This podcast episode explores the dilemma of whether to focus on improving existing services or shift towards creating products in a service business. It discusses the challenges of scaling a service business, the differences between group coaching and one-on-one coaching, and the significance of aligning business strategy with personal goals. The advantages of transitioning to a product business are highlighted, along with strategies for creating a suite of products with a membership option. The concept of skill sessions, the challenges of conversion rates, and the importance of understanding audience awareness are also discussed. Practical steps to increase conversions and nurture post-purchase relationships are provided, as well as experiments to improve funnels. The episode concludes with strategies to increase conversions through urgency and offering smaller, more affordable options.
