Many people start freelancing businesses, such as coaching and consulting, appreciating the personalized nature of the work. However, freelancing often leads to burnout, and its earning potential can be limited.
Productizing your service streamlines your business model, making the value you offer easy for potential prospects to understand. Moreover, it helps you create the freedom you want in your business.
Join Dr. Terri Levine in this episode as she breaks down the concept of productized services. Discover the benefits of productizing your service, from enhanced scalability and efficiency to creating the time freedom you desire in your business.
Additionally, she offers actionable insights and strategies for productizing your service and gives an example to guide you through the process.
Key Highlights From The Episode:
[00:33] Episode introduction
[01:10] What is a productized service?
[01:26] The benefits of productizing your service
[03:38] How to productize your service
[04:32] Example of how to productize a service
[09:30] Get Dr. Terri Levine’s help in productizing your service: terri@heartrepreneur.com
Golden Nuggets:
- A productized service is a prepackaged service that is provided at a predetermined cost and has a predetermined scope. [01:10]
- Productizing your service makes it more predictable and effective for you and your clients by helping you scale and streamline it. [01:26]
- When you don’t have a fixed business plan, your customers control you. [02:18]
- To maximize your business, you need to automate and delegate [04:12]
- Once you identify your service’s niche, it’s critical to adhere to it. [05:06]
- If you want to create a productized service, you first need to identify which parts of your company processes are repetitive and then package those parts into a more scalable offer. [08:04]
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Full Transcript:
Welcome back to Digital Marketing for Coaches & Consultants. I’m Dr. Terri Levine, your host. And today, I’m going to give you one tiny little change that will open up your business and scale it. And I really want to go over a crucial change that affects, in particular, anyone who does business on the internet. If we don’t do business on the internet, we got problems these days. Digital Marketing for Coaches & Consultants, right? So, switching to a productized service from traditional service offerings, which is more like freelance, is something I want you to be doing. If you don’t know a productized service, think of it as a prepackaged service that is provided at a predetermined cost.
And it also has a predetermined scope. We’re going to do this to get this result in this amount of time. Now, this strategy makes your service way more predictable and effective for both you and your clients by helping you scale and streamline them. It is really crucial since it may assist you in transitioning from unique, constantly evolving initiatives, to a more scalable, a more reliable company model, which really is essential for creating a better life for you and for your family. So, let me just go into a little bit more detail about what I mean here. Many people start what I call a freelance business; coaching, consulting, whatever it is, and they kind of like the individualized nature of the approach.
Yeah, it can very quickly result in burnout and you can also see it has diminished earning potential to lose so many hours in the day. So, when you don’t have a fixed business plan, in my experience, your customers control you. Every client, every job becomes unique, every project becomes unique. And before you realize it, you can have, I don’t know, 10 different requests from unexpected sources, from two or three distinct customers, and maybe even more. And then, customers ask for adjustments, or they want to modify, or whatever it might be, and you’re kind of circling back and forth with these people on a regular basis.
And most business owners, in my experience, are very anxious and afraid to say, “That’s not really part of our deal.” And so, pretty soon, they’re adding more and more time and not getting compensated. And when this happens, you can find yourself spending most of your time creating little space for your own growth, or even your own downtime and freedom that you want in your business. So, I’m going to share with you an improved method. It’s a productized method of proving your strategy with a productized service. So, here’s what I suggest moving from freelance-based work or consulting projects, or coaching by hour to a dependable productized service offering.
I’m going to give you several ways to do this, I think I have six of them for you. The first is to determine your specialty. Pay attention to your specialty or your offering. Second is to standardize your offering, chis is what many entrepreneurs miss.Create a recurring uniform subscription bundle. Third, very important, define your boundaries. Give precise instructions so that client family members definitely know what is and what is not included, no surprises. Number four would be: Automate and delegate. To maximize your business, you need to use tools and delegation.
