Crealanta Magazine

How to Turn Your Consulting Service Into a Product

Mar 14, 2023

Table of Contents

For those who are freelancers or consultant, then you're aware that selling your services can become a lucrative business. However, what if you're looking for an even higher level of achievement? Consider turning your service into a product.

If you transform your consultancy service into a tangible product, you cut out the middleman, and increase your earnings significantly. Additionally, because it's not limited to one-on-one sessions, you'll be able to connect with greater audiences by the same amount of effort.

In this article on productization this guide will discuss what exactly productization is and how to implement it in your company. The guide will also discuss the benefits of productized services and provide tips for getting started.

What exactly is productization?

The process of productization is taking an existing product or service, and making it a product. It is the process of producing something that could be sold on a regular basis and generated again with minimal effort. This could include an online course, an eBook or even packaged services for example, coaching plans.

Numerous entrepreneurs follow this route to earn additional income from passive sources, which allows them to expand their business and reach many more customers. It also means they can concentrate on high-value activities, such as creating content , or managing relationships with larger clients.

For the purpose of productizing services, the consultant develops an infrastructure that can provide the service on a regular basis. They then can share their knowledge with a wide public and earn a fee for each successful delivery.

Benefits of productized services

There are numerous benefits of creating a product that can lead to increased profits as well as customer satisfaction. They include:

  1.    Scalability
  2.    Greater brand authority
  3.    Repurposed knowledge
  4.    Increased profit margins
  5.    Improved predictability and customer satisfaction
  6.    Increased efficiency

Scalability

The main benefit of distributing the services of your consultant is their scalability. Whereas one-on-one sessions are limited by the number of customers you can serve at a given time, productized services are sold repeatedly over again with minimal effort.

This allows you to reach more people and generate more revenues without straining your work. Additionally, it gives you the chance to concentrate on larger projects with better margins of profit like corporate consultation or public speaking events.

For example, let's say you are a life coach. It is possible to develop an online training course that users can access on their own time. This would allow you to connect with more individuals than if you only offered private sessions. It will also allow your clients the ability to study at their own speed.

Increased brand authority

One of the benefits of selling the services you offer can be that it helps you establish your reputation within the industry. You'll have the opportunity to showcase your expertise and knowledge by offering an organized and comprehensive course or product for people to purchase. It can help you establish yourself as an authority and thought leader and attract larger customers.

Plus, if your products are well-received, they will result in referrals and word-of-mouth marketing that will keep your company growing.

Repurposing your knowledge

The process of creating your own services allows you to repurpose your knowledge and experience that you already have. You don't need to create anything completely original if you can package existing content to a more organized form.

It is possible to do this by modularizing your service into smaller parts like making an online video book or course. Or, you could create a subscription/membership service that gives customers access to additional content as they progress. This will also save you both time and effort over the long term as you don't need repeatedly repeat the same information time and time again.

In the case of, say, an expert in SEO You could turn blog posts or webinars into an online class. This would enable you to share your expertise to a wider audience and create an income that is passive without the need to create all-new material each time.

Higher profit margins

Productizing a service can also aid in increasing your profit margins. As you're providing the same services time and time again so it won't require any time or energy to provide each product. Therefore, you are able to charge a higher cost for the same amount of work.

Plus, with productized services it is possible to offer upsells and add-ons to help boost your profits. For example, if customers purchase your online course it is possible to offer extra services such as one-on-one coaching sessions or personalized critique of the work done by your customer.

Improved predictability and customer satisfaction

The process of creating a service makes it easier to create accurate forecasts of your company. It is easier to predict the influx of customers and plan accordingly through the creation of marketing funnels or automated campaigns.

In addition, measuring customer satisfaction is much easier when you have a clear and well-organized product. The customers will get exactly what they expect with each purchase, and this will help ensure that they're satisfied with the purchase.

Improved performance

A service that is produced can help you become more efficient within your company. As the same item is being delivered over and over and again, you do not need to reinvent the wheel every time. This will save the time, energy and money that could be used for other aspects of your business, such as the marketing and customer support.

Each time you create an innovative product and you want to incorporate that within your service offerings in order to become an efficient service company. If, for instance, you write an ebook you could use this as a lead magnet to draw more customers in or integrate it into your productized service.

