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.
Yeah just bear in mind if you have product market fit and you figure out a way to deliver the product even more quickly, the price doesn’t necessarily need to go down.
Given you are investing money in tooling, try to model the ROI, then compare that to other options including status quo.
Thank you for your advice. I might try not changing prices when we release this platform. I thought that when you allow customer to do it themselves (self service) they should pay less.