A product assets is anything that can be sold several times. This could be a packaged service, a platform, technology, tools, service that is easy to copy and multiply. This could also be your product line, innovation or one single product that can be multiplied. Sometimes a product asset is an intangible asset, and sometimes considered tangible. If you hold a stock of goods, you have tangible assets that are visible in your balance sheet.
Your Product Assets
When building your product assets, you should consider creating 4 types of products
- Lead Offer – a product that attracts buyers to your ecosystem.
- Get Foot In Offer – a product that is easy to sell, easy to buy and can be used to get your foot in the door and also to cover your client acquisition costs.
- Signature Offer – the main product you want to sell and become known for. This product should allow minimum of customization and maximum of scalability.
- Brand Culture Offer – products that increase the life time value of your clients, and deepen the relationship between your brand and your customers. These are typically only sold to clients who already have purchased your signature products.