Are you offering similar types of services time in and time out?
Well, then you can productize it!
Unlike popular opinion, all services can be productized, even creative ones. If your scope of work for a specific service takes a ‘finite’ amount of time, then it means you can easily create a box around it and sell it as a product! As simple as that.
You can overcome some of the drawbacks that come with offering a service like:
● No more haggling over the rates and negotiations that go around for weeks.
● No more tasks that go beyond the scope of work you initially agreed.
● Creating a business that isn’t totally dependent on you.
● Earn more with the same kind of repetitive work.
● Get upfront payment instead of running behind clients with invoice reminders.
Finding it enticing to productize your service? Let’s begin!
How to Productize a Service in 4 Steps
Now that you’re onboard to productize your service, let’s see how you can go about it.
Step 1: Identify the Scope of Your Product
As a freelancer or an employee, you may be wearing too many hats in your professional life.
You cannot productize every one of them in the beginning.
Identify that one service that you can convert into a product. This should be a service that a client would need on a regular basis and will pay for it.
After identifying a central product, create a bunch of additional products around it.
Over time, you can expand your product to include a few other related products offered either individually or as a package.
But you don’t necessarily need to start with all of these products. You can concentrate on one, build its base before launching the others.
Step 2: Create a Product Roadmap
After productizing your service, you now need a roadmap.
● How you can convince first-time clients to trust and buy your product.
● How you can show your worth among the other products that’s been in the market for a long time.
● How you can establish passive income with your mix of products.
● How to reach your multiple prospects from your target market at the same time.
With these points in mind, create a strong roadmap that the time you launch your first product to include the other additional products.
Step 3: Detail the Scope and Delivery of the Product
After creating a roadmap, the next step is to define the scope of your product, its design, packaging and delivery. Your product should be convincing enough for the users to buy from. Create a high-quality mark that you will never compromise with your offerings and reflect such main aspects on the product packaging. If it is a service, creating high quality standard operating procedures or SLA between your team and client deliverables is a good idea.
Step 4: Decide on the Big Launch (And Bagging Customers)
Before the launch of your product, build the hype around it and get your existing clients on board, if any.
You can even introduce ‘product launch offers’ and promise better deliverables that attend to the pain points in the market to rope in new clients. Don’t forget to have a sound strategy in place to convert the first timers into repeat clients.
Get that word of mouth marketing to do the trick and help you bag more clients!
More importantly, don’t just rely only on the word of mouth marketing. Set a small budget aside, if possible, for marketing online and increasing your client base. Leverage great client testimonials to work in your favour and get the word going about your product.
Productizing a service is a great way to increase your income by doing the exact same thing as now. You will have a good grip over what you offer and can set a fixed price. Use the simple four-step process to productize your service and save so much of your valuable time.