The framework for productizing your products and services

The solid foundation lets you create an efficient system that produces consistently good performance. This increases customer satisfaction and also increases your standing as an authority in the field. Examine each step and determine the best way to modify it to fit your business model.

  First step: Determine your intended market, as well as requirements of the customer  

It's important to identify who will be using your products and services, and to know what they need in order to maximize the worth from them.

Ask yourself questions like:

  • What challenges are my clients facing?
  • What solutions can I provide to help them?
  • Do you have barriers which would prevent them?

It's not worth creating a product if people don't make use of it. Therefore, knowing your market is key to developing products that will meet their requirements and will actually sell.

  Step 2. Break up the services you offer  

Once you understand your customer's requirements, you can consider all ways they could be educated. This could involve creating an online course or offering coaching for individuals, or designing an online subscription service. One option is to develop a podcast or video series that people can follow along by.

Offering a variety of ways for people to access the content you offer will make it much easier for viewers to discover what works for them. Once you have enough data to analyze trends, you can determine what channels work best and put more time and energy into those.

  Step 3: Organize your content  

Once you have a clear knowledge of the market you're targeting and the services you're offering It's the time to arrange your information. This makes it simpler for people to access the information they need quickly, and also follow by your guidelines.

Be sure to create an organized structure that is simple to follow and comprehend. Draw out the steps your customers must follow, and also provide any other resources that they may need. You should also define clear learning goals so clients know what they can be expecting from your offerings.

  4. Define what parts of the process can be automated  

Automating a portion of the process will help you to save time and energy in the long run. Additionally, it can reduce customer confusion since they don't need to spend additional time working on tasks that are simple.

Be sure to think about each step of the way such as email follow-ups, and simplifying the checkout process. All of these processes can be automated, making your productized services easier and more efficient.

  Step 5 Step 5: Identify the support personnel  

Although many service providers need to have a degree in their area in order to provide their services but you do not have to do all the work by yourself. If you're able to have a team of professionals who can assist in customer service as well as technical support, it will make your services more manageable to manage.

This is particularly useful when customers are confused or having trouble understanding things. A person who can assist the customer will ensure that they get the most out of your services and ensure that all customers are satisfied.

  Step 6: Create a pricing structure  

If you are planning to market your services It is crucial to develop a pricing structure that will fit your customers. A few people would prefer to pay one time fee for access to every service you offer some might prefer an ongoing subscription.

Think about what will be appealing for your clients, then make sure that you're charging enough to cover your costs. Make sure that you're making a profit by providing value-added service to your customers. When you price your items, be sure to consider the cost of your time as well as the price of items, and the additional resources needed.

Another pricing option to take into consideration is price-based pricing. The pricing structure is based on the results that you can provide to the customer. It guarantees that the client only pays for results not for the hours spent doing work.

It's not just that this model helps ensure the best interests of both the customer and the provider, but it also facilitates scaling. Through performance-based model, service providers can add more clients to their roster without increasing their overhead costs substantially. This results in a more efficient system focused on producing results for everyone who is involved.

  7. Develop a sales plan for the services you offer  

Now that you have an understanding of prices and services, it's time to create an effective sales strategy. Be sure your plan of sale includes strategies for both offline and online marketing.

For online marketing, consider creating an email list to keep contact with prospective customers. It is also possible to utilize social media platforms to advertise your productized services and communicate with prospective customers.

To promote your business offline, search at opportunities to be a part of local events or give a presentation at events. Additionally, you can use traditional methods like direct mail or print media for introducing potential clients to your services.

Additionally, you can develop a referral program which will encourage existing customers to promote your services through affiliate link. This can help you attract more customers and not have to spend additional money on marketing.

  Step 8: Promote your productized services  

After you've got everything set up, it's time to start promoting your productized services. There are many traditional marketing tactics like email campaigns or social media postings and even paid advertising. Also, it's a great idea to concentrate on developing connections with prospective customers.

These could be as simple as taking part in conferences, joining online forums, or even making contact with people who could use your service. If you are able to establish connections with potential clients, the more likely they are to take advantage of your productized services.

It is also essential to remain engaged on social media, which will help to keep your business in the forefront of minds of potential clients. Regularly posting on social media, and remaining updated with current trends in the industry will make it easier for potential customers to know about your productized services.

