Portfolio Product Management – Episode #67

by Richard Wilson on July 27, 2011

In this episode recorded in Madrid, Spain, Richard Wilson talks about the concept of Portfolio Product Management.  This is an important concept to understand if you want to run a multi-product or service company without being stretched too thin or dangerously focused one on type of business or client.  (Download this Video in MP4 Format)

Video Transcript/Summary: Product portfolio management is something that is important to understand BEFORE you move from running a one product or service company to something larger. You are the one doing the hard work so while your products must serve your market the life style, legal risks, and profits that you get from your business must serve you or you won’t be serving your clients for long.  I personally tend to have 60% of my revenue coming from just 2-4 products and the rest coming from lots of small sources, workshops, and experiment projects. 

I use to have 100% of my income come from one source and the goal has always been to diversify those sources in synergistic ways that diversify my risk.  For example, I don’t my build my whole business around advertising on my blogs or sponsorship of my workshops because I don’t want to have to clean up my resume because one marketplace changes…the goal is to be making money in 5-7 marketplaces with a variety of robust products and services. 

I hope this helps you look at your company’s products and services differently. There is a tendency within many books on small business management and growth to focus exclusively on marketing and meeting your consumers needs but that is not the only thing which is important to consider and you can still meet their needs while meeting your own as well.

Thanks for joining us, and I will see you again soon,

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