TT#019 - 3 ways to start productizing your services right now
There's a lot of talk out there about "productizing" services as a consultant, coach, or contractor.
But what do people mean when they say “productize”? Why would you do it? And how would you start?
This is a guide to get you started.
What Productizing Is
Productizing your services means turning them into an offer that's easy for clients to understand and purchase.
It's about creating clarity around what you do, who it's for, and what the results are.
It does require creating some consistency around your offer. But it doesn't mean turning your expertise into an assembly line where every client gets the exact same solution regardless of the needs they have.
Productizing a service means offering clients a professional service with a process that gives them the convenience and predictability of an off-the-shelf product.
Why You Should Productize
There are quite a few ways to productize your services. And there are varying degrees to how productized your services may be.
Generally speaking, the more productized your services are:
The easier they are to market to potential clients.
The more efficient your sales process will be.
The more you'll earn for the time you've invested.
The less time you’ll spend on unproductive work, like proposals.
The more relevant your testimonials and case studies will be for other clients.
But productizing isn't all about you.
Your clients win, too. Because the more productized your services are:
The more clarity they have of what they're buying.
The easier it is to measure return on investment.
The more reliable you’re going to be at delivering it.
The faster you’ll be able to solve their problem.
The more value they get from their purchase as a result.
It's a win/win that helps you earn more, in less time, while delivering better work for clients.
How To Start Productizing Your Services
While there are a number of ways to productize your services, I’ll share 3 to help you get started.
1: Productize Strategy: Specify the problem you solve, and for whom.
It sounds easy, right? Just clarify the problem you solve, and who you solve it for.
While simple in theory, I find it to be one of the toughest things for solopreneurs to do. And here are the two objections I hear most often:
"Ray, I don't want to be limited in what I sell or who I'm selling to."
I get it.
It feels safer to cast a wide net and hold all your options open.
But that's a false sense of security because you're trying to sell anything you can to anyone that'll buy it.
And if you’ve ever been to a restaurant that tried to put everything on the menu, you know it just creates confusion and uncertainty.
"Ray, I have a lot of experience and I don't want to be a one-trick pony."
I get that, too.
When I was getting started, I wanted to build a brand based on all my strengths.
But this isn’t about your capabilities. It’s about product design.
Because like it or not, if you’re selling your expertise, you are a product.
When you clarify the problem you solve and who you solve it for, you make it easier for people to know when to hire you.
2: Productize Marketing: Standardize your packaging and pricing.
Have you ever tried marketing a custom product, that solves an infinite number of problems, for an undefined audience, at an undisclosed price?
If not, let me assure you… it's hard.
And you know what's harder than marketing that product?
Selling it.
That’s why creating structure around what you’re selling and how much it costs goes a long way toward helping your ideal clients know you’re the right person for the job.
Here are 3 examples of standardized packaging and pricing:
Coaching Packages
My buddy Justin Welsh has standardized packaging and pricing for his coaching services, as you can see here: (www.JustinWelsh.me)
Real Estate Investing
My clients at Fernwood Real Estate Investing Group have created a standard process and pricing model to help people invest in real estate remotely using their white glove, nearly done-for-you service, as you can see here. (www.Fernwood.team)
Sales Organization Improvement
My own 360º Sales Audit is an example of standardizing my processes and prices to help coaching and consulting programs improve their sales process, organization, & results. (www.RayJGreen.com)
These are just a few examples, but as a rule of thumb:
The more closely attached your packaging and pricing is to your time (e.g., hourly), the higher you should price it.
And the less attached your packaging and pricing is to your time, the more it should be tied to deliverables and results.
3: Productize Delivery: Systematize delivery with a program.
Another way to productize your services is to build a program that leverages your expertise and guides clients through a process to get them results.
Now, this can be one of the more difficult ways to productize a service because it requires having a clearly defined process to get clients results.
And that’s something you typically get from a lot of experience, which takes time.
But if you have enough experience solving a specific problem, you can build a program to help clients get big results in the least amount of time.
And that represents a great opportunity for you to build a business that scales while offering clients the opportunity to get results quickly and efficiently.
Here are a few examples of programs that are getting clients results:
Robin Robins’ Technology Marketing Toolkit: A client of mine helping founders of IT companies turn their expertise into an actual businesses using proven marketing systems.
Shawn Buxton’s Sales Leader Trident System: A client of mine helping sales managers become world-class sales leaders using the principles Shawn developed from coaching 400+ sales leaders.
3. My own Repeatable Revenue Program: Helping solopreneurs, independent consultants, coaches, and fractional executives… productize, market, and sell their services.
Get Started
This should be enough to get the gears spinning on how to turn your expertise into a process, package, or program you can sell with more consistency and clarity.
I’ve gone through the process of productizing a service more than once and I’ve coached 20+ entrepreneurs through it, too.
And one important lesson I’ve learned is that if you wait until your “product” is perfect to launch, it’ll never see the light of day.
Like any other “new” product you buy, the productized service you offer may be imperfect at first. But if you supplement imperfections with personal support, listen to feedback, and quickly iterate based on what you hear, you’ll create something that helps you earn more in less time, while offering clients more than they paid for.
