Anyone here have successfully turned a service into a product? What did you learn while doing so?
Context:
We’ve been supplying Event Agencies with a service that they needed to complement their events. This requires us to customize the look and process they want and be on the actual event day to support the activation.
I wanted to scale up our business by productizing it so that eventually we won’t need to be there physically or there won’t be any developer time involved on the project.
The way I thought about this is that we will develop a new product that is self service and user friendly (for non technical people). We can offer this product in 3 ways, one is that we will use it to still provide service to our existing customers. Second is that we allow them to use the product directly with lower cost. Third is that we onboard other service providers to use our product to sell to their customers.
I’m having doubts tho whether we can convert our existing customers to self service (They basically pay us to do the stuff for them) or do we need to find new types of customer that are more tech savvy.
I think that’s the magic of productized services. Much simplified customer experience in exchange for recurring revenue/higher AOV.
By bundling multiple services, ideally you’d lower the final price, which could be a great incentive for existing customers to switch over.
I’m on a similar journey as you and have been researching productized services for over a year. Happy to exchange knowledge with you and see how it turns out!
As a software company we’ve been thinking of a product that we can sell while also doing services for event agencies. I think we’ve been looking the wrong way due to financial pressures so now I’m looking on how we can doit to our existing services and customers.
We found a niche, we already have repeat customers, we just need to find a way to reduce developer time and increase to more sales.