How to Make Money From a Productized Service

Let’s say that you’re a freelancer or an employee in an organization looking to move up the totem pole, to an area that gives you more reward for the hours/days/weeks/months/years of effort you put into it.

productized service

You’re thinking that, inevitably, you’ll have to learn a new trade or purchase thousands of dollars of software to compete with others in your market.

Or, even worse, you’ll have to join an agency or a consulting firm.

What if we told you that, with a little bit of practice and talent realization, you could make more money than you’d ever think was possible?

To top it all off, you could do it with the skills you already know.

If you’re asking how, it’s simple – You can do this by creating a productized service, or a product and service package with a defined price and scope of use.

It sounds simple, and it is simple. Most people think that, however, they don’t have the power to make money in such a simple way. With the right knowledge, however, you can make a lucrative amount of money from the skills you already know.

Looking to launch a new product or service funnel soon?   We’ve helped countless #FunnelHackers overcome broken links, invalid redirects, missing Pixels, wrong videos on webinar – the list goes on…  But all these issues could be avoided by following our Ultimate Launch Checklist. Grab it for free now.

 

The Beginnings of a Productized Service and How to Validate, Price, and Promote it

productized service

Some entrepreneurs don’t start the hunt for income generation through productized services because they want to, and others accidentally get thrown into the mix.

When you’ve got your idea off the ground, how do you validate, price and promote it?

Validation is the easiest step, but care has to be taken – We’re referring to the niche of your productized service when we say this.

How can you produce a seemingly-viable productized service when the niche you’re operating in is flooded to the point where your productized service is unlikely to be used, let alone discovered?

It comes down to identifying the area that’s in need of your productized service, and making the bold step of taking over that area if not many people have done so yet.

Pricing may fluctuate at first – And you might have to rely on the formidable “conversion rate” to actual gauge and appropriate price of your productized service.

We’ve found that it helps to create a subscription price for your productized service, which can better help you, as the productized service generator, better understand and analyze the customer conversion rate of your productized service or services.

For instance, you might anticipate that 25% or 1 out of every 4 customers that view your product will make a purchase. Say that, instead of 25%, over half of all customers that view your productized service purchase a subscription for it.

It’s safe to say that, at this point, you’ll be able to slightly raise the price (in a way that’s not too jaw-dropping).

You don’t need to be a marketing extraordinaire to market/promote your productized service – In fact, it’s a lot easier than you’d think.

productized service

The term “easy” seems to be an ongoing trend in making money from a productized service!

Take a look at these promotion tips to help move your productized service or services into the niche world it’s supposed to flourish in.

If you’re offering several different things in your productized service, try separating each thing in a way that’s easy to see. Offer different packages or combinations of the services at different price points.

Prospective customers will gawk (in joy) at a ladder of package options for your productized service.

Another important promotion tool for your productized service is to display every possible detail of your service package, as opposed to just the name or type of productized service you’re offering.

For example, while you’re promoting your product, outline every relevant service or aspect of your productized service, as opposed to the singular name/type of productized service.

Why Productized Service Instead of Software, Consulting, or Agency Work?

First and foremost, a productized service is an end product, rather than a template program that allows your customers to build off of and make their own.

Next, productized services have much lower rates of cancellation than other unfinished, unrefined, Do-It-Yourself services (much of what consulting and agency work is). The results are tangible because a productized service is the complete package.

There aren’t any loopholes and customers like that. They’re much less likely to cancel a subscription to your productized service if they don’t have to do any work on their end.

Another huge advantage productized services have over agencies, consulting, and software products is that they can surpass the dreaded bottleneck that many start-ups initially experience, especially in the realm of consulting.

Productized services allow you to sell your services as a complete package, for an upfront fee or subscription price. By doing this, you’re slashing the amount of time you’ll have to devote towards customer service and other activities that are considered routine in first-time businesses.

The final advantage we’ll talk about is one that we’ve been highlighting all long: You’re a master at your trade, so you won’t have to do any product testing or soft selling. You’ll save yourself loads of time and money by doing this.

Don’t think that the above tips are the only advantages of establishing a productized service, either. Let’s take a look at some proven productized services.

 

Examples of Successful Productized Services

(Bean Ninjas, WPCurve, Simple Creative Marketing Content Writing Service,  Brandstrong, Destination Legal, FunnelFixit)

Bean Ninjas – Bean Ninjas is a comprehensive, three-tiered bookkeeping service that offers its customers a wide range of bookkeeping services.

WPCurve – WPCurve is a product that includes WordPress oriented services, each of which is aimed to bolster things such as web traffic, hacker protection, and SEO.

Simple Creative Marketing Content Writing Service – Simple Creative Marketing Content Writing Service takes the headache out of content creation for your website; they find the writing talent and provide your website with killer content and blog posts.

BrandStrong – BrandStrong funnels graphic design talent and makes it easily accessible to whoever needs it.

Destination Legal – Destination Legal takes the fear out of business law. From copyright laws to product protection, they do it all.

FunnelFixIt – FunnelFixIt provides around the clock solutions for any problems you or your company runs into with their ClickFunnels sales funnels.

 

How to Scale Up – What Have Others Done?

We touched on this a little earlier, when we were talking about pricing your newfound productized service. Taking a deeper look, it’s easy to see one thing that truly helps scaling up and successfully expanding your business.

The one thing is a piece of advice that’s easy to implement – set one price point when you first launch your productized service and adjust the service and its price based on feedback, customer conversion rate, and company cost.

Doing this can help establish different levels of prestige that customers can unlock (via more money) with your productized service and can help gauge whether or not you need to make changes to the price of your productized service.

 

Avoiding Failure

There are two overarching things to consider if you want to succeed with your productized service.

The first thing to consider is whether or not your productized service could even hold up as a productized service. Consider the nature of it and ask yourself the question “Is my productized service simple?”.

The next thing you’ll want to consider if you want to avoid failure with your productized service is the core of everything we work for – the customer.

Don’t expect to experience success in the niche of your productized service if the customers that occupy the niche are typically complicated customers.

When we throw the term “complicated customers” around we’re referring to the potential complexities of the questions that are commonly asked of the niche that you’re productized service occupies.

Similar to the last point we talked about, the service needs to be simple.

The same holds true with the prospective needs, questions, and desires of the customers you intend to serve.

 

Final Thoughts

Making money from a productized service, or a service that’s packaged strategically, systematically, and comprehensively in a manner that’s easy for customers to see, has never been easier.

In fact, it’s a vastly more effective way of carrying out business, especially if you’re a startup.

Don’t sleep on the amount of money you can make from successfully carrying out your business through the means of a consolidated, easy to figure out, attractive productized service.

Looking to launch a new product or service funnel soon?   We’ve helped countless #FunnelHackers overcome broken links, invalid redirects, missing Pixels, wrong videos on webinar – the list goes on…  But all these issues could be avoided by following our Ultimate Launch Checklist. Grab it for free now.

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