Today we are talking about timeless vs. temporary products and offers for your business, it’s such a fun and useful update, I could hardly wait to get this post published! I launched The Fast Track Toolkit earlier this month, and what a blast it was.
All year, I’ve been talking to you about inspired creation, effortless delivery, and The Fast Track Toolkit is the first manifestation of that approach.
Get this …
- I was so incredibly inspired to create it
- It is the funnest product I’ve ever produced
- I am so proud of the value it holds
- It was so easy to deliver
- Toolkit users are raving about it—because the program offers such a quick start, I was collecting glowing reviews the same day it was released
In addition to things like the “More List” and other productivity filters I’m employing (as taught in the Toolkit), it’s extremely important to me that business feels like that list above at least 90% of the time.
It’s taken me years to outthink my old way of doing things in business. I’ve finally found a better way, and I am so excited to share a key nugget of that with you today!
Your Business Product
Over the years, I’ve built and succeeded at two different types of businesses. The first was a product-based online store, the Energy Shop. I marketed the shop to sold-out success, and during its run, it was in the top 2% of highest earning storefronts on Etsy. The second is my content-based business and blog, Marketing Creativity (you are here). I offer business strategy in the form of books and online programs.
In my e-commerce store, the product was gemstone bracelets. In my content-based business, the product is packaged content for sale in various formats.
If you had to boil it down, what is your business’ product?
It could be creations sold (you run an e-commerce business). It could be books published (you’re an author), it could be services rendered (you’re a professional [lawyer, consultant, accountant, graphic designer, etc.] who takes on clients), or it could be work published (you’re a designer who commissions or licenses your art or a content producer who publishes courses).
Now, Consider This …
All the products you’ve ever created make up one fantastic product inventory. I’ve made a magical little room in my mind for this product inventory, and I imagine it filled with beautiful displays of all the assets I’ve ever created for my business.
As I look around the envisioned shelves of my business’ inventory, I realize that each product is either …
- Timeless (lifetime value, available through time), or
- Temporary (limited lifespan, available real time)
For example, every annual, dated edition of my book,Your Best Year was temporary—the 2018 version expired within a few months into the year. When I created a perpetual, undated version for the final draft, Your Best Year became timeless.
For my product-based business, I might have had classic pieces that were always in stock at retail value and one-and-done listings (timeless) versus limited edition low-priced specials created to drive sales or order bumps (temporary).
There’s reason to have both timeless and temporary offers in your product inventory, but you’ll want to spend more time and energy on the timeless. Why?
Because your product (and subsequently, your offer) is either …
- Linear (single input for single output), or
- Residual (single input for multiple output and long-term benefits)
In other words, if you are on vacation or taking a hiatus … is your business still earning income in your absence (your product falls in the timeless, residual spectrum)? Or, do you need to be physically present and active in order for the business to earn income (your product falls in the temporary, linear spectrum)?
How might you adapt your next offer to lean toward the timeless and residual category?
Inspired Creation, Effortless Delivery
We’ve been talking about what you’re doing in your business + where it’s headed all year. If you think back to when you started and why you started, there’s probably a thrilling moment—the kind of realization that gives you chills—you knew you were on to something.
Sometimes, especially in product creation and income generation, the churn of doing and producing and production takes over. We lose that initial clarity we had in the beginning, and instead feel an incredible urgency to reinvent the wheel and write new recipes.
But, what if that’s the very thing holding us back from true success?