Transitioning from service to product is one of the best opportunities for businesses with a track record of service success. This transition not only propels your business forward but also amplifies value for your customers.
Yet, many businesses remain unaware of the potential to transform their services into products, much less how to go about it.
If you are wondering why even border productising here are some key benefits
Scalability: Imagine reaching more people without working around the clock. That’s what products can do!
Predictability: Products can keep the cash coming in more predictable revenue streams than services that can go up and down.
Efficiency: Once you’ve set up your product, it takes care of itself much more than any service does.
Market Reach: Digital products don’t have borders. Sell to anyone, anywhere!
Competitive Advantage: Unique products can differentiate your business from competitors.
Customer Value: Products can often provide more value to customers by solving their problems more effectively and efficiently than services.
If your service is already a hit, you’re halfway there. You’ve got customers who trust you and a service that’s proven its worth. Now, let’s figure out how to turn that into a product that adds even more value.
Here are some steps to follow in productising your service:
1. Cultivate a Product-Minded Culture
Transitioning to a product-focused business requires a mindset shift. Success as a service provider doesn't guarantee product success. Inspire your team to embrace this new direction, fostering a culture that supports product innovation.
2. Commit Resources to Product Development
Unlike services, product development demands significant upfront investment. Define your business objectives and budget early, refining your investment strategy as your product vision sharpens through product discovery.
3. Define your product strategy
Your product strategy should articulate who your product serves, the challenges it addresses, and how it stands out, guiding your efforts toward fulfilling your vision.
3. Iterative discovery: Identify the right thing to build
To build the right thing, you need to understand your customer’s need
s. At wisemind, we call this phase of product development iterative discovery and it involves:
Identifying customer problems and desires
Brainstorming solutions
Validating these solutions through prototyping, testing, or launching a Minimum Viable Product (MVP)
5. Sell
The ultimate test to determine your product’s viability and how much customers value it is to offer it to them for a price. Make it easy for your customers to pay for the product.
Finally
Here are some questions to consider before you productise
Who are your ideal customers for the product?
How does your product stand out from the competition?
Is your pricing strategy aligned with your cost structure and market expectations?
How scalable is the product model?
If you're ready to transform your service into a product or develop a new digital product, We are here to guide you. Reach out to us to explore how we can turn your great service into an even greater product