Through promoting the services you offer and establishing relationships with your customers You can be sure that your company will succeed. By using the proper method, you'll be sure that your productized services can be profitable and profitable for all those who is involved.

Types of productized services

The services offered by these companies allow businesses to outsource certain jobs quickly and efficiently but still deliver a top quality product. In the process of creating a productized service It is essential to take into consideration the needs of your customer first before you make an offer that can provide value. Also, you should create an pricing plan that's fair and straightforward.

  Here are a few examples of productized services that you could provide:  

  1.         Webinars, courses and classes
  2.         Books
  3.         License-based products
  4.         Templates
  5.         Application
  6.         Memberships/Subscriptions

Webinars, courses and classes

If you are a service professional You have the expertise know-how, experience, and knowledge to impart knowledge and expertise to others. That's why the creation of tutorials or paid courses has become so popular among freelancers and consultants looking for profitable income streams that can be scaled. It doesn't matter if it's teaching complex skills that require multiple lessons to master, or short tutorials or webinars that allow customers to quickly master specific capabilities in a single day or less the possibilities are endless. of possibilities worth considering.

  How to implement it:  

  Courses and webinars:  

The creation of webinars and courses is time-consuming to create, so it's crucial to ensure that you've got sufficient resources to create a top-quality product. You also need to be cautious about pricing as customers may be hesitant to shell out a large sum for an online class or webinar.

Books

They have been utilized for a long time as a method to communicate knowledge and skills with others. If you are a service-provider it is possible to package your skills together in a book or ebook book for customers to purchase. It doesn't matter if it's the latest developments on web design, or the basic concepts of HTML programming, you could make use of your knowledge to produce an industry-specific manual that your customers are eager to buy.

It is also possible to partner with a publisher , or self-publish your book to reach a wider audience. What's important is to ensure that your book offers value to the readers and inspires them to explore the topics that you're addressing.

For those who have written books and want to convert these into services, you can provide ebook versions of your work to sell or make individual coaching sessions or webinars that guide customers through the material and help to apply the material.

  How do you get it:  

If you're interested in making a book, then it's best to outline the subjects and concepts you'd like to explore. Look into what types of books are most popular within your particular field as well as how to advertise them for the greatest impact and revenue. Also, you can look into options for self-publishing or partnering with a well-established publishing company.

  Challenges with books:  

Writing a book can take considerable time and effort, particularly if you're not an exceptional writer. You can opt to have somebody else write the book on your behalf, but this will cost you more. Additionally, books might not yield the most immediate revenue, since customers might take some time to read your work and then ask questions. This can be resolved by giving additional services like online webinars and one-on-one coaching sessions.

Licensed products

If you're a professional with skills or know-how in one particular field that you are knowledgeable about, you can offer your customers the chance to acquire the right to use specific products. For example, a software provider could offer customers the chance to purchase an appropriate license for the software to allow customers to use the program without paying the all the cost.

If you are a web designer, you could give your customers the choice of buying an appropriate license for specific themes or plug-ins. This allows them to use your designs without needing to build and keep your own version from scratch.

  What to do:  

For you to start licensing products, you'll need to decide which products you want to license and create a licensing agreement outlining the rules of usage. You'll then need to create a payment processor for your website, so users can buy a license for the product you offer.

  Problèmes with licensed software:  

In the process of the issue of granting licenses to your product it is possible to face challenges such as customers violating the terms of the license agreement , or users sharing your product with other people. To avoid these issues there is a need for an agreed-upon licensing contract in place that outlines exactly the actions that are permitted and disallowed. It is also recommended to track the people who are able to access the products you have licensed to ensure you are able to monitor their usage.

Templates

Utilizing templates is an excellent way of making the efficiency of your services. By creating templates for various activities, you'll save time by simply filling in the details rather than having to start from scratch each time.

As an example, a web designer might create web templates that users can edit with their own content to quickly build a beautiful website and operating. A consultant can, in the same way, make templates for presentations for clients to use when delivering presentation to potential customers or investors.

  How to do it:  

In order to start using templates, it is necessary to think about the tasks or services you'd like to supply and create templates for them or partner with a professional to develop templates. You can also look into purchasing pre-made templates from stock image websites to save time. After you've designed the templates, make sure that they're simple to use and customize so that customers can quickly fill in their own content.

