TT#028 - (1 of 2) A guide to productizing your services...Sep 13, 2022
One of the biggest breakthroughs for me as a consultant and coach happened in the fourth quarter of 2020.
That’s when I discovered the concept of “productizing” my services.
That discovery led to the creation of my 360º Sales Audit, a product I’ve used to help diagnose sales and revenue opportunities for some of the most prestigious coaching programs in the world.
The 360º Sales Audit was responsible for driving $350k+ in sales last year. And it helped elevate my brand, standardize pricing, and streamline my sales & marketing process.
Since then, I’ve productized other services, including my Repeatable Revenue coaching program that teaches other consultants and coaches how to productize their knowledge.
That’s not only driven nearly $200k in sales in the past 4 months, it’s helped 20+ entrepreneurial professionals build their business.
So, this week is the first of 2 installments on productized services.
Installment 1 - this week: I’m going to dive into what I mean when I say “productized services,” and explain why you may want to productize your expertise.
Installment 2 - next week: I’m going to share the 3 elements of your service to productize first, and share how you can get started.
What does it mean to “productize” a service?
Productizing a service means creating a standardized way of packaging, selling, and delivering your services for clients.
For example, with my 360º Sales Audit, I use a consistent:
- Framework to define what I’ll investigate (and why) based on 20 years of B2B sales experience.
- Process to identify what’s working in my client’s business, what isn’t, and what they need to do to fix it.
- Deliverable that includes a detailed report and 90 minute presentation sharing what I uncovered and recommend.
- Pricing structure to make it clear what clients will pay, what I’ll make, and eliminate time wasting proposals and soul sucking negotiations.
Does that mean everyone gets the same “copy and paste” output as a product?
I use my expertise to dive into the workings of each unique business and present a customized path forward based on their goals.
A productized service just creates a consistent structure for doing that.
Why would I productize my services?
The benefits of productizing your services are numerous, for you and your clients. Let's start with you.
A few reasons you want a productized service...
- The first and most important reason you want a productized service is that you can sell something scalable and kill hourly billing.
It takes years, even decades, to build the knowledge it takes to deliver great work for clients. That's what clients are paying for.
A productized service allows you to systematize parts of the work you do, gives you more control over your schedule, and helps clients focus on value, not a time clock.
- A second benefit of a productized service is that they're easier to market.
It's tough to market everything you "can do" to everyone you "can help." But that's what most consultants, coaches, and fractional contractors are doing.
Building a product allows you to focus your message on a specific market. And that allows you to create marketing that works for you while you work for clients.
- Third, a productized service dramatically improves your sales process.
You can create a consistent talk track to qualify people, diagnose problems, offer your prescription, and get them to take action.
Plus, you can standardize everything you need to support your sales, like proposals, one-pagers, and emails.
Just some of the benefits you’ll see with a productized service.
A few reasons your clients want a productized services...
- First and foremost, clients really want the value you deliver, not your time.
Time is just the best way most people use to create accountability for the value you offered. Buying a productized service makes it easier to understand what they're buying and how to measure what they got in return.
Think about it this way: Do you really care how long it took Apple to make your iPhone?
- Along the same lines, a productized service also creates better alignment between you and clients because you're both focused on results.
Think about it this way: How would it change the relationship between you and your lawn service if they charged you by the hour? Do you really want to question whether that water break was necessary?
- Third, buying a productized service ends up being less expensive and faster results for clients.
Clients are only paying for what they need because they’re well defined parameters of the service.
And, since you get better and faster every time you deliver your productized service, clients benefit from your experience.
Clients win. You win.
Recap and next steps…
A (well designed) productized service leads to better results in less time, and is constantly getting better.
That means you can charge more for less time. And clients get more value, faster.
If you want to productize your services, there are 3 key areas to start:
Next week I'll dive into each area and share how you can start productizing each.
I’m on a mission to help 10,000 entrepreneurs build a business that helps them unlock the lifestyle they truly want.
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