Point Products Vs Solutions
Watch this video for 3 ways to transform your business strategy to increase wallet share.
Companies that have a portfolio of products, often forget their true power of the portfolio. Today people don’t have time or energy to work with multiple companies to serve all their needs. It takes resources to do that and lean in the name of the game. The companies that have seamless integrated products that work–“work” being the keyword–are far more attractive for businesses of every size.
Here is a little vocab lesson to make sure we are all on the same page:
- Point Product – one single product that serves one need
- Solution Selling – bring all the products together to solve the bigger problem under one umbrella
- Wallet/Wallet Share – total amount a business has to spend on a project, think IT spending, think marketing budget, etc
What are your thoughts? What are the challenges to change the mindset for point product to solution selling and marketing?