If you are a service company, sometimes selling just your service isn’t enough. Not to mention it can be very costly and time consuming. For example: as a service company, you are having to meet with clients regularly either via phone call or in person or creating business and marketing plans for each client. You might feel stuck or overwhelmed by taking on extra work or new clients because your time is a limited resource. Instead of wasting time, try creating products and packages that you can sell over and over again.
What Does Productizing a Service Mean? Productizing services simply means packaging your services and selling them like actual products with a set price. It allows you to earn more by working less. Productizing also allows you to create levels of service because your products or services are never intended to be a one size fits all for each customer. There are two main reasons why you should productize your service:
- Time: Your time is valuable and you don’t get much of it in a day. You could be working around the clock non-stop, but there is still a limit to the amount of time you can work. Productizing your service can help with this. It can take some weight off of your shoulders and do some of the work for you, so you can spend your time doing other things.
- Rates: When you are delivering a service, sometimes you have to charge more for being hands on. With productizing, you can charge less for a service. This doesn’t mean you will be making less money, it just means the high fees that you could have been charging in the past will be gone. It will also help with cost competition.
At Larek Point Consulting, we have used productizing to the fullest and turned our services into products. Instead of traveling and teaching our services, we have created digital and tangible products that you can buy and learn at home such as, training courses, ebooks and Mastermind classes. Each of these products can help your business grow and achieve all of your goals.
Tips On How to Productize Your Service
- Figure out what your customers need: Get to know your customers fully and figure out what their needs and wants are. This will help create a productized service that they will actually want to purchase.
- Offer better services, not more of them: Sometimes less is more. Spending more time constructing amazing services is the better alternative to creating more services. This could be more attractive to your customers instead of bombarding them with too many service packages.
Ammie’s Assignment: If you want to work less and earn more, try productizing YOUR services! Need some help getting started? Contact Larek Point Consulting today and take your business to new heights.