How To Switch From A Service To A Product
Steps For Productising Your Service
How productize your service?
The coronavirus pandemic disproportionately impacts service providers. The people who cook for us, keep us fit, and keep our homes clean are severely affected. We’ve stopped consuming personal services from a desire
to conserve cash, avoid human contact, and use our time at home to do things ourselves.Business-to-business service providers are also getting impacted, including everyone from contractors to IT and business consultants. Companies cancel business services to conserve cash, observe physical distancing measures, and
focus on short-term survival rather than long-term projects. They also cut service providers out of loyalty to full-time employees over contractors and consultants.
One of the benefits of a service business is that you always have sales leverage because your time is scarce. Because you can’t make more hours in the day, customers know they need to act to get some of your time. With a product business, where your offering is always available, you need to give people a reason to act today rather than tomorrow. This means you need to manufacture a reason to act from scarcity.
- The 8-step approach to productizing a service
- Why most attempts to productize fail the first time around
- The biggest obstacle most owners face when productizing (and how to overcome it)