How do I productize my business? How can I stop trading my time for money and create scalable offers on autopilot?
These are some of the questions that I’m going to answer in this article: How to Productize Your Service-based Business.
If you’ve been providing 1:1 services for your clients and you’re trading time for money, you’ll know just how frustrating it can be.
It can feel like you give, give, give to your clients without knowing how much is too much. Perhaps you’ve had clients who cancel sessions, clients who struggle to pay you and clients who keep asking you to deliver more for them.
Ultimately, you’re working with clients who aren’t worth your time and you’re losing money in your business.
I completely get it.
You feel like you have to say yes to every request so that you can bring in money.
But do you know what I’ve learned?
Saying yes to every request is leaving you frazzled.
If you’re throwing up custom 1:1 services for every client, you’re trading time for money and burning yourself out.
Most of the clients that come to me are creating custom 1:1 services and lack a solid business model.
They serve their clients without qualifying prospects, charging their worth and setting expectations with their clients.
Because they lack a core offer, they’re not able to effectively communicate to their clients what they’re responsible for and what their clients are responsible for.
So if this sounds like you and you’re looking to scale your business beyond 1:1 services you’ll want to productize your services.
When you productize your services, you’re able to amplify your sales, without more effort.
Not to mention double your client base, take the weight off your shoulders and have more certainty in your business.
Here are a few steps to productize:
Clarify your ideal clients
When you’re offering 1:1 services it can be very tempting to try and help everybody. However, you’ve probably realised that different ideal clients will have different problems.
Meaning, that by working with different types of people will require you to produce more deliverables and it’ll increase your workload.
Defining your ideal client from the very beginning allows you to focus on solving one specific problem. It allows you to focus on the deliverables that they need for them to get a specific result.
When you’re clear on your ideal client, you can focus your attention on mastering that problem. This will allow you to raise your prices so that your 1:1 services are actually worth your time. You can also qualify your ideal clients through an application funnel so that you can bring in customers that are more qualified.
Create a core offer
Another piece of the puzzle if you want to productize, is creating a core offer. A core offer is usually a service or program that your clients go through to achieve a specific result.
Before you launch any offer, you want to create a minimum viable product.
A minimum viable product is usually a product that has just enough deliverables in it to satisfy early customers and get feedback.
Let’s say you’re creating a 12-week group program. You’ll want to think about what your ideal clients are before they start working with you and where they are after working with you.
Identify all the steps they’d need to take to get from point a to point b. This will allow you to create the key features for your program.
Find product-market fit
Once you’ve created a core offer, you’ll want to test out whether it’s something people actually want to buy.
One of the ways to determine product/market fit is to promote your core offer to your audience.
Webinars are a great method for validating your offer before you launch it. It helps you to determine whether there is a demand for your offer.
The key here is to sell your offer and see whether your audience purchases it. If you find that people want to purchase your program, go ahead and productize it.
Create a marketing plan
Another essential step you need to take to productize your service-based business is creating a marketing plan.
Identifying a marketing plan to sell your core offer will give you a set of activities that you need to do to achieve your sales goals. This will also help you to scale your business.
With a plethora of ways to promote your offer, it can be easy to get shiny object syndrome. The problem with this is that it isn’t going to help you sell your offer.
Identify what your marketing system is going to be to convert your visitors to clients. Here are a few ideas for marketing your offer:
- Blog posts
- Facebook ads
Ultimately, if you’re selling a high-end offer, the best way to drive sales is through phone conversations.
The key is to have a set of activities that you do in the business that leads to someone booking a call with you. I invite you to think about these questions:
- Where do your customers hang out online?
- What will you do to drive traffic to your site?
- How will you convert website visitors into leads?
- How can you invite people to book a phone conversation with you?
The biggest mistake that I see entrepreneurs make is they create awareness but don’t have a strategy for converting leads into sales.
Ultimately, they’re promoting their offers, without a strategy for doing webinars and getting people to book phone conversations.
Looking at what we’ve talked about in this blog post in list form:
How to productize your service-based business
- Clarify your ideal client
- Create a core offer
- Find product market fit
- Create a marketing plan
I hope this has been a helpful guide to help you productize your business.