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Productized Services – Can They Work For You?

Productized services – can they work for you? | bookafy

IN THIS POST

If you’re running a service-based business, you might be considering productizing your services. Productizing your services means packaging them into a product that can be sold, typically for a fixed price.

This can be a great way to scale your business, as it allows you to sell your services without having to deliver them yourself. It can also make your business more predictable and easier to manage.

However, productizing your services is not right for every business. In this article, we’ll go over ten signs that a productized service might be a good fit for your business.

What Exactly Is Productization?

A productized service is one that is packaged and sold as a product, typically for a fixed price. This is in contrast to the traditional model of selling services, where businesses charge by the hour or project.

For B2C companies, a productized service might be something like a subscription box, where customers pay a monthly fee to receive a curated selection of products. For B2B companies, a productized service might be something like an SEO audit, where businesses pay a one-time fee to receive a detailed report on how to improve their website’s search engine ranking.

The key characteristic of a productized service is that it is repeatable and scalable. This means that it can be delivered to multiple customers without requiring a lot of customization and that it can be delivered by someone other than the person who created it.

Now that we’ve defined what a productized service is, let’s take a look at 10 signs that your business is ready to productize its services.

You Need More Control Over Your Time

If you feel like you’re always hustling and never really getting ahead, it might be time to consider a productized service. With a productized service, you can get more control over your time. This type of business is focused on delivering results, so you can be sure that you’re getting the most out of your time investment.

Think of it this way, if you’re always trading time for money, you can only make so much. But, if you have a productized service that delivers results, you can make more money while working less. This gives you the freedom to focus on other areas of your life and business.

You Need To Improve Your Customer Experience

The problem with customer experience with a pure service is that it can be very variable. If you’re not careful, you can end up with a lot of unhappy customers. A productized service is designed to deliver a great customer experience, so you can be sure that your customers will be happy with the results.

A product, because it’s more concrete and because there are more tangibles that can be addressed and improved, will generally have a better customer experience. For instance, let’s say you’re a web designer. If you’re only selling your time, then the customer experience will be entirely dependent on how fast you can work and how good you are at designing websites. But if you’re selling a productized service, like a WordPress site that’s already been set up and customized, then the customer experience will be based on how easy it is to use the site, how well it works, and how good it looks.

You Need To Scale Your Business

If you’re selling a service, you’re limited by the number of clients you can take on. But with a productized service, you can reach many more people without sacrificing quality or customer service. This is because a productized service is a system that can be easily replicated.

You might conceptualize this by thinking of it as a franchise. With a productized service, you have a system in place that can be easily implemented by others. This means that you can reach a much larger market without having to put in all the work yourself.

You Need To Make More Money

With a productized service, you can charge more for your product because you’re offering a higher value. A productized service is a complete solution that’s been designed to meet the needs of your target market. This means that you can charge more than you would for a traditional service because you’re providing more value.

With a pure service, you’re essentially capped at the hourly rate you can charge. But with a productized service, you can break through that ceiling and start making more money. Or, if you are a business providing a B2B service, you can increase your margins by productizing your services.

You Need To Be More Efficient

If you’re feeling like you’re always working but never really getting anything done, it might be time to consider a productized service. With a productized service, you can be more efficient with your time and get more done in less time.

This is because a productized service is a system that’s been designed to be as efficient as possible. When you have a system in place, you can work more quickly and efficiently because you know exactly what needs to be done and how to do it. This means that you can get more done in less time, which will save you money and help you grow your business.

You Need To Be More Consistent

If you’re finding that your service is inconsistent, it might be time to consider a productized service. With a productized service, you can be more consistent with the results you’re delivering. This is because a productized service is a system that’s been designed to be consistent.

When you have a system in place, you can be sure that the results you’re getting are consistent. This means that your customers will be happy with the results they’re getting, and you’ll be able to grow your business more quickly.

You Want To Increase Your Prices

Increasing your prices when you’re just providing a service can be a tough sell to customers, but if you productize a service, you can increase your prices without sacrificing quality or customer satisfaction.

This is because what you’re now offering is more complete, so people won’t feel like they’re just paying more for the same thing. What you’ve gone and done is increase the value of what you’re offering, which means you can charge more without losing business.

One of the riskiest things a business can do, B2B or B2C, is increase prices without a justification that customers are going to accept. If you productize a service done well, you have a much stronger story to tell when you price it higher than your old services.

You Need To Diversify Your Revenue Streams

If you’re looking to diversify your revenue streams, then a productized service can be a great option. Pure service is vulnerable to changes in the market, but a productized service is much more resilient.

This is because a productized service is a system that can be easily replicated. This means that if one stream of revenue dries up, you can quickly replace it with another without having to start from scratch.

It also allows you to expand into new markets quickly and easily, which can help you grow your business more quickly.

Conclusion

There are a number of advantages to productizing a service. If you’re looking to increase your prices, be more efficient, or diversify your revenue streams, then a productized service can be a great option.

Keep in mind that when you productize a service, you need to make sure that you’re delivering value to your customers. If you’re not delivering value, then you’re not going to be able to charge more for your productized service.

Take the time to consider whether a productized service is right for your business, and if it is, start planning how you can productize your service to deliver more value to your customers.

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"See why +25,000 organizations in 180 countries around the world trust Bookafy for their online appointment booking app!

Feature rich, beautiful and simple. Try it free for 7 days"

Casey Sullivan

Founder