Fast Track Your Growth
Certain entrepreneurs experience rapid growth. Do you often wonder how you can do that, too? Then break out of the pattern of selling your time. Start to highlight the solutions you offer. Consider ways to productize your services.
Follow these five simple steps to accelerate your business growth:
Entrepreneurs commonly offer “ala carte services.” That’s because it’s easier to take the path of least resistance and follow a traditional model.
Eventually, however, your business will reach it’s growth limit. That’s when you start to explore your options.
Have you thought about how to productize your services? It’s simply a way to package, or bundle, your services together.
It’s easy to over-think what goes into the perfect package. Don’t worry; you can create more than one package. The best way to test your packages is to go with “good enough” and start offering them to potential clients.
You’ll receive specific feedback from your clients about your packages:
1. Value. Awareness about what your clients value.
2. Unimportant. Discover which services you thought were important, but your clients don’t really value.
3. Overlooked. Your clients ask you to include these services into your packages.
These insights are priceless. Consider the feedback. Then adjust your packages accordingly.
No matter how big or small your business is, you want to remain client-centered. Consider your clients wants, needs and desires as you productize your services.
A difference exists between the three:
Wants. What services do your clients commonly request? Consider wants as something that isn’t absolutely necessary, but it will make things easier. For example, if you offer bookkeeping services they will also want tax-related services and QuickBooks training. Adding these services to your packages would solve a specific problem and attract a certain type of client.
Needs. What tool, process or service does your client need, although they may not ask for it? These items are necessary to get the job done. Consider the reports, practical work or information your clients require.
Desires. Desires are luxury items that they would like to have. Maybe you offer a Help Desk and technical support for your clients. Or, you include a set number of client meetings in each package.
Add and Subtract
To develop a solid package, do this simple thing – add what is needed and eliminate what isn’t.
Add: First, ask yourself, “What do my clients need, want and desire?” Consider the biggest problem your clients face when they first meet with you. Your package solves that challenge. It includes tasks specifically required to resolve that problem. What other services do they typically need once that problem is solved?
Remove: Next, list the services your currently offer which you don’t enjoy or aren’t necessary. Then eliminate these things. You’ll realize that some activities drag your business down. So, remove the unproductive elements from your packages.
As you pay close attention to your clients requests, you’ll become more familiar with their needs, wants and desires. Well-designed productized services will attract your ideal client. If that’s not happening, then adjust your packages:
1. Revamp your message. Review your marketing materials. Is your messaging client attractive? For example, your website probably talks about you and your service. However, it overlooks your client and their specific concerns. Because of that, your marketing materials aren’t very inviting. In fact, they seem more like a pitch. As you productize your services, revamp your website to discusses the problem you solve, what they can expect and how to get started.
2. Adjust your expectations to match the client’s needs. The other option is to get feedback from your current clients, especially your ideal clients. Ask to meet with them. Listen to what they need, want and desire. Pay attention to how they state those things. Then ask them how you help them. After those meetings, review your productized services and make any necessary changes.
Never sell yourself short. It’s easier to price for value when you productize your services. Follow these effective ways to set your price:
a) Determine your value. Pricing your services is highly uncomfortable. Your self-worth influences your rates. Realize that people will mirror your value. So, you need to deeply connect with your value before you can expect others to value what you offer.
b) Price for value, not for time. Your ideal clients will happily invest in your packages once they recognize the value. It’s up to you to connect the dots. Educate them about the benefits of each package you offer.
c) Focus on benefits, not features. The problem you solve has greater value than the things you do to solve that problem. Most entrepreneurs mistakenly focus on what they do, these are known as the features. On the other hand, your clients invest in your productized service because it solves a problem. For example, an entrepreneur who spends countless hours each week searching for misplaced papers hires an organizer. She hires the organizer to reduce time spent searching for important documents, not because she wants color coded files.
d) Increase your perceived value. The best way to increase your value is to develop expertise in a specific area and then offer consultations for that niche. When clients are ready to resolve a problem, they want an expert who’s dealt with their problem before and can effectively solve their need.
e) Return Ratio. The clients need to feel they are getting more benefits in comparison to the costs they pay for the service. For example, can they make an additional $50,000 this year from your $12,000 service? Or do they continue to lose $2000 each month because of a problem that you can resolve for $6000? How can you clearly define your solution to their problem and what’s possible once that problem is solved? Emphasize those things to differentiate your brand from your counterparts.
f) Increase your profit margin. Over time you’ll gain expertise. As your level of service improves, you’ll attract better clients. Don’t hold off on increasing the price of your packages. This is the easiest way to increase your profits. And remember, continue to remove any unnecessary services in your business.
A basic principle contributes to your success: execute and insight. Continue to modify your packages until you get it right. Study successful companies to learn about their growth journey. Remain open minded to new ideas.
Always pay attention to your client’s needs, wants and desires as you productize your services. Regularly update your packages. As technology develops, add in new ways to deliver your services that are faster and less expensive. It’s your job to educate your clients about how your packages solve their specific problems. Your value lies in what you know, not what you do. If you are ready to develop value packages, then let’s talk. Schedule a complimentary strategy session.