How to Productize Your Services

October 8, 2020

We all have our own unique experiences and insights that make up who we are. The great thing is that no two peoples experiences and insights will ever be the same. At the same time though, we can all relate to one another by sharing what we learn through our unique experiences.

For creators, builders and entrepreneurs, this begs the question of how can you turn your own knowledge and insights into productized services that can be used as the foundations for building a business.

You have all of this unique knowledge and insight already stored up from your experience of the world, you just need a way to package and frame that into something that is coherent and distributable to the world.

So what are the characteristics of productized services?

  • They are scalable
  • The are marketable
  • You build them once, but can sell them ad infinitum
  • They have a fixed scope
  • They generate social proof

Productized services allow you to set up your businesses to efficiently scale over time. If you are in the world of service providing, productizing these services allows you to “Build once, sell twice” and scale your offering to a larger audience by selling online. If you are not already in the business of selling services, translating your already existing expertise and experience in a certain domain will allow you to set the foundations of a scalable business from the very start.

With a productized services approach, you can earn more, work less and spend more time working on your business rather than in your business.

How to productize your services

Let’s look at three ways you can begin to productize your services or knowledge into scalable offerings for your business.

  1. The foot in the door model

This model allows you to begin offering productized services of varying scales for your business. You can attract initial customers with an entry level productized service and create a suite of productized services that are natural progressions from the original lead offering.

  1. One-Off Purchases

Turn some of your services such as strategies, processes and reports into one-time purchases. These products are ones that people only need periodically throughout the year, not every month. Productize your offer into a repeatable process and make it accessible for customers across multiple channels.

  1. Monthly Subscriptions

This method is similar to the monthly retainer or SaaS business model. You can productize a monthly, quarterly or annual subscription for customers to access one of your productized services. This model works well when your ideal customer is someone who needs to take continuous action over time in order to see results.

Your monthly subscription could come in the form of giving customers access to a series of events, it could be exclusive access to a private community. It can also open you up to a whole new segment of potential customers. For example, if you charge enterprise clients for large monthly retainers, you could create a community for other people who want to learn about your process and how you create offerings for enterprise clients. You can then charge a monthly fee for access to that private community and you can share all of the knowledge and insights you already have about your process.

Subscriptions are also great for regulating cash flow and increasing monthly recurring revenue for your business.

Optimize, productize, scale

As we have mentioned, the largest benefit of productized services is scalability. This is especially true online and it allows you to automate sales very efficiently. It gives you the ability to spend more time on business growth rather than selling your time on an hourly basis.

Optimize your existing services and figure out how they can be translated into offerings that don’t require you to be present one-on-one. Productize them into one of the formats we mentioned above. Grow your business by reaching more people and selling more of your knowledge and intellectual property at scale.

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