As a service provider in any industry, have you ever felt that there is a ceiling to your earning potential? After all, no matter how much you charge per hour you still only have a limited amount of hours in your day. And, the only way to make more money is by working longer hours that takes you away from family and friends and eventually leads to burnout.
Well, there is good news: Creating products for your business allows you to grow your business footprint and make money while you sleep. This may seem like a foreign concept, however, this is a concept worth investing into, especially if it is going to win you back your freedom and make more money.
The digital marketing/web design industry has taken this concept and successfully implemented it for years. Think about it: If you engage a web developer for a website, rarely will they quote you in hours. They will provide you a quote with product options. Options like; pages included, blogging capabilities, online shopping, member login, database storage etc. These options aren’t physical products and take time to develop but have been packaged in a way that allows the business to put a set price on each “product”. It also allows you as the customer to make decisions on which products you want and which you don’t.
The website is what I refer to as The Core Product for the business. This is the industry solution to the market and the product that makes the big bucks.
The other area of product development that the digital marketing/web design industry is great at is information products. Products that are either free or low cost and allow their customers to have minimal cost, minimal commitment interactions with the business. Interactions, that provide value to the customer and grow the business footprint. These products are what I call Products of Engagement. These to create warm leads to fill your sales funnel, increase your footprint and create extra cash flow revenue.
These concepts can be used for any service-based industry.
The Core Product
To create a great core product you first need to have a solid understanding of what problem you solve for your ideal clients. You also need to put a monetary value on how solving this problem will benefit your ideal client. Once you know this, you need to review and systemise how you deliver your service and break it down into packages. Packages that deliver a value based proposition rather than an hourly based cost.
Let’s use a physiotherapist as an example.
You are a physiotherapist specialising in lower back mobility. You know that generally you need 8 visits over 4 weeks to fix a lower back pain issue. However, most clients will come see you a maximum of 5 sessions and don’t do their exercises.
You could create a “Pain Free Guarantee*” package:
- Twice a week, 1 hour physiotherapy session
- Weekly training plan
- Physio tape
$695 / 4 weeks
* Terms & Conditions Apply
A package like this is a product that creates win/win results for you and your client. You have increased your return visits, increased your price, and provided value. In return, your client will be pain free and you can guarantee it because you know what is required to deliver on the promise.
Products of Engagement
Creating Products of Engagement requires, content development, asset creation and testing and measuring to see what works. Products of Engagement include but aren’t limited to; Courses and Tutorials delivered face-to-face or online, Books and eBooks, Licensed Products and Membership Sites, Templates and Check Sheets and Apps. Products like these allow you to grow your business footprint and make money while you sleep.
Going back to our physiotherapist example.
Courses and Tutorials:
A lunchtime workshop on “How to Protect Your Lower Back When Sitting at a Desk” delivered to corporate businesses – $895
“Free From Lower Back Pain for Life – How Just 5min a Day Can Keep the Physio Away” – $20 or $14.95 on Audible
“10 Signs That Your Runners Are Impacting Your Lower Back Issues” – Download Free (in exchange for email and phone number)
An App developed to help your clients with their daily exercises and a way for you to track that they are doing them – free access as part of a package, can be sold as a licensed product to other physiotherapists.
This may seem like a long-term game and will require some time and money. The best thing to do is work smart, not hard. Outsource what you can, collaborate and test on your trusted clients and advisors. Once you ‘nail’ these Products for Engagement you will create greater cash flow for your business and position yourself as a thought leader and influencer in your industry.
Now you have the tools to break through the glass ceiling and really make money while you sleep.