How to start a productized service?

How to Start a Productized Service

Welcome to the issue #2 of our weekly newsletter. Today, we're diving into how to start a productized service and why it can be incredibly profitable if you follow the right steps. Let's get into it!

Why Building a Productized Service Can Be Profitable

A productized service transforms your expertise into a standardized offering, making it easier to scale your business and provide consistent client results. Here's why it's a profitable endeavor:

• Predictable Revenue: With a productized service, you can offer fixed pricing and packages, making revenue more predictable compared to freelance projects.

• Scalability: By standardizing your service, you can streamline your process and take on more clients at a premium price without significantly increasing your workload.

• Efficiency: Repeating the service allows you to refine your workflow, reduce delivery time, and improve quality, leading to higher client satisfaction and more referrals.

How to Get Started

1. Identify Your Niche: Focus on an area where you have strong expertise and where there's demand. This could be UX/UI design, website development, or mobile app design.

2. Define Your Offer: Clearly outline what your service includes. Specify deliverables, timelines, and pricing. This transparency builds trust with potential clients.

3. Create a Process: Develop a step-by-step process for delivering your service. This ensures consistency and helps manage client expectations.

4. Build a Sales Funnel: Create a simple sales funnel that attracts leads, nurtures them, and converts them into paying clients. Use social media, email, and content marketing to drive traffic to your funnel.

5. Set Up Automation: Use tools to automate repetitive tasks like scheduling, invoicing, and follow-ups. This allows you to focus on delivering great work.

How to Create Grand Slam Offers

Drawing inspiration from Alex Hormozi's "100 Million Dollar Offers," here’s how to create offers so good that clients can't say no:

• Understand Your Client’s Pain Points: Identify the specific problems your clients are facing. Tailor your service to address these pain points effectively.

• Offer Unmatched Value: Provide more value than your competitors. This could be through additional services, faster delivery times, or superior customer support.

• Risk Reversal: Reduce the risk for your clients. Offer guarantees like a money-back guarantee if they're not satisfied with the results.

• Enhance Perceived Value: Use testimonials, case studies, and detailed service descriptions to show the tangible benefits your clients will receive.

• Price Strategically: Your pricing should reflect the value you provide. Avoid undervaluing your service, but ensure it's competitive and justifiable.

By following these steps, you can create a productized service that not only attracts clients but also retains them, ensuring long-term profitability and success. (Side note: This is not a one-size-fits-all solution, but many of these strategies have been very helpful while building Narius.)

P.S.: I highly recommend reading "$100M Offers: How to Make Offers So Good People Feel Stupid Saying No." It’s one of my favorites lately—I’ve read it five times at this point. Check it out!

Stay tuned for more insights next Sunday as we continue to document the journey of building Narius Design. Let’s embark on this adventure together!

By the way, if you're looking for a tool to help with time tracking and productivity, check out my new app, Time Hive. It's free and designed to help you make the most of your time.

Cheers from Tallinn, Estonia 🇪🇪

Best, Jackson