Packaging your services
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Packaging your services
- 1. Packaging Your Services © 2017 www.ready2grow.com Lois Raats MEd CCC BCC Business Growth Consultant www.ready2grow.com
- 2. Lois Raats MEd CCC BCC Founder & Principal Consultant Ready2Grow Associates 30 years’ experience. • Business growth strategy, innovation, leadership development, marketing, digital marketing and sales. • Best practice development through coaching and community. Originator of: Roots & Fruits™ Business Leadership Model. 10x10™ Business Scorecard. Business Cards to Business Growth™ networking e-book. Thinking tools that aid growth and development. © 2017 www.ready2grow.com Email: lois@ready2grow.com Twitter: @ready2growlois
- 3. Goals for Today 1. Provide an overview of service packaging. 2. Explore package frameworks and components. 3. Explore how to create and price packages. 4. Study some case examples. 5. Start creating a package for your own business. ******* Q: What do we mean by “packages”? What are some of the ways packages can boost a business? © 2017 www.ready2grow.com
- 4. Defining “Packages”: Packages are product and service bundles that help customers… 1. Perceive your business as valuable. 2. Understand their available options and solutions. 3. Easily decide on the combination that suits them. 4. Easily purchase the right solution from you. © 2017 www.ready2grow.com
- 5. How packages can boost your business • Easy for clients to get started. • Levels and options make it easy to progress. • Increases your efficiency -> profits. • Increases credibility (you look organized). • Planned systems give better results. • Levels and options make it easy for the client to budget. • Clients know what they’re committing to – thus are more fully committed. • You get better testimonials and case studies. © 2017 www.ready2grow.com
- 6. Assumptions For purposes of this workshop, we will assume that you: • Already have a business. • Know who are your ideal clients or customers. • Have learned what products and services they will generally buy from you. (If you aren’t clear re the above, come see me.) © 2017 www.ready2grow.com
- 7. Success Principle To upgrade your NET WORTH increase the value you offer to your NETWORK. © 2017 www.ready2grow.com
- 9. N.B: VALUE exists ONLY in the mind of the customer • It doesn’t matter what YOU think is valuable. • It only matters what THEY THINK is valuable. Packages help customers better understand what we actually offer and how it can help them. So that we can sell the true value of what we’re offering, and stop under-selling. © 2017 www.ready2grow.com
- 10. Defining VALUE Value: • Personal / Brand Identity: Something we hold as important. A set of assumptions and beliefs that guide our decisions. • Economic: The maximum amount a customer would be willing to pay for a product or service. Value billing (a.k.a. hourly rates): • Billing based on hours expended, after service has been provided. Value pricing (a.k.a. product and service packages): • Billing according to perceived value, before the service has begun. • Allows the client to purchase what s/he values the most. © 2017 www.ready2grow.com
- 11. VALUE has been traditionally based on: © 2017 www.ready2grow.com • Inexpensive • Mid-range • Upscale • Good • Better • Best • Fast • Courteous • No-hassle • Convenient
- 12. Value is now also based on: © 2017 www.ready2grow.com • Clear, Timely Information • Informed Decision- making Process • Connections • Network • Tribe
- 14. Business Development Strategy for Packages: © 2017 www.ready2grow.com
- 15. Perception of Value Frequent Owner Mistakes: 1. Assume price matters more than anything else. 2. Fail to provide a range of price and package options. © 2017 www.ready2grow.com
- 16. Q. What types of features or benefits will clients and customers frequently pay more for, if given the choice? © 2017 www.ready2grow.com
- 17. A. People will pay more for (and frequently want to pay more for): © 2017 www.ready2grow.com • Instant • Simple • Convenient • Comfortable • Customized • On-call • Guaranteed response • Monitoring or maintaining • Pleasurable • Memorable • Enhance their image • Confer special status or belonging • Purpose-full • Generative (help them give back)
- 18. Hint: When we do not provide benefits or outcomes through upscale packaging and pricing that customers actually want, we are leaving money on the table. © 2017 www.ready2grow.com
- 19. People will also pay more to achieve these outcomes: • Next level, whatever that looks like for them • Reduction of pain • Increase of pleasure • Sense of accomplishment • Personal transformation • Fulfilling their purpose • Being able to give back to community • Health and well-being • Reduction of conflict • Helping their kids fulfill their potential • Improving communication • Etc. etc. © 2017 www.ready2grow.com
- 20. Communicating Our Value © 2017 www.ready2grow.com Do great work…then generate… Stories Testimonials Blogs Webinars Videos Case Studies Programs Communities Membership sites Learning groups Events Experiences Discounts Bonuses Upsells Specials
