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Benefits of productizing your services
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Boost your sales
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Productizing your services will allow you to boost your sales, increasing revenue outright. By standardizing your offering you’re also standardizing your sales process. This enables you to monitor and A/B test your sales pipeline as any ecommerce retailer does.
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Ecommerce retailers are very closely monitoring objective measures like page drop-offs and their abandoned digital cart rate. On the other hand, most sales teams in professional services are having to come up with new lines of attack for every new prospect.
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Streamline your marketing processes
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Every company has set processes, whether by design or force of habit. While you might pride yourself on the personal touch your attentive sales team provides, there are inevitably processes for things like lead generation or winning contracts.
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Productizing your services enables you to streamline those processes, partly by reducing the amount of communication needed. You’re removing the need for intro calls by offering a specific package upfront. And as you improve your site, you could reduce the sales and follow-up process to a couple of meetings and some client care emails.
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After all, ecommerce personalization is only made possible by the kind of data made available to retailers by operating at scale. By gathering ecommerce-style data on your processes you’re able to streamline and simplify until your team is getting it right every time. This could involve something as simple as monitoring B2B ecommerce trends to understand what works and what needs to be the focus to improve conversions.
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Enhance your team’s productivity
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For professional services agencies like management consultancies, this kind of standardization can be transformational. Not only do productized services open the door for packages like subscription services, a source of recurring revenue we’ll explore later, they can enable a much calmer and more productive way of working.
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Source
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By running the same process for every client, you make life in the office much more stable and predictable. No longer are your team putting out unforeseen fires, hopping between projects, and context-switching around completely different tasks. To a much greater extent, your team can collaborate on projects without much onboarding.
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Scale your business more easily
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There’s an analogy between logistics and warehousing. Why is inventory management important for wholesale retailers? In part, it’s because a huge amount of efficiency is gained by “chunking” simple tasks or processes.
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The same product is sold in the same amount every time, often bundled in the same deals, because standardization unlocks economies of scale from the forklift driver who has to make fewer trips to the hauler fitting more uniform packages into the lorry.
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This may seem a world away from consulting. But when you productize services, you want to leverage the kind of scalability other industries have been running on for decades. To make this management more attainable, integrate warehouse management systems into the processes. You can also reduce delivery costs for large-scale fleets by implementing fuel cards.
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Get more time to strategize
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By putting data at your disposal and letting you A/B test everything, productizing your services might be one of the best ways to learn about them in detail. With e-commerce thinking and multichannel order management, you’re able to refine your value propositions for different clients much faster than you could with bespoke, apples-and-oranges consulting projects that couldn’t be meaningfully compared.
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For consultants who are working freelance or running small agencies, all this frees up time you’re spending putting out fires. This could free up time to work on more strategic projects that will help grow the business, not just keep the lights on, or give yourself a well-earned rest once in a while.
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Establish loyalty in your customers
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You’re not the only one benefitting. For clients, your productized services offer well-tailored packages that you’ve carefully optimized to solve specific problems. Unlike with freelance or contract workers, there’s little risk of your fixed-cost projects overrunning.
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If you’re looking for B2B software like HR automation or the best ERP for retail, you want to know what you’re getting and exactly what you’re paying for it. Productized service packages give you a competitive edge because you’re offering your clients a well-defined, high-value product at a predictable cost they can justify to themselves and the company, eventually establishing loyalty.
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