I don’t know about you, but I’m constantly bombarded with ideas on making this, and creating that. Thinking that the product will help diversify my revenue and make my business more stable.
I’m not wrong. And I don’t say that because I’m arrogant. I say that be it is a fact.
Not everyone wants to create a product, I don’t. I’m not looking to build a software product. I’m not looking to create some physical thing to sell.
What I enjoy is creating a solution, building services, publishing content that help others solve a problem.
To me, what I want is a productized service.
Creating a productized service is creating a menu for potential clients to order off of.
It doesn’t even have to be something that’s complex and automated. But it needs to be profitable for you.
What does everyone hire you for?
Simply start with what people hire you for in the first place. If you are a designer, what is the one thing that you do for each and every single client. Same goes for developers.
Do you perform audits? Do you do brand identities? Do you setup coding environments?
What do repeat customers hire you for?
This is what I call “chronic pain points”. Are your clients seasonal and always come back to you for something at the same time each year? Do you have to design social media assets for new content? Are you building iterations of software for new features?
After you work through these things, look at the lists. Pick out ones that have a similar theme.
You want these things to be small enough to achieve quick wins for your clients.
They also need be delivered quickly and profitably.
Since they are small and you may be doing a number of them, make sure that you can enjoy doing them as well.
How have you helped brand new clients get over nervousness and apprehension?
This is key, because ultimately the goal of a productized service is to make it simple and easy to work with you. By reducing the number of choices a lead has and creating an easy option, you make the decision for them.
Building a website or designing a brand that has an investment of $20,000 and 3 months of time is scary for some businesses who have never been down that road before.
However, delivering brand style guide that may take you a few weeks and $5,000 to do is easier to digest.
Then once they see that deliverable and how the relationship was successful with this engagement, the client is now more comfortable with you to move forward with the much larger project.
Yes, productizing a service is not easy. But if you think of it like creating a menu for your business so that leads can order from, it’ll create that diversity you are looking for.
A little bonus tip…you don’t even need to tell anyone that you do this either. Especially when starting out. Use it as a tool in your sales conversations. If budget or time is an issue for the lead, then offer your productize service to them.
If they seem like someone you may not want to work with but like what their business is about, offer them your productize service.
Use it as a tool to try them out, just as they would use it to try you out too.
Here are some further resources that you'll want to check out that directly relate to the show.
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