know before getting into your next launch- we’re talking about your offer labeling. This is the concept of identifying which of the offers in your suite can be considered a Cash Cow, a Signature Star, or a Bread and Butter offer.
Cash Cow
Defined: These exciting/sexier offers categorically see a high return and should be “milked” at every launch opportunity without you needing to over-invest in it.
Consider exciting live re-launches after minimal tweaks or keeping it vaulted for a time- cash cows are all about not having to recreate the wheel but every time you bring it to the public it lives up to their cash-infusing nature.
As Seen In: Splashy live launches, sales events after the offer has been “locked” away for a period of time, and typiclally the sexiest of sales experiences because this is the offer the people are drooling over.
Signature Star
Defined: Every business owner has at least one offer or service that they want to be known for- when you imagine people talking about what you do, what offer do you want them to bring up?
It may be less splashy in nature, but this offer is undeniably foundational to your offer suite and what you want to be ‘known’ for.
As Seen In: The mid or higher points in your offer suite that you want all clients to ascend to, or the top-contenders-only and limited access selling.
Bread and Butter
Defined: Think of the happy place on a matrix where the potential buyers pool is large and demand is high, here’s where we’ll find your bread and butter offer. This is a piece of your offer suite that is likely able to be sold again and again with little but a big impact [think early access point in your suite that caters to a wide variety of customers and can be automated].
As Seen In: Your low ticket offer or automated funnels, the programs that are perfect for a wide variety of buyers and are an eyes “yes” that result in hyper consistent revenue that allows you to focus more growing on other programs.
Why We Want to Label Our Offers
This internal labeling system allows us to take a holistic approach to our yearly launch planning. This labeling system fits nicely within the A and B launch plan system that many of you already employ to outline when each launch will take place during your year.
Use these labels to help in your decision-making process as far as:
• When you sell a particular product
• How you market it to your audience
For Example…
You, a Coach for Service Providers, may have a Signature Star offer that speaks to the main mission of your biz- overhauling systems 1:1 for service pro’s who need to optimize behind the scenes in order to scale. Compare this to your Bread and Butter offer which is self-study, low ticket, and helps service providers map out their Instagram content.
While both have been profitable in the past, knowing that one is a Signature Star and one is a Bread and Butter means you can feel confident in consistently selling your IG Content program as many times over as you like, while the Signature Star offer comes out when it’s most timely and aligned within the year – especially if this requires extra facilitation on your end.
How to Label Your Own Offers
Ready to define which offer is a Cash Cow, a Signature Star, and a Bread and Butter?
Follow along with the model below, taking a thoughtful approach to what’s performed for you in the past [or if your launching a totally fresh offer, consider doing this after the market research].
What often happens in the labeling of our offers, is a sense of ‘knowing’ about what belongs in which category, almost like a parent ‘knowing’ that one child is most likely to do X versus their sibling. But don’t get so blinded by proximity to the situation that you pass up the chance to pull data and lean into market research.
You may feel in your gut that one offer is definitely your Bread and Butter- but the numbers may say otherwise- sometimes it’s that not-so-sexy offer we still have publicly available that can be surprisingly enticing and make for a great Bread and Butter offer.
Pull in your qualitative AND quantitative data here to ensure you’re labeling each offer in your suite correctly. From here, begin overlaying these labels on the coming year, working with confidence because you KNOW what offer’s launch belongs where.
So know you know how you’ll label the offers in your suite before launching in 2023, but this is just the beginning of what I have planned for you over the coming weeks! As we move closer to Q1, I want you to walk away from each week with even more tangible tactics to put in your toolkit as you prepare for a successful first launch of 2023.
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