by Debbie Josendale
This is the final article of a three part series on How to Position your Service as a Product. Step 1 focused on creating your service methodology and Step 2 talked about the power of packaging your service methodology. This article finishes the process with a marketing your services pricing strategy that makes it easy for your your customers to buy.
A Pricing Strategy that Makes It Easy to Buy
When it comes to professional service fees, buyers often have no idea of what to expect in terms of service delivery and the associated cost. Additionally, service fees can vary drastically, which add fuel to the fear of the buying decision. Roadblocks start popping up that add challenge to marketing your services.
The problem is that price may be the only tangible thing that a buyer can use to decide when it comes to buying professional services. Moreover, when you compete on price alone, no one really wins.
So how do you win the confidence and trust of your buyer?
Develop a Pricing Strategy with Service Packages
When you establish a pricing strategy based on service packages, it’s easier for your prospective buyers to understand what they’re getting and distinguish the value. Service packages provide buyers with a clear picture of what to expect and transform your service as a product.
On the flip side marketing your professional services is more comfortable because you’re able to define exactly what’s included. It creates a conversation baseline that ups your confidence in marketing your services.
3 Ways to Create Easy to Buy…
Professional Service Packages
1) Fixed Price
Have you ever gone to a restaurant and found a “prix fixe” or fixed price meal on the menu? It’s simply a pricing strategy based on a predetermined set of items presented as a multi course meal at a set price. It takes the indecision out of “what should I order?” And for the restaurant owner it offers ease and efficiencies of ordering supplies and preparation.
The same is true for professional services. Identify tasks that can be bundled together to create a fixed price option. Consider your most common requests, that when bundled with other tasks, create more synergy for both the client and your business.
2) Service Levels
When you create packages around service levels, your goal is to cater to the different needs and budgets of your customers, and let buyers choose. Marketing your services moves from pain to gain.
Service levels are most often offered as 3 tiers of service. The top tier is the most expensive and provides the highest value while the lowest tier is and entry-level offering with lower pricing. Levels are frequently named with boring look-alike words such as Bronze, Silver and Gold.
Keep in mind that naming your service levels can be a point of distinction. Stand out from the crowd and distinguish your service offerings by choosing names that reflect your brand and unique value.
3) Think Outside of the Box
Combine professional services to create new offerings that are more valuable. Identify trends by reviewing client requests, checking out competitors and looking outside your industry to check other approaches.
In recent history a trend has been to combine professional services with Alliance Partners. One example in the world of retail is the offering of Alliance Partner services such as banks, eye doctors, nail salons, pharmacies, dry cleaners and even walk-in clinics in the same space with a grocery or retail store.
Another example, a web developer could create a new service as a product offering that bundles web design plus branding and e-mail marketing services provided by Alliance Partners. The result is a fixed-price or service level package that is more robust, delivers higher value and is easier to buy.
Make the Invisible Visible and Watch Your Sales Soar
Imagine you’re giving a 30-minute presentation on what you do and you have no props or pictures. You find yourself talking in circles and sweating as the eyes of your audience glaze over in confusion. In fact the more you talk the more confused you feel.
People are running in the other direction as soon as your presentation is over.
Now imagine giving that same presentation with pictures and props that help you to describe your methodology and service packages. Your presentation clearly demonstrates that you know what you’re talking about. You feel confident and as your presentation flows, your audience gains confidence in you.
People are running to you when the presentation is over. And that’s exactly what will happen when you implement the 3 steps presented in this series.
This concludes the series on How to Position Your Service as a Product. I hope that you’ve caught a vision of how this technique makes it easy for customers to buy your service and you’re inspired to take action.
Have a question on where to begin. Other ideas on how to position your service as a product to make marketing your services more effective? Please share your ideas!