How to bundle and unbundle your feature list into a product portfolio.
In my previous posts I showed you how to build a feature list and how to turn the feature list into more segmented products.
However, there is much more fun to do for the product developers. A feature list is like a box of Lego-bricks. You can build a house, tear it apart and make several smaller houses and maybe use part of the roof to make a dog.
It’s the same with your feature list. It is a list of bricks that you can combine into different products. So let’s start building by using one of your projects as an example: Arranging internships for foreign students in Scandinavia.
If you want to help students with internships, there is a lot you can do for them
- Arrange transport (book flight, find connection from airport, pick up at train station etc.)
- Arrange accommodation
- Provide practical information
- Give information about culture
- Give language courses
- Promote CV’s on an online platform
- Provide an online platform with available internships
- Etc. (there is probably much more you can do to help)
If you have no idea about how to build a product, you can sell your services at an hourly rate, but people often want to know what they get and what they must pay, so let’s turn the feature list into products.
The simple product of course to say: All inclusive. Pay a fixed amount and get all the services above. But you could also tear the list apart and offer each service as a specific product at a certain price:
- Arrange transport: X €
- Arrange accommodation: Y €
- 30 lectures language course: Z €
Your language course could even be turned into different products:
- Level I: 200 €
- Level II: 200 €
- Level III: 300 €
And if we stick to the language courses, you may want to offer additional products or services:
- Books: 80 €
- Extra individual training: 30€ per hour
You see, we already have quite a list of product now – and we haven’t even talked about what our information should cost.
Maybe our general information should be kind of an intro-product that customers get for free or at a very low price, so they can become customers without risk.
Or maybe we should offer a free or fx 9€ basic 3 hour course as an intro-product with the most important words and phrases.
OK, so now we have a lot of products, but at some points our customers will get confused, so maybe you want to bundle them into a few alternative packages. Like…
- The language and integration package – with services related to being ready for living in a new country.
- The transport and accommodation package – with services related to transport and accommodation
- The find internship package – with services related to finding the right internship.
Each package could offer a discount compared to buying each service individually.
Finally there could be the big All Inclusive VIP-package for those who can afford it.
You see? A feature list can be turned into as many different product as a box of Lego-bricks. Your challenge is to start combining and testing on customers, what solves their problem best and how they want to buy.
Below you find a slideshow about the different types of products in a full product portfolio. The purpose is to have solutions for different types of customers in different phases.