More Businesses are Productising Their Services – Should Yours Be Doing the Same?
Products and services dominate industry markets – but what if there was a way to combine both into a single entity? Enter ‘productised services’, a growing trend that package and present services as products.
Medium Corporation states that a productised service functions much like a product that comes with a fixed scope of work, delivery schedule and benefits, topped off with a fixed price. As compared to a service that is charged by the hour, the act of productising services only serves to help businesses shop efficiently and adequately.
Look at other companies who have productised their services and see how you can do the same for your own business. Take Scribe, for example, a productised service that offers various packages for entrepreneurs looking to write a book without getting down to the nitty gritty details. Their packages comprise options like guidance, editing, interviews or even a customised process catering to specific needs for a fixed price per month.
If productising your services sounds like a direction that your business will want to pursue, here are some tips on how to start the process:
Design a ‘product roadmap’
It is easy to be overwhelmed by the sheer number of impending tasks as you start to productise your services. It’s hence imperative for businesses to take a step back, evaluate what they want to do and sketch it all out in a ‘product roadmap’ of sorts. GIST suggests starting with creating a ‘ladder’, where a business can segment their offerings into various tiers. To lure first-time clients in, Medium Corporation resonates with having a low-cost entry-level offering, followed by a dynamic sequence of services that build on each other so that you can tailor your services to each client’s specific needs.
Once this is done, a business can start zeroing in on the aspects that need work and invest their resources accordingly. For example, once the variety of offerings are identified, business owners can then choose to direct focus towards optimising or streamlining their processes.
Get feedback from clients
That being said, your service should be catered to meet your customer’s needs. And how better to do so than to gather comments directly from clients? Ask for critical feedback from your clients and use this to improve your business offerings. Entrepreneur urges that by determining what your customers need, your business will be able to design and provide product-service packages that customers will “actually want”.
Engage the right help
Based on the growing trend of productised services appearing on the market, know that your business is not alone in embarking on this journey. Canon has also taken to productising our services, complementing our software solutions such as uniFLOW and uniFLOW Express Online with our award-winning range of multi-functional devices, allowing our partners to streamline their document management processes by maximising the utility of their equipment.
Embarking on such a process can be intimidating but it doesn’t have to be – keep these tips in mind to ensure that your business stays competitive. Follow Canon Singapore on LinkedIn for more business insights!