  Templates and challenges  

Utilizing templates could save you considerable time, however there are also pitfalls to think about. For example, customers may not appreciate the templates or may become overwhelmed by too many customization options. Furthermore, if your offer generic templates that aren't tailored to a specific customer's needs it's possible that they won't find it valuable. To avoid these issues, make sure to tailor your templates as much as possible and offer clear guidelines on how to modify them. In addition, you should ensure that the template is straightforward to use and understand.

Apps

If you have the technical abilities to create and build apps, or the funds to pay a developer you are able to turn your solution into a mobile-friendly app. It's a great way to reach and engage with clients on the move. A fitness trainer could develop an app for mobile devices to assist people track their progress and access personalized advice while on the go.

  How to do it:  

To get started, you'll need to decide what features you'd like to add to the app, and then start designing and creating the features. Consider working with a mobile app developer to help you build your application. Once the development process is complete, you should submit your app to an app store for evaluation so that it will be downloaded.

  Applications that have challenges:  

Making and maintaining an app could be time-consuming. Most likely, it will require regular maintenance and updates in order to ensure it's secure and running optimally. It is also important to think about how to market your application to make people aware about it, and then download it. There are always risk involved in developing mobile apps like security concerns and compatibility issues across different platforms. To minimize these risky situations be sure to do thorough test of the app on a variety of devices prior to launching it.

Memberships/Subscriptions

With subscriptions and memberships, you can give customers access to exclusive content and services for a longer period duration. These create a more exclusive and intimate relationship with your customers , and also make it simpler to ensure they are updated with current developments within your field.

A nutritionist, for instance, could offer their users access to weekly meal plans or exclusive content on the subject of health via a subscription program. It allows them to continuously provide value to their customers and also create a regular income stream.

Another option to offer this type of service is by establishing a newsletter mailing list. If you provide your customers with frequent announcements and special offers and promotions, you will create a following that is loyal and remain top-of-mind as an expert in your field. No matter what products or services you choose to provide, the most important thing is providing value and creating a positive experience for the user.

  How to do it:  

Before you begin, choose which type of subscription or membership service you want to offer and then create a pricing plan. From there, you can determine how you will operate and host the service, for instance through a platform like Memberful and Patreon. Finally, you will be able to create the content or services that customers will receive when they join.

  Challenges with memberships/subscriptions:  

The idea of offering subscriptions or memberships comes with a variety of challenges that you must consider. For example, customers may not find value in your service or they may not remain subscribed for an extended period of time. Additionally, customer retention can be difficult to manage and sustain over time. In order to avoid this ensure that the information you offer is useful and entertaining to keep your customers engaged in your services. You should also consider implementing strategies such as loyalty programs or discounts to increase renewals of subscriptions.

The steps to creating your first service that is product-based

Now that you know the definition of a productized service and some of the ways it can look like, let's discuss the steps for creating your first one.

  1. Choose your services Before you begin, decide on the kind of service you want to provide and think about how it could be productized. Think about how you can create a service that provides customers with value and solves the problems they face in a manner that is delivered swiftly and effortlessly.
  2. Develop the product: Once you've got an idea of the product or service that you've created It's the time to begin making it. This includes designing the service and implementing any required functionality or tools, and conducting tests to ensure quality.
  3. Promote the service after your service is complete, you need to promote the service so that customers know about the existence of your service. This means creating marketing material including website copy video, text, or social media posts to get the word out about your productized service.
  4. Monitoring and improving: After your service is launched, it's important to monitor its performance and continue improving it as time goes by. This includes gathering the feedback of your customers, and then altering the product as required.

Create your own ways to generate passive income

Productized services are an excellent option to create recurring income by providing clients with value and create a long-lasting customer base. If you follow the above steps it is possible to create your own productized service and earn passive revenue through it. The success of your productized service will depend on the dedication and energy you make to the process. Put in the necessary time and energy to create a valuable offering that solves the needs of customers and provides results.

Keep in mind that providing value and creating an enjoyable user experience must be the top goal when creating and managing your business. With the right productized service, you can turn your expertise into a lucrative business that provides both customers and you with value that lasts.

Do you want to test the online course as a product? Do you want to use the no-cost trial? Here :).