- 21. Hmm. Overlap between communicating and packaging. Both are about increasing perceived value. • The same tools we already use to market our services can also be used to create packages that add value to our clients. • You can repurpose marketing content and experiences to increase perception of value in the minds of your target clients. © 2017 www.ready2grow.com
- 22. HINT: The top 4 areas B2C consumers are perennially interested in… • Business, wealth, finances, career • Relationships and love • Personal development • Health and well-being If you you can relate your product and service packages to at least one of these interest areas, they will have stronger emotional appeal. (Sales are often based on emotion and rationalized later). © 2017 www.ready2grow.com
- 23. PACKAGE TYPES © 2017 www.ready2grow.com
- 24. Package Examples • Hardware, software, consulting packages. • Product and/or service plus consulting packages. • Project package. • Monthly retainer packages. • Time period packages. • Package of sessions. • Bonus package after speaking or seminar. • VIP package. • Guaranteed outcome package. © 2017 www.ready2grow.com
- 25. PRODUCT Package Types 1. Product + service package. 2. Product + consulting package. 3. Product + client experience package. 4. Product + community membership package. 5. Product + subscription package. © 2017 www.ready2grow.com
- 26. SERVICE Package Types 1. Number-of-sessions package. 2. Time-period package (monthly, quarterly, annually). 3. Project package with specific or guaranteed outcome. 4. VIP Day. 5. Combination package. © 2017 www.ready2grow.com
- 27. Package Structures • Clusters • Modules • Levels © 2017 www.ready2grow.com
- 28. Creating Your Packages 1. Generate a big list of everything you offer. • Products (items you sell). • Services (actions you or your team take to meet a need). • Proprietary systems (that solve a pressing problem). • Helpful information (video, audio, in-person). • Learning programs (video, audio, in-person). • Connections (communities s/he gets to belong to). • Bonuses (because s/he is special). • Upsells (to meet their next need or aspiration). © 2017 www.ready2grow.com
- 29. Creating Your Packages cont’d 2. As you’re listing your products and services… • Keep track of further ideas for adding value that you aren’t yet doing. • Set goals to make these ideas happen. © 2017 www.ready2grow.com
- 30. Creating Your Packages cont’d 3. List your ideal clients and what you already know about them. • Then start figuring out what else you want to offer them. © 2017 www.ready2grow.com
- 31. Creating Your Packages cont’d 4. Set up 3 value streams along the lines of basic – medium – advanced to reflect different levels of quality, price, service, and option selection. © 2017 www.ready2grow.com
- 32. Creating Your Packages cont’d 5. Develop options and add-ins. © 2017 www.ready2grow.com
- 36. Speaking Coach This framework incorporates process, levels, and packages © 2017 www.ready2grow.com
- 37. Thank You! Website: www.ready2grow.com Contact: • lois@ready2grow.com • Twitter: @ready2growlois • Link with me on Linked In and Facebook! © 2017 www.ready2grow.com
Notas do Editor
- 1.Cover slide: If you’re a service provider or small business owner who’d like to double or triple your income, this is a presentation for you. I’m Lois Raats, a business consultant in Canada. I’d like to share with you how to package your services so it’s easier for people to understand what you offer, and easier for them to buy from you. Maybe you’re an accountant, a renovator, a physio, a holistic practitioner, a consultant… Whatever your profession or trade, you’re going to get some ideas here that will help you take your business to the next level.
- 2. I’ve been helping people get to their next level in life and business for over 30 years. Along the way I’ve developed quite a few thinking tools you guys might be interested in and I post them on my website and social media. If you like this video, please connect with me, I’d be happy to keep in touch with you.
- 3. This presentation gives an overview of packaging and a framework that’ll help you get started. A couple of questions… What do we mean by packages? And what are some of the ways that packages can boost a business?
- 4. A package is a bundle of products and services that help a customer know exactly what you offer and why they should buy it from you. so they know exactly what options are available to them. and they can easily decide what combination suits them. And that makes it way easier to purchase the right solution.
- 5. There are a pile of ways packages can help you grow your business… They make it easier for clients to get started, to choose the options that will help them progress at their own pace, and know how to budget for your services ahead of time. Because you’ve organized your offerings ahead of time, packages are going to increase your own efficiency, and that’s going to make your business more profitable. Systems planned ahead of time just lead to better results. People will know exactly what they’re agreeing to, and that helps them feel fully committed once they’re on board. And of course, that’s going to lead to better testimonials and case studies.
