Presented by: Jonathan Bohn, Founder and Business Coach at Soko Ventures
Jonathan starts his presentation by explaining why consumers stop purchasing generic services. There are three reasons why: to conserve cash, to avoid people, and do it themselves. Businesses have a kind of unique way that they run when they start. Typically they have a few core employees. Then, once they start to grow, they start hiring contractors and then consultants who specialize in marketing and technical services. Generic services of all kinds are getting cut, and they are typically the first on the chopping block and so business owners, especially service-product businesses, want to think about how they can create value or productize their service.
So these are the 8 steps for turning your service into a product:
- Niche Down- consider demographics, firmographics, life stage, company life stage, and psychographics
- Find your TVR Solution: teachable to employees, valuable to customers, and repeatable purchase cadence
- Define your quarter-inch hole- thinking about what your customer is valuing in your service.
- List your “Ingredients”- Listing your ingredients as a service are the things needed to take a service and make it tangible like a product
- Brand It- Being able to brand your service makes it feel like it’s a tangible thing and easier for consumers to understand, process and value.
- Price It- Product always lists their price
- Preempt Objections- Address people’s objections and respond to them.
- Manufacture Scarcity
For free resources just visit the website of SOKO Ventures at www.sokoventures.com