Are you familiar with productized service?
As Neil Patel defined it, productized services are standardized services sold like products, with clearly defined parameters and pricing. When we outline precisely what a customer will get and at what price, we can market and sell this “product” many times. The customer is still receiving a service, now with the appealing predictability of an off-the-shelf product.
A productized service bundles the skills of an expert into a standardized product for a particular target market. It’s offered for the same scope and price and delivered across the clients. The result is a high quality service that requires less effort to sell and fulfil.
In simple terms, a productized service is a set, a package or a bundle of services that you can repeatedly offer to a specific target market. The key points are the services and the target market:
The Services
You have to identify the services that you are really good at, perhaps a service or services that you have repeatedly done with your previous clients. And most importantly those services that you really love doing. Admit it, there is or there are particular process in your custom provided services that let’s just say you like the least, right? How do you like to do the same things you love for multiple clients and get away with doing those that you least like? That sounds awesome, right? And if you have a team, how would your team feel like doing only the things they love for multiple clients? Double awesome, right?
The Target Market
You have to identify those clients that require the solutions that your bundled services offer. The easiest way to test out your bundled products is to offer it to your existing clients. Since you have worked with them on custom services, you can readily identify what service or services they needed to help them in whatever goals they want to achieve.
What are the advantages or productization?
- Expertise
You can offer only the services that you are particularly good at and that you have repeatedly done previously.
2. Cost Efficient
It’s cost efficient because you can cut down on research time and custom proposals. Then you can standardize the process used on the bundled services that you are offering and you can reuse the assets. You have the freedom of picking the best, easiest and most efficient process in fulfilling the service bundle that you will offer.
In the customer’s end, they can choose the bundle that serves their needs best within their budget.
3. Scalable
Focusing on particular service or services allows you to create systems and processes to become excellent. It’s easy to repeat the same process over and over and it will make you and your team and expert in no time.
This is the best analogy of productizing service that I found so far. It’s from Alzay Calhoun.
“ Package up your service and present it like box of cake mix on the shelf at the supermarket.
- Your prospective client pulls the box off the shelf.
- The front cover has a picture of the end result and with a matching title.
- The back of the box lists the ingredients (necessary tools) needed before starting the project along with instructions (expectations) for each project phase.
- The left side of the box shows the serving size (project scope) and nutritional value (additional benefits).
- The right side of the box contains company information, client testimonials, and a phone number to call for inquiries.”
So are you excited to start productizing your services?
Business illustrations by Storyset