Jerry Fletcher

2 years ago · 2 min. reading time · visibility 0 ·

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Consultant Marketing Productizing

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Hidden profits.

Jim and I were talking over lunch about turning an approach he had evolved over the years into a “named product/service.” He was into what to name it. I reined that conversation in by pushing for a better definition of who it was for and what it delivered. More importantly I was intent on getting him to describe it in customer terms.

As he put it, “There is, in every company, an opportunity to increase profits by changing some basics of how you manage. This is a way to put human nature to work to get a higher level of employee engagement and drive higher profits even in a down economy.

The guys and gals that run businesses just don’t see it because of all the nonsense written about employee engagement that doesn’t connect to generating revenue.” I’ve put this in place multiple times but now I’ve figured out the process to apply it in any company from a small consulting practice to a multi-state retailer.”

So, I said, ”There are profits hidden in plain sight.”

That conversation went on for over and hour. Somewhere in the midst of it I jotted a note to look up a video I had done a while back (in 2012) called Productizing. I found it, added the close I’m using these days. You can see it here: https://vimeo.com/354083757

I’m going to do an updated version with new examples but the ideas contained in the 48 minutes of this video will make you think. Updates on some of the examples mentioned:

  • Wing Ventures was successful until they lost two aircraft in a week, one due to engine problems and the other when a student on his first solo, startled by an unexpected second aircraft landing in the grass beside him, put the prop in the runway.
  • Marketing Without Money is still in final development as a complete product. Parts of it have been released. The most successful to date is 30-Second Marketing TM.
  • TaxPaq never made it to market due to illness of developer.

If you’ve viewed the video, welcome back. If not. Here are some of the key points:

There is a process to product development.

All you need to consider is shown in this visual which starts with all the development costs including marketing and market testing and looks at the return on the investment realistically after introduction.

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Notice the inflection point. That is when you need to evaluate your current product/service and begin developing changes, additions or something entirely new.

Form is part of the equation

These days, your productized resource can be distributed as a digital or physical item. (There are still people that request CDs when purchasing digital products and I don’t mean just music and movies.)

Amazon can give you an idea of what is selling.

One of the tricks I’ve learned is to use key words that refer to a producitizing idea to look up what is selling on Amazon. It is extremely helpful in sorting out items of intellectual property as books video and audios that match your search are being sponsored or not. If they are being sponsored someone is making money from them.

Reviewing the information contained in the products can help you with your own product development…both what to include and what to leave out.

And so it goes.

_____________________________________________________________________

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Jerry Fletcher is a sought-after International Speaker, a beBee ambassador, founder and Grand Poobah of www.BrandBrainTrust.com

His consulting practice, founded in 1990, is known for on and off-line Trust-based Consultant Marketing and Brand development advice that builds businesses, careers and lives of joy.

Consulting: www.JerryFletcher.com
Speaking:
www.NetworkingNinja.com 

DIY Training: www.ingomu.com


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Comments

Ken Boddie

2 years ago #10

#9
I guess having a permanent rush of blood to the head must be the reason, Jerry. 🤣😂🤣

Jerry Fletcher

2 years ago #9

#8
Ken, Great observation and in rhyme, too. that takes a rare talent. Does going down under grant hat capability?

Ken Boddie

2 years ago #8

Your product development curve, Jerry, looks very similar to the new and innovative services time cost curve, with the inflection point representing when cheapskate copycat providers jump on the bandwagon and prices spiral downwards. And so ... If you want to make a buck, And don’t want to come unstuck, Keep your service fresh and true, If you know what’s good for you, Templates might appear to save, And give profits that you crave, But when copies leave your nest, And competitors invest, Then your profits soon will tumble, While your clients begin to grumble, But there’s one real easy fix, Just ensure you’re in the mix, What your clients want is you, Your uniqueness tried and true, Keep good service to the fore, And they’ll sure return for more.

Jerry Fletcher

2 years ago #7

#5
Dr. Ali, I think I'll just keep "And so it goes" as a recognizable and apparently memorable close. It is already in use across multiple platforms.

Jerry Fletcher

2 years ago #6

Franci, thanks for the share. I do appreciate it.
#4
Jerry- thank you for the explanation. Maybe when you start writing for another platform you describe yourself as "And so it goes".

Jerry Fletcher

2 years ago #4

#2
Dr Ali, I chose the title "A Different Slant" for my posts on beBee that are about marketing, where my expertise lies, because I have views that differ from the "norm." It is a kinder, gentler way to suggest that what is contained may be controversial, provocative or intentionally stimulating. And so it goes.

Jerry Fletcher

2 years ago #3

#1
Dr. Ali, I've found over the years that often I can "give away" information that experience has taught me and not have it impact negatively on the number of clients that come to me. In my practice I'm forever explaining why things work and providing statistical backup. All that is always in plain sight but you must remember that beauty is in the eye of the beholder. Jim, in this case is one of the top management consultants in the Pacific Northwest. He has been a client for many years. He initially was skeptical of 30 Second Marketing TM but called one day to say, "I tried it. It works." And so it goes.
Jerry- I wanted to ask you before about the specific definition of slant and what you have in mind. Is it sloping direction, or opinion? Just out of curiosity.
Jerry- this is a post that is of pertinence to all of us. Even authors who care to sell their product to many readers and increase the number of their views. You said "So, I said, ”There are profits hidden in plain sight.”" I may say "there is a hidden gem of wisdom' in plain sight" in your articles. By the way- is Jim you refer to Jim Murray?, Greetings to both of you.

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