- 6. For our purposes today, I’m going to assume you already have a business, know who your ideal clients or customers are, and have learned over time what products and services they will generally buy from you.
- 7. When it comes to growth, one of the easiest ways to make progress right away is to focus on the clients and customers you already know. I call this your “low-hanging fruit”. In fact, when you design packages, begin with these people in mind. They’re your favourites, right? So you want to attract more clients like them. To upgrade your NET WORTH, increase the value you offer to your NET-WORK.
- 8. We’re going to talk next about VALUE. What does it mean to add value to your network?
- 9. A really important thing to remember is that value, and your brand itself, exists ONLY in the mind of your customer. What do I mean by that? A common mistake owners make is to describe what they SELL, e.g. features, benefits and so on…but they haven’t thought clearly enough about what it is their customers actually want to BUY from them. The great thing about planning out your packages is that you’re going to get clearer yourself about what they’re most interested in, in other words, what is most VALUABLE to them.
- 10. The word “value” gets batted around in all kinds of ways, so I want to clarify a few things about it. I don’t want to get too theoretical, but bear with me for a few minutes, since these ideas help us know what to focus on as we create our service packages. There’s a personal way of thinking about values, like when we talk to our friends about what’s most important to us. And there’s a business way of thinking about it, as in how much a person is willing to pay for a product or service. Thinking about packages, I also want to distinguish between value billing, and value pricing. Value billing is… Value pricing is… What we want to move toward as we start to package our services is value pricing. This is where we think about our hourly services as a product, and add in other high-value features and bonuses that our clients and customers will be interested in.
- 11. There have traditionally been 3 factors that make a service offering valuable in the business world. At the top of this triangle we have PRICE, where something is going to for example, be priced inexpensively, at the middle of the range, or more toward the top of the range. On the left we’ve got QUALITY, where what you’re offering is going to be of okay quality, or better, or best quality. On the right we’ve got service levels, at good to best levels of speed, courtesy, and convenience. It’s been said that businesses will usually be able to pull off one or two of these 3 value drivers, but not all 3. This used to be true. But the internet has come along and shifted this value equation. So we get an Amazon, where you can get the exact level of quality you want, whether good, better or best. You can get it at a low price, because their distribution system makes suppliers compete for customers, and their distribution system also makes service super-convenient. The internet has caused a lot of changes in value delivery.
- 12. Now, here are a few other things the internet has done. It’s added 3 more super-important factors that business owners must incorporate nowadays into how they do business. Because now your sales cycle is in the hands of your buyer, instead of you. And what they need, to buy from YOU, is clear information at exactly the right time, they need guidance on how to think about that information, so they’re influenced to buy from you, and they need social proof – the approval of people that are important to them.
- 13. So your work is cut out for you. There are 6 factors you’re going to want to keep in mind as you’re fleshing out your packages. The usual factors of price, quality, and service. And the newer factors of timely information, a guided decision-making process, and social proof.
- 14. The Ansoff Matrix helps us look at different ways to grow your business. Take a look at that top left quadrant, where you’re offering Existing Products to Existing Markets. Again, I call this low-hanging fruit, because it’s easy to pluck. These are the people who are already in your client base, and you want to offer them more value they need and want. Now your job is to figure out what that value is, and incorporate it into your packages.
- 15. Now there are a couple mistakes business owners tend to make at this point. 1. Assume that price matters more than anything else. So they’ll sacrifice quality or service or creating valuable content that guides decision-making - when in fact for the customers they actually want to keep, these other factors are more important than price. And the customers who “value value” more than price, we want to keep – the ones who understand that what’s important is not always the lowest price. 2. The second mistake owners make is failing to provide a range of price options at different levels. And when we fail to provide choices, customers often choose to go elsewhere to competitors who do offer options and choices.
- 16. What types of features or benefits will clients and customers frequently pay more for, if given the choice?
- 17. People will pay more for, and frequently WANT to pay more for… So the question for you is, which of these factors or drivers are important to YOUR customers? Which of these, if you provide them, are going to make your customers even more thrilled with you than they already are?
- 18. Seriously, when we do not provide benefits and outcomes that customers actually want, by upscaling or downscaling our offers, we are leaving money on the table.
- 19. People will not only pay more for factors like convenience and comfort, they will also pay more for certain kinds of outcomes… For example, next level - whatever that looks like for them….and so on. And you want to pick one or more of these outcomes to centre your packages around. Which one of these outcomes, or any others you can think of, do you think your clients and customers would pay more for? Reduction of pain Increase of pleasure Sense of accomplishment Personal transformation Fulfilling their purpose Being able to give back to community Health and well-being Reduction of conflict Helping their kids fulfill their potential Improving communication Etc. etc.
