Business strategy Archives - Marketing Fundamentals

Have you set up Your Services Business For Success?

Mike Pitt — Thu, 13 Apr 2017 06:54:44 +0000

This post may contain affiliate links please read our disclosure for more info.

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If your services business is to be successful you will need to be focused and that is difficult given that there are so many distractions. Some business owners are distracted by the search for angel investment, for others it is the lure of a new marketing platform. There is an opportunity to be successful with your services business but not in the way that it is portrayed in the media.

Overnight success stories are the exception rather than the rule. In most cases success has come to business owners who were able to play the ‘long game’ and make progress over time. Small iterations became the foundation on which their success was built. I know this is not the usual narrative that we are fed by the media but it is the reality for the majority of services businesses. To ensure organic business growth you will need several building blocks in place. I have listed some of them below.

Your Services Business

1. Relationships

Social Media has made it easier to build rapport and begin to establish new relationships online. Relationships will remain key to the future success of your services business. Remember that online relationships complement rather than replace in person relationships. It’s vitally important that you go out and meet people face to face. Networking is not dead.

2. Consistency

You must be consistent in how you deliver your services to your clients but also in how you market your business. I know, consistency is not sexy or even exciting but it is the cornerstone of many successful businesses around the world. Consistency creates trust and people would rather do business with people that they trust.

3. Team Building

It is no secret that to scale a services based business you will need to build a great team. Ensure that you devote enough time and resource to develop yourself as an effective leader and become one that attracts team members who believe in the vision you have for your company. All staff should share a strong work ethic and commitment to the company’s goals.

4. Efficient Business Systems

As a business owner you will be approached on a weekly basis by someone promising to transform your business with their new product or service. In most cases you do not need their latest bright shiny solution. What you do need is to create a number of systems that manage the workflow through your business from initial order to delivery. HR management software will help you create and manage a a more efficient business. All business systems must be documented, the existence and use of these systems will increase the efficiency of your business. Attaining ISO 9001 accreditation will underline your commitment to quality management systems and customer satisfaction.

If you have enjoyed this post you will also like the following related posts.

Professional Services: How Do You Build Trust in Your Company ? 5 ways.

How to Spot a Good Services Business

The Viral Myth: Building Success on YouTube For Your Services Business

Professional Services: Should Your Business Have an Info Product?

B2B Content Marketing Agency London

Marketing Fundamentals Ltd is a B2B Content Marketing Agency in London that creates Content and manages Social Media for Professional Services firms. We hope you find this information useful.

If you would like our help creating and executing a Content Marketing Plan for your business or organisation give us a call on +44 (0) 845 2264 247. You can also email us via mail@marketingfundamentals.com

On our YouTube channel you will find marketing advice, business advice & inspiration. Subscribe if you work in Marketing for Professional Services or are a business owner or solo-preneur trying to grow your business. New uploads on Wednesdays.

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Marketing Fundamentals Team

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The post Have you set up Your Services Business For Success? appeared first on Marketing Fundamentals.

Business strategy – Is Productization Right for you? 5 Considerations

Mike Pitt — Wed, 22 Jan 2014 13:02:09 +0000

This post may contain affiliate links please read our disclosure for more info.

Hello everyone. I am going to start this post with an ugly looking word – productization. It is ugly but beautiful at the same time. Let me explain with a story. There was a business owner called Brad who owned an accountancy firm delivering professional services to small businesses. Over the course of a few years, he built up his client base and increased his number of staff to handle the increased number of clients. Brad’s business was growing – but only slowly. As the business got bigger Brad was getting pulled into activities that he did not perceive to be his strengths: activities like Human Resources, Health and Safety, Logistics. It seemed that the every small increase in profitability came at great cost to him in terms of time and focus.

During a weekend seminar, Brad heard about productization; productization is the process of creating products out of the services that your company or organisation provides. He also learned that it is easier to sell products online than it is to sell services. Bingo! Brad then created a new product development strategy that created products that included the following: proprietary accounting software, Ebooks, books, online courses, online workshops, webinars, downloadable PDFs, apps, podcasts and audio files. This enabled Brad’s company to reach many more customers than he and his staff could physically meet with during normal working hours. Over the course of the next 3 years, Brad’s company grew by a factor of five aided by productisation and appropriate use of technology.

Are you a professional services firm that would like to grow as Brad’s firm did? Below are 5 reasons why you should consider productization.

Productization – 5 Things to Consider

1. Scale – Productization well executed will create the opportunity to scale your business rather than grow.

2. Revenue – Productization can transform your website from purely an informational website into one that actually generates sales and revenue.

3. International Expansion – Once you have a suite of products available online you are able to do business internationally from the comfort of your own laptop. Platforms such as Amazon, the App Store and iTunes (for podcasts) deliver a level of kudos for your business too.

4. Business Card – Having a critically acclaimed product is a much better business card than any conventional business card. At networking events, you will be remembered.

5. Do the work once – Once you have created the product it is done. The book, the online course, the video series can be sold multiple times without you having to do any additional work. You may want to consider updates in the future but for the present the work is done.

We hope you have found this information useful. Productization can form part of a comprehensive Content Marketing strategy.

If you have enjoyed this post you will also like the following:

Should Your Book Also be an AudioBook?

Podcasting vs YouTube: Which is Better for Your Business?

Professional Services: How Do You Fill Your Sales Funnel?