Does Your Product/Service Have Staying Power? - Question #7

Welcome to the seventh video in the series. In the first three videos we asked a few questions that helped us understand the strength of your team and in the the video we just finished we talked about how much capacity you have and how efficient you are at executing.

But after you have an understanding of how strong your team is and whether or not your running as efficiently as you can what's the next thing you need to understand about your business?

It's time to take a look at your actual product or service.

When we look at your product or service we’re looking to see
how it’s doing, and if there's room for improvement. I start with three questions, the first of which is How long have you been providing each of your products or services?

By asking this first question, I’m gaging the staying power of the product in the market and your experience with making and selling it. Experience can be a factor in success and I want to know how long you've been providing your product or service.

This is a bit of a simple question and we have to start somewhere.
By getting a sense for the staying power of your product in the market, I'm getting a sense for the strength of your brand. This might lead me to other questions like: Why do customers keep coming back? What's driving that?

Sometimes, what comes out in this line of questioning is a discussion about product or service lines that are dying. As an example, if you own a brake shop and you've been in business for three years and all you do is three brake jobs a day, something is broken. I don't know exactly what yet, but something ain't right and we've got to figure out what it is..

Don't forget, this is all tied to elements like employee turnover,
the efficiency of your processes, and the strength of your brand.
Here's something to think about.

If you've been selling a product for five years but you have high employee turnover then there's a good chance that you don't have any company historians who remember all the things you've tried so far and why they did or didn't work.
It's another little piece of the picture.

If you're interested in getting more free tips for running your business along with some free resources check out my site: https://www.askphilipwilliams.com