- 20. Now let’s think about how we’re going to market our packages once we’ve got them created. The first part is always to do great work so your clients and customers become your ambassadors. The second step is tell stories about it, write about it, communicate it in as many ways as possible – but especially in the places where your clients hang out. The third step is to build communities of interest and support using programs, membership sites, learning groups, events and experiences. The fourth step is to market your work and your stories and build out your marketing funnel and your sales process. All of these are topics that we cover in other videos, so if you want to stay in touch, start by going to our website – at ready2grow.com -
- Hmm. About that marketing. Fortunately there’s a big overlap between communicating and packaging. Both are about increasing perceived value in the mind of your customers. The same tools we already use to market our services can also be used to create packages that add further value to our clients – and vice versa. The packages we create to add value to our clients can be used to market our business in a whole variety of other ways.
- 22. Here’s another hint…there are four areas that consumers are perennially interested in…anything to do with business relationships, wealth, finances, and career advancement. personal development, including higher purpose, spiritual development, inspiration, giving back. Health & well-being.
- 23. Let’s think now about the types of packages you can offer.
- 24. Here are some package examples… Be on the lookout for packages over the next while, and collect the ones you like as a file or bookmark. So you can pick a model you like best, and pattern your packages after it.
- 25. Here are some typical PRODUCT package types when you have a specific product, including information products such as e-books or downloads to sell. 1. Service or maintenance package. 2. Consulting package to help your client use the product. 3. Product and client experience package, such as a video series that culminates in an annual weekend retreat. 4. Product and community membership package, such as a Facebook group. 5. Product as part of a subscription package where people subscribe to a month or year of all of the above.
- 26. Here are some typical SERVICE package types. Number of sessions etc.
- 27. Package structures. Clusters. You can cluster your offerings into similar themes, sets of outcomes, industries, professions, and so on. Modules. You can create modules where there is more of a teaching component aimed toward a specific goal. Membership sites and learning platforms can help you deliver these types of packages. Levels. Each of your packages can be offered at different levels, along the lines of basic, medium, or advanced levels of quality, service and bonuses.
- 28. Creating Your Packages. Now it’s time to get practical, since creating packages can be overwhelming at first. You’ve done a lot of different kinds of work with your clients and customers, and now you’ve got to organize what you’ve got, you’ve got to systematize things perhaps in a different way than you’re used to. The best way to get started is to write a big list of everything you offer. All the different ways you’ve worked with your clients and customers thus far, in terms of products, services, etc.
- 29. /2/ - READ SLIDE cont’d
- 30. /3/Now let’s focus on your clients. Specifically, on your ideal clients. These are the ones you would love to clone. Write down the names of some of these people, and start imagining what else they need and want from you. How else you can provide value to them.
- 1. /4/ Now, start clustering your offerings in whatever way makes sense to you, and reflecting different levels of quality, price, service and add-ins.
- 32. /5/ Now focus on your add-ins, bonuses, and upsells, and really tweak them to suit the needs of your clients and customers. Here’s a recent example from from HP. When I bought a printer, they offered me a way to solve that annoying problem where you run out of ink just as you’re about to print something really important. Monthly subscription to ink. Printer reads my levels back to HP and they send ink in the mail. So value was added to me via a creative solution using technology and automation. What kinds of extra value are your clients wanting you to provide? If you don’t know, just ask a few of them and collect ideas to shape your packages.
- Here’s a typical accounting package that clusters his main offerings into levels, and adds one or two extras for each level up.
- Here’s an example of a sponsorship package for a farming association. Farmers can have different levels of commitment and involvement in the association, from a Barnraiser at $5,000, to a contributor to the scholarship fund at $750.
- Here are some photography packages that increases the number of minutes and the number of photo prints and bonuses for each level.
- And finally, here’s a speaking coach whose packages reflect the levels of development his clients go through to greatly increase their abilities. So a client at the lower end of the scale is focused on developing greater confidence, and over time adds in the other skill areas to get to the expert level.
- So there are a few examples. You’ve seen lots of packages around. But the most important thing is that you work out for yourself what it is you’re selling, what else your clients most want from you, and how you’re going to package your products and services to make it easy for your clients to buy from you, so it’s easy to better serve them, and ultimately so it’s much easier to grow your business. That completes our overview of packaging your services. Please check out our website at www.ready2grow.com to download the thinking tool that goes with this presentation. And best of luck moving forward with your packages!