altReboot
  • Startup
  • Growth Hacking
  • Marketing
  • Automation
  • Blockchain Tech
  • Artificial Intelligence
  • Contact
    • Write For Us
No Result
View All Result
  • Startup
  • Growth Hacking
  • Marketing
  • Automation
  • Blockchain Tech
  • Artificial Intelligence
  • Contact
    • Write For Us
No Result
View All Result
altReboot
No Result
View All Result
Home Startup

3 Insider Tips for Creating a 'Productized' Business (Even if You Offer Services)

Lucas Miller by Lucas Miller
June 3, 2020
in Startup
3 Insider Tips for Creating a 'Productized' Business (Even if You Offer Services)
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

This post originally appeared on Entrepreneur.com - #StartingABusiness

June 3, 2020 5 min read

Opinions expressed by Entrepreneur contributors are their own.

Related articles

The Buddha and the Business

WJR Business Beat with Jeff Sloan: Motown Musician Accelerator Program (Episode 182)

February 26, 2021
How to Make an App When You Can't Code (a Step-by-Step Guide)

A Successful Cybersecurity Company Isn't About Fancy Technology

February 25, 2021

Whether you’re working as a copywriter or a graphic designer, most freelancers and solopreneurs offer on a service-based model. It can be the perfect way to get started; with little more than a laptop and an internet connection, you can connect to clients around the world and start earning money.

The problem, however, is that while it may be easy to start a service-based career, this path isn’t always ideally suited for scaling later on. The good news is that by adapting the way you sell your services, you can “productize” your business and see a big increase in revenue. Here’s how.

1. Determine the right product match for your business

Naturally, your first step is finding a way to package your services so they can be sold as if they were a physical product. The right solution is going to vary from industry to industry.

Service as a software (SaaS) is a great example of how services can be sold as a package. Businesses are generally presented with a set of package options to choose from, each with different pricing tiers based on the level of included features that the software will handle for them.

These systems have proven so popular that Gartner projects worldwide cloud-service revenue to reach $331.2 billion by 2022 — nearly double 2018’s $182.4 billion.

Of course, not everyone has services that can be sold as part of a software package. Personal trainers and other consultants could productize their services through webinars, allowing them to reach more clients in less time. Marketers often combine multiple services into a single package to sell to clients.

As always, understanding the needs of your customers is key. When you know what they are looking for, you can better identify productized services that will solve their most pressing problems.

Related: Why Startups Must Tirelessly Communicate Their Value Proposition

2. Create a systemized package to sell your services

A key part of successfully productizing your business lies in your ability to systemize the delivery of your service. Details like pricing, included services and delivery timeline should be standardized so that you don’t have to spend time on proposals and pitches.

A recent email conversation with Pia Silva, partner and brand strategist at Worstofall Design, provided a great example of this. Silva explained, “We productized our branding services into one- to three-day ‘Brandups’ where we build the entire brand, website, copy and more all in one go. Before this, though, clients must go through our lead product — a ‘Brandshrink’ engagement where we determine their branding and business strategy.”

Continued Silva, “These streamlined products have helped us go from fighting to close $30,000 projects that would take six months to complete to quickly acquiring clients that generate $25,000 to $50,000 for a three-day project.”

Straightforward pricing options that list the features or services included with each pre-made package mean you don’t have to pitch custom proposals. Clear communication about what is (or isn’t) included in a particular package sets clear expectations upfront. Customers will quickly know whether or not you are a good fit for their needs. This also helps your team by giving them a clear understanding of the tasks that they’ll need to accomplish for each project.

When you’re selling the same “product” each time, you sell clients on your brand and the solutions it offers — not you, the entrepreneur or founder. This helps strengthen your brand as a whole, which means you don’t necessarily have to be directly involved with every project.

You can let your team handle more of the heavy-lifting, if necessary.

3. Understand the scope of your work

Productizing your services means that your offerings will naturally need to become more limited in scope. An “off the shelf,” prepackaged service is not going to be as customizable as if you continued to offer your old service-based model.

As part of this, you need to fully understand how much time is required to deliver your productized service. This will help you set rates and better define your service packages for your clients. Even for creative tasks, setting a standardized timeline is essential.

