COVID-19 has brought shockwaves all around the world. Industries across the globe have been pushed to adapt to changes brought by the pandemic — specifically SMEs.
Consultants, traders, and service-based businesses rely on person-to-person interaction for their profit. With social distancing measures to curb the virus spread, they're experiencing a massive reduction in demand.
If you're experiencing this too, productisation can save you.
Productisation is a process that helps you sell your services by converting them into useful products. It allows you to package an idea, skill, or software to make it marketable in the public.
With this, you can decide to sell as many products as you want and earn better profit returns than from your services. This also enables you to penetrate diverse markets, helping you gain more customers.
Consumers enjoy the benefits of receiving a product over a service in more ways than one:
Both you and the customer can experience the benefits of productisation. As a business owner, it's another avenue for you to earn and maximise profit potential. And for your customers, they'll receive a portion of your service without the high cost.
With the pandemic pushing businesses to go online, start productising your services into digital products. Here are the ways you can do that:
With most people now staying at home, they’re consuming content more than ever. Keep your connection by giving them something to read.
If you're in the consulting industry, sell your expertise through an eBook. Write anything related to your services — from how to's, pros-and-cons guides, and so much more!
Here are tips you can use to successfully productise your service into an eBook:
Another way for you to productise your service is offering online courses.
If you already have an eBook, repurpose its content into. While an eBook lets you write, a video course lets you talk.
You can teach your viewers how to improve in a certain skill, technique, and offer tips. This will also show them how good you are in your field — boosting your customer trust points.
For example, if you own a bookkeeping company, set up a course that teaches viewers how to manage their finances better.
Here are the steps in creating an effective online video course:
Make a list of topics that are relevant and interesting to your customers.
Here are some guide questions:
"Why should they participate in this course?" Ask this to yourself when you're writing the course description.
Educate your target audience what the online video course is about. Be clear with your overall goal, objectives, and expectations. Inform them about the things they could learn and how it would benefit them in the future.
Structure each topic properly.
Place and arrange appropriate subtopics to have a seamless course flow. Make sure it contributes to the course's overall learning outcome.
If you think your content is great, do the same for your video presentation. Your customers enrolled to learn skills through video — don't let them regret taking it.
Make sure that the sound and video quality is good. Add creative transitions. Use visuals to emphasise key terms.
If you're in the creative industry, you can sell your services by creating templates out of them.
Graphics artists can provide templates of logos, websites, and elements for clients to use.
For writers, they can sell high-quality business letter templates (sales, resignation, application). All the customer needs to do is to fill in the blanks and make changes they see fit.
Another way for owners in the creative industry to earn is to sell licenses of their work.
For example, photographers can submit their photos on stock photo sites for customers to purchase. Sound engineers and musicians can also sell their audio files online. Even designers can sell almost anything they create, ranging from logos, illustrations, and graphics.
Once your products are ready, make sure they have a dedicated space on your website. It will serve as the space where visitors can browse what you're selling and see how it benefits them.
To boost conversions, write product descriptions that are enticing and straight to the point.
Here are tips that can help you write better product descriptions:
Provide also simple steps on how to purchase your products. Make your customers’ experience as efficient and easy as possible.
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Increase your luck in getting a sale by having an app to feature your products in.
The great thing about phones is that they can be carried anywhere. This is the reason why 61% of consumers purchase a product from their phone. The selecting and checkout process is quick and efficient.
With this, your customers can read your eBook or take your online course on the phone. Just hire a skilled web developer and you're on your way!
Hosting a webinar is a great opportunity for you to advertise and sell your products.
Educate your participants on how your product could help them in the future. You also get answer questions live, make clarifications, and get a list of potential buyers by the end.
This is a challenging time for all of us. Although we can't change the situation we are in, we can choose how to respond to it.
Productising your service helps your business earn and move forward beyond the pandemic. It might be hard to adjust at first, but it will be worth it.
Regardless of what industry you're in, keep your business above water through creative solutions like productisation — and persevere.