Chapter 01 / Summary
1. Identify a scalable product or service to build your business around
Scalable things meet three criteria: (1) They are "teachable" to employees (like the Stapleton Agency''s Five-Step Logo Design Process) or can be delivered through technology; (2) they are "valuable" to your customers, which allows you to avoid commoditization; (3) they are "repeatable," meaning customers need to return again and again to buy (e.g., think razor blades, not razors).
Evaluate your offerings.Begin by brainstorming all the products and services your business currently provides. Plot them on a chart with "Teachable" on one axis and "Valuable" on the other. Eliminate any one-time purchase items.
Identify the ideal offering.Look for a product or service that strikes the right balance between being teachable to employees and valuable to customers. It should also be something customers need to purchase repeatedly. This might involve combining multiple existing offerings or creating a new one entirely.
Differentiate your offering.Once you''ve identified your scalable product or service, give it a unique name and document the process for delivering it. This helps you own the offering and set its terms, moving away from commoditization. Revamp your customer communications to consistently describe this new, differentiated process.
AI-generated summaries are a companion to the original book and may miss nuance. Spoilers may be included. Not affiliated with or endorsed by the author or publisher.
