How to Make More Money by Productizing Your Services
Productization is the process of transforming services into products your customers can select based on their needs.
If you’ve been thinking about making this shift, congratulations!
You’re embarking on a journey that will position you to make more money, with less time and effort on your part. There are a few big things to figure out along the way, but you’ve got this. You’ll need to make a few key shifts: deciding you’re a business owner, not a service provider; understanding why you should productize in the first place; figuring out what exactly your customers want; and getting over the hump of fewer leads (don’t worry, the leads you’ll be getting are better!).
Becoming a Business, not a Service Provider
In order to productize your offerings, you’ve got to make a mindset shift. Until now, you’ve been thinking of yourself as a service provider. That needs to change because service providers by nature change their offerings for each new customer. By beginning to think of yourself as a business owner, and your services as products, you’ll remove the mental barriers needed to productize your services.
So get up, go look in the mirror, and say, “I am a business owner, not a service provider.”
If you’re in a public bathroom… maybe wait until you get home. It could get weird. (Unless that’s your thing, then weird away! I’m not here to judge. 😆)
Why Should I Productize my Services?
Productizing your services comes with some fantastic benefits to growing your business with less time and active effort on your part. You’ll no longer be spending hours custom-designing a service for each new customer. Instead, your customer selects the best package for themselves, based on what they need. (Of course, you’re there to help them decide between different tiers of packages). You’ve done the hard part only once, instead of every time you get a new customer! You’ve magically freed up 5 or 6 hours per week since you’re not building custom packages anymore. That’s more time for other customers, or just to enjoy the fruits of your labor.
Think about a personal trainer. You could be an Instagram personal trainer offering a custom workout routine to each new client and spend 10 hours or so compiling a workout routine, plus spending that hour per day in the gym with every single client.
OR, you could run a personal training business exclusively for LGBTQ+ folx (see what I did there) offering 3 pre-packaged products:
- The Bronze Butt Booster:
- 3X/ week workout guides and a weekly check-in
- The Silver Butt Booster:
- 5X/ week workout guides and a weekly check-in
- The Golden Butt Booster:
- 5X/ week 1-on-1 training, PLUS meal planning based on fitness goals.
- The Bronze Butt Booster:
Photo by Meghan Holmes on Unsplash
In this scenario, one service package sticks out far and away as the best value. It’s also the most expensive and time-consuming! There are options for customers who may want to ease their way in or aren’t ready for a major financial commitment without first seeing some results. We’ll talk about why that matters in a bit.
What do My Customers Want?
Yes, you’ll need to do some research. I know that’s a bore, and you went into business for yourself to stop doing boring shit you didn’t want to do for your boss – but this is important. There will be other people in the world who are also personal trainers, social media marketers, or whatever. It’s a big world and we’re all inspired by what we see other people doing.
What you need to do, is find a way to stand out from the crowd. There are so many ways to do that, it just depends on what you’re offering and where you see a gap to fill. You can even read reviews of your competition and see what their customers are saying. If there’s a common thread people are asking for – there’s your in!
Think about our personal trainer… yes, you can work out 1-on-1 with many trainers, but is everyone going to offer meal planning services? If you’ve gone on a fitness journey (and let’s be honest, we all have at some point), you’ve likely found out that you can’t out-train a bad diet. But for a lot of people, that’s the most complicated part of the equation. What to eat? How to go to the store once per week instead of 3 times a week (which also saves you money and makes you less like to make naughty choices at the grocery store).
Adding meal planning services takes this service over the top for someone who’s stressed out trying to figure out the most critical variable in being able to meet their goals and get their hot girl summer body.
How Packaging Makes You More – With Fewer Customers!
Okay. So you’ve decided you’re a business owner. You figured out what your customers want. You built a few packages that you know your customers will pay for.
Well, now you’re getting fewer leads. WHAT?! That’s scary, and I’m telling you now, it’s okay. Just breathe. Because soon enough you’ll realize that it doesn’t even matter. But Stefaan, how can that not matter?! I need customers to make money! You said this would work!
When you’ve productized and properly priced your offers, your customers no longer need to ask a ton of questions before saying yes and making a purchase. You lifted the veil by giving them the deets (and sometimes even the price!), so they can make the decision on whether or not you’re the right person for the job.
What you’ll soon see is how much easier it is to get business. The leads coming in are warmer. They’re ready to make a commitment with less of your time. You’re getting more sales from fewer leads.
Yes. You’re getting more sales from fewer leads. Less time answering questions from people who aren’t even ready to use your business to meet their goals.
Again, our personal trainer metaphor stands. You’re getting fewer DMs from potential customers, but the ones you do get are asking more nuanced questions. Can you accommodate my vegan, gluten-free diet for the meal planning service? Can you do 9PM workout sessions for the 1-on-1s, that’s when I have time?
Instead of questions like: Do you have a booty program? How much time do I have to spend in the gym to see results? Do you do HIIT workouts?
You answered all the wider-net questions when you productized your personal training business. So the leads coming in are far more serious about achieving their health and fitness goals. AND customers know you’re only interested in working with LGBTQ+ folx because you want your community to feel comfortable with their trainer. Which means… you make more money, by spending less of your time on unqualified leads.
But the biggest secret of them all is that by creating packages, you're able to stay away from the "charge-per-x" trap (per hour, per person, per whatever,...)! You're able to charge higher ticket prices because it's a product that contains an immense value for the customer. Done are the days you're selling a commodity!
Oh wow, Stefaan, this makes so much sense! I’m totally gonna productize my services! I know, I know – and you’re welcome!
If you’re still unsure how to make this shift in your own LGBTQ+-owned business, I get it.
That’s why at Titanology, where we also focus on LGBTQ+ business owners, we've got you covered!
Get immediate access to ME, PLUS our Titan Masters Team, to help you every step of the way as you Productize Your Offers, Raise Your Prices, and build the Best Team Ever!
Apply Now to the Out & Proud Business Hub and get ready for:
Titan Masters sessions to ensure you’ve got the expertise needed at your fingertips (and in your Zooms!)
Networking with other members to not only grow your connections but also have a little fun!
Monthly focuses – complete with events and Masterclasses to keep you & your business growing!