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Turn features into standalone products to increase revenue

Source: Growth Bites

Michael Ramirez grew LabelGrid to $5k/mo, largely by turning features into their own products.

He says that isolating his features, turning them into standalone SaaS products, and then cross-promoting them, was by far his most effective way of growing revenue.
It "allows us to pull in leads while monetizing a separate service at the same time."

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Growth Talks: 5 Principles of Successful Product Development

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Successful product development is the main objective of every business that is trying to expand and grow.
In order to build products like this, you have to possess a specific mindset that guarantees success. This mindset includes creativity, innovativeness, open-mindedness, persistence, and discipline.

Even the most experienced product developers know that the journey to a new, successful product is not a small sail.

There will be many obstacles and challenges on this road, but with a good plan, you will be able to overcome these issues.

After extensive research on this subject, we were able to determine the five principles of successful product development:

1. Practicality - solve unique problems

2. Having a vision - anticipate technological advancements for sustainable product development

3. Simplicity - create a successful product by prioritizing simplicity

4. Advanced testing - test thoroughly at every stage

5. Scalability - use adaptable technologies to meet evolving consumer demands

Gain a better understanding of each principle by reading the detailed blog post 👇

Three business model tips when you don’t have recurring revenue

Source: Demand Curve

We see it all the time: A startup with a great product but no clear way to bring in recurring revenue.

Everything about your business is going to be tougher if:

• Your product only gets you 1-2 sales over the entire lifetime of a customer,

• It generates relatively low profit, and

• You have a super niche market.

Example: wiener dog ramps.

You can still build a thriving business. But without a way to grow LTV over time, you’ll constantly be on the customer-acquisition treadmill.

Consider these three levers to grow LTV and make your revenue more predictable:

1. Add value through memberships and subscriptions. Peloton is an example: You buy a Peloton bike just once, then pay a subscription to get full value from it by taking classes.

2. Expand your offerings within the current segment. What are some other products your customers would love? Bonus points if those new products have a higher buying frequency than the primary one-time product. Alpha Paw, the company that makes the dog ramps, expanded to sell dog beds, food, and toys.

3. Take your product to new audiences. There might be new-segment opportunities right in front of you. While market expansion won’t increase your LTV, it could be a relatively easy win, since you won't have to build a new product. (You will have to do some rebranding/repositioning, but that’s easier than developing and validating an entirely new product.)

Thank you for reading! ✌️

We look forward to sharing more with you next week. Stay tuned!

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