If you're an entrepreneur selling a service-based product, the secret to building a profitable company is productizing your offering.
How productization improves your business:
Simplify your marketing and sales process by having a clear offer.
Improve client outcomes by perfecting what you do and how you do it
Save time by finding ways to automate or outsource parts of your business
Steps to productize your service offering
Identify the optimal service to productize
You're looking for a service offering that meets a few key criteria:
highly valuable to the client
can be differentiated
needed by a sizable audience
Make sure to evaluate how valuable it is to the client and how much time or resources it takes for you to complete. You want something that you can do fairly quickly, but clients will pay a lot for.
This might be a small part of your current offering or something new you devise based on research and experience.
Create your process for service delivery
Map out the step-by-step process for how you complete the work — from the moment they sign up to when you deliver the end product. Thoughtfully define the customer journey, including moments of delight along the way. Find ways to emphasize the simplicity and ease of the client experience.
Having a simple, repeatable process will be the key to your success.
Nail your offer
Once you know what you're doing and how you're doing it, it's time to craft compelling messaging that makes an ideal customer want to buy. Emphasize not just what you do for the client, but the benefit your work provides them. It's all about the outcomes you deliver that change their lives.
Be able to explain what you do, whom you do it for, why it matters to them, and how it's different.
Systematize and Optimize
As you start to sell your offering and deliver your productized service to clients, constantly evaluate how you can improve the process to be more efficient and effective for your clients. The benefit of productization is that it gives you room to improve results while reducing time and resource costs for you.
This is where profitability grows.
Productizing your service offering is the gateway to building a profitable and scaleable business. With the right approach you can use this model to more easily attract perfect clients, deliver outsize results for your customers, and build the systems that allow you to scale your profits, while reducing your working hours.
Productization is the gateway to a thriving, highly-profitable service-based business.