From Concept To Launch: Mastering Productized Services Implementation
How Productized Services Hit Differently? Proven With Case Studies
“Competition is the fuel that ignites innovation.” – Simon Sinek
The world has become more competitive than ever before. There are high possibilities that you may not be visible in the crowded competitive market. What makes you stand out is your innovation. The market demands you to be active and creative all the time.
Are you a startup who is striving to attain success? Then productize your service.
Productized Services are providing services just how you sell your products. It is like buying content or design just how you buy your pizza. Read the article to learn about how you can implement productized services.
Step-By-Step Guide to Implement Productized Service
Change Your Mindset
“Everything begins within your MINDSET”
Arm yourself for the shift. The shift is not an easy one. Think this way, when you decide to productize your services you may have to work 2X more. Along with that, you will,
- Learn by 2X more
- Earn by 2X more
- Grow by 2X more
When brands don’t have a clear scope, perfect clients, and recurring revenue, it would be hard to achieve desired business efficiency. Start your productizing service by deciding what you want to do, for whom, and at which price.
Decide On Your Business Model
Here are the 3 famous business frameworks of productized services
Packaged Content
Brands can fulfill their clients’ needs with this business model. For example, an SEO agency can productize their service as a packaged service by offering a particular task for a specific amount.
Monthly Subscription
In this case, clients will pay a certain amount every month to receive the services.
One-Time Purchases
Productized services are the ideal ones like development services and web design. It is apt for emergency needs and doesn’t need to be reviewed periodically.
Market Research and Analysis
Comprehensive market research is a strong foundation for your productized services journey. With thorough market research, you can find the on-demand niche or the less familiar one. When the niche is less familiar in the market, you have a high possibility of achieving success.
So, start now to explore the industry trends and consumers with the help of tools like Google Trends, SEMrush, and social media listening platforms.
If the competition is low, it is a sign of great fortune. Conduct surveys and interviews to understand your potential customers’ pain points and preferences. Online forums and communities can also provide valuable insights into what people are looking for.
Your niche should align with your skills and passions to ensure you can deliver exceptional value. Striking the balance between the market demand and your expertise is crucial.
Finding the Sweet Spot
Use SWOT analysis to know your capabilities against market opportunities. By combining comprehensive market research with a clear understanding of your strengths, you can identify a niche that is both profitable and personally fulfilling.
Defining Your Service Offering
Think about what makes your skills or services unique to your target clients, When defining your service offering. For that, you should begin with a clear value proposition that outlines the specific benefits and solutions of the service you provide. This isn’t just about what you do, but why it matters to your customers. Break down your service into key features and explain how each one addresses your audience’s pain points.
Let’s assume, that if you’re providing graphic design services. Now all you have to do is highlight how your designs increase engagement and drive sales. Create a detailed description that leaves no room for doubt about what clients will receive. This ensures it’s both appealing and understandable.
Pricing Your Productized Service
Now comes the hard task. Pricing your productized service is not a walk in the park. Pricing your service is vital for your success.
You have to explore different pricing strategies: fixed pricing, tiered pricing, or value-based pricing.
No matter what is your pricing strategies, the ultimate goal is to strike a balance where your service is perceived as valuable and you are adequately compensated for your work.
A Scalable Process > Temporary Profit
The common misassumption is the recent profit is way better than a scalable process. But this is where they go wrong. A scalable process means scalable income instead of a temporary profit.
So you have to make sure that your productized service can grow as the time passes. Start by standardizing your procedures. Document every step of your service delivery, from initial client contact to final handoff. This helps to maintain consistency and quality as you grow. Make use of automation tools that can handle repetitive tasks, such as client onboarding or follow-up emails.
Scalability is about being able to handle increased demand without compromising service quality, so continually refine and improve your processes to keep them efficient and effective.
Building a Strong Brand Identity
The market is crowded, there is no spec of doubt about it. But how do you distinguish yourself in it? What makes your audience spot you even from a mile away? it is your brand identity.
Your brand identity includes:
- Your logo
- The typography you select
- Your tone
- Your brand voice and many more.
Remember, Your brand identity is a mirror that reflects your brand voice. So make sure to give your 100% consistency in it.
Listen To Your Customers: The Key To A Smooth Sales And Onboarding Process
Customer feedback is a blessing in disguise, be it negative or positive.
With valuable customer feedback, you can refine your services and enhance satisfaction. Gather insights through surveys and direct conversations to understand what’s working and what isn’t.
The next essential step is to develop a clear sales funnel that guides potential clients from awareness to decision-making. Have a smooth onboarding process by providing necessary data and setting clear expectations.
An organized sales and onboarding process, combined with attentive feedback integration, is your ticket to increase repeat business and referrals and build a strong foundation for long-term client relationships.
Case Study About Productized Service
Here are a few case studies about firms that tried and succeeded in productized services:
180sites
180Sites is a great web design firm that launched in 2018. Now they are being favorites of 500 customers and generate $950k in annual recurring revenue only with a small team of talented individuals.
It all began when they decided to switch to productized services. They have the package of a fixed monthly fee starting at $180/month. Each of their packages needs 24 months as a commitment time. After that time the price drops to $150 per month for ongoing hosting and site management.
Hatchly
Hatchly is another great example. It is a popular graphic design service in the UK market. Their secret to success is niching down in the vast market. The plans of Hatchly start from £795/month. They started in 2020 now their annual revenue is $309k.
The examples are neither a tech giant nor a brand of great investment. They are an aspiring startup just like you and us. But what made them reach the height is their risky decision to switch to productized service.
Implementing productized services is a transformative journey that needs meticulous planning, strategic execution, and continuous refinement. Defining your service offering, and pricing appropriately will create scalable processes to build a strong brand identity. By listening to customer feedback, and optimizing your sales and onboarding processes, you can position your business for sustainable growth and success.