Number five is to create a feedback loop. Constantly get and apply client input. And then, number six is scale-up. After gaining traction, grow by adding more productized services. Let’s use an example, let’s use video editing. Just illustrative purposes. Let’s say that you’re a video editor and you help your clients create very good polished films for maybe Instagram reels or YouTube or TikTok. So, we’re going to follow all six stages; determine your specialization – editing. Determine your niche – producing and delivering excellent videos for fitness content providers.
See how I turned that specialty into a niche. And once you have a niche, it’s critical that you actually adhere to that niche. Third is make your offer more uniform. A possible project could be to create a fitness video launch kit. And that could be like five videos overall, maybe each one lasts 40 seconds. Maybe it also includes 10 hours of video editing. Establish definitive and definite boundaries. So, the fitness video launch kit, you’d have to establish the parameters precisely.
So, again, we’d be clarifying things like, I’m just making this up at the moment, you get one monthly strategy call, you get, whatever it is, 10 to 20 hours of video editing, you get three to five finished and submitted videos, you get an update to one video every month, all videos are no longer than 40 seconds. Very tight boundaries, and that’s it. Any more effort is either not permitted or it’s outside the scope. Next you price in bundles. So, after your product has been scoped the way we just did, then you standardize prices by offering subscription bundles. So, you could charge two grand, let’s say, the amount of money that you’re going to make and the precise tasks you must complete are very clear and known to you.
Now, we automate and assign, and we can assess the progress and ensure deadlines are being met. If we need project management tools, that’s another advantage of a clearly defined scope, no more like minor adjustments that you have to cope with along the way. One of the things you could do is you could get a junior editor on your team to edit on your behalf, that frees up even more of your time, or a virtual assistant can do it for you. And then your job could be more on the client consultations and on the main content strategy. Next, we go to the step of the feedback loop.
And after the project is finished, there should be a basic mechanism for gathering client feedback. And now, we need a feedback loop. So, whenever a project is finished, that’s where we’re getting the client information. It could be a simple survey, it could be a quick contact, “What did you like? What didn’t you like?” Any other details. And then we want to increase this in size. So, maybe we could add additional packages once the fitness video kit launch has been optimized. So, maybe we have the fitness kit expansion pack, and that’s for more seasoned producers who want a strategic content director. Maybe more distribution, a script writer, more extended longer video content. Maybe they want continuous content support.
Again, you have to really set up all the parameters and be very specific on what this entails. Finally, connect it all to your experience. If you want to create your own productized service, first you have to figure out which parts of your company processes are repetitive. And then, using the techniques I’ve covered with you today, package those parts into a more scalable offer. And then, once you complete that, here’s the final step. You post information on LinkedIn, or Twitter, or Facebook, or whatever. And for this kind of info, LinkedIn is a very, very good platform to highlight your new offer, your ideal client, their issues.
So, go ahead and use this strategy to streamline your business model and make your online value offer very easy for potential prospects to understand. This might be a major change in your business strategy, and I know that. It’s not just making a tweak on what you offer if you really follow what I’ve shared with you today. If you succeed, as my client family members do, in following this advice, you’ll have a more scalable and sustainable company that offers a bigger return on investment and gives you more control over future expansion. Was this helpful? If so, make sure you subscribe.
Please give us a great rating and we love when you share our show. And then, if you want to find out more about how we actually do this, and potentially, working with us, you can actually just send me a quick email Terri, T-E-R-R-I @heartrepreneur.com. Hart, re, R-E, preneur, P-R-E-N-E-U-R.com. Terri@heartrepreneur.com. Tell me the biggest challenge you’re working on, and if I think I could help you — I have nothing to sell, no pitches — either I or someone on my team will give you 15 minutes of our time to see if we can give you some help and advice.
That’s the way we give back to other entrepreneurs. Thanks for tuning in and joining me here today at Digital Marketing for Coaches & Consultants. Bye now.