As Neville Chamberlain writes in a blog post for Gist, “I usually challenge creatives with the following: How much time can you spend on the creative process for each of your clients? We already know the answer is not ‘unlimited.’ So it is finite. And if it is finite you can put a time box around it. In fact, to run a profitable business, you have to put a time box around it. And if you can put a time box around it, you have just one more ingredient in your product.”

A key goal of creating a productized service is to give yourself more control over how you spend your time. A standardized system that is easily replicated will help your team run more efficiently, giving you more time to work with more clients.

Related: 4 Reasons Why Your Side Hustle Won’t Magically Morph Into a Scaled Business

Productizing your business will likely require that you look at your services from a new perspective. You might need to adjust your business model to make things work. But as these tips reveal, this upgraded approach can be the path to more consistent revenue growth, allowing you to scale like never before.

ShareTweet

Related Posts

The Buddha and the Business

WJR Business Beat with Jeff Sloan: Motown Musician Accelerator Program (Episode 182)

by StartupNation
February 26, 2021
0

On this morning’s WJR Business Beat, Jeff shares details of the Motown Musician Accelerator Program, an education and grant initiative...

How to Make an App When You Can't Code (a Step-by-Step Guide)

A Successful Cybersecurity Company Isn't About Fancy Technology

by Chris Porteous
February 25, 2021
0

When starting to offer security, many companies immerse themselves in the technology. This is a common mistake.

How to Make an App When You Can't Code (a Step-by-Step Guide)

Should You Use Your Own Name or Create a Brand Name for Your Business?

by Rob Meyerson
February 25, 2021
0

Consider these five reasons to avoid using your personal name and create a new brand name instead.

The Buddha and the Business

The Perfect Side Hustle: Amplify Your Strengths and Sharpen Your Skills

by Jonathan Littman and Susanna Camp
February 25, 2021
0

The perfect side hustle fuses passion, expertise and a prototyping mindset. Hustling comes naturally to entrepreneurs, and during the pandemic,...

How to Make an App When You Can't Code (a Step-by-Step Guide)

]The Promise Cycle Is Your Way Out of Uncertainty

by Wayra Hispanoamerica
February 25, 2021
0

Being an entrepreneur implies adapting to changes and having a flexible vision.

Load More
  • Trending
  • Comments
  • Latest
7 Advanced SEO Strategies I’m Trying to Implement Before 2020

7 Advanced SEO Strategies I’m Trying to Implement Before 2020

September 10, 2019
What Do Successful Sales Look Like for the Rest of 2020?

13 Expert Tips to Increase Online Conversions in 2020

September 26, 2020
Creating SEO-friendly how-to content

Creating SEO-friendly how-to content

October 24, 2019

How to Start and Fund a Coffee Shop

September 30, 2019
A Beginner’s Guide to Facebook Insights

A Beginner’s Guide to Facebook Insights

0

Which Social Media Sites Really Matter and Why

0
The 12 Ironclad Rules for Issuing Press Releases

The 12 Ironclad Rules for Issuing Press Releases

0
How to Get Started Building Links for SEO

How to Get Started Building Links for SEO

0
The Ultimate Guide to Customer Service Can Help Your Business Grow and Retain Customers

The Ultimate Guide to Customer Service Can Help Your Business Grow and Retain Customers

February 27, 2021
10 Successful Google Advertising Ideas

10 Successful Google Advertising Ideas

February 26, 2021
5 Things Market Researchers Can Learn From Marketers

5 Things Market Researchers Can Learn From Marketers

February 26, 2021

How To Build a WordPress Website

February 26, 2021
altReboot




altREBOOT is committed to sharing the game changing advancements that are revolutionizing how you do business. From startup to goliath, innovations in technology are changing the face of the business landscape. We are committed to exploring these and how to apply them to your business at any stage of development.





Categories

  • Artificial Intelligence
  • Blockchain Tech
  • Growth Hacking
  • Marketing
  • Startup
  • Uncategorized

Tags

blockchain branding guest post marketing mobile apps
  • Home
  • Topics
  • Write For Us
  • Privacy Policy
  • Contact

Powered By Treehouse 51

No Result
View All Result
  • Startup
  • Growth Hacking
  • Marketing
  • Automation
  • Blockchain Tech
  • Artificial Intelligence
  • Contact
    • Write For Us