For example, consider the attorneys on retainer who are employed by many large businesses. Vital to the businesses’ success, these attorneys perform essential tasks, such as reviewing contracts and making negotiations. But many of the attorneys’ duties take place completely behind the scenes, as they conduct hours and hours of research. It can be too easy for people to discount the importance of a behind-the-scenes business, missing out on a service they would’ve enjoyed simply because they weren’t able to see the true value of it.
It is possible, though, to decrease the probability of this happening to your business. Here are a few tips to avoid being overlooked:
Create a physical product to demonstrate the service your business provides
Products are tangible. Customers can touch and examine them before deciding to buy, and this is a huge advantage for product-based businesses. Tangible products have a higher perceived value.
Service-based businesses face greater difficulties when attempting to promote their services, simply for the fact that they are intangible. One way to get around this disadvantage, as a service business, is to create a physical product that specifically demonstrates what your business provides as a service. This tangible element is huge in developing a greater presence in your field.
Perform market research
Since service-based businesses don’t typically create physical products, you may not feel immediately comfortable, or confident, with this concept. Don’t let it intimidate you! Someone involved with your business can learn how to execute a new product by performing ample market research. Learn about how others have done it and implement the strategy that seems to align most closely with your business.
Think of it this way: You know why your service is needed in the marketplace. Take the information you already have on the problem your service is solving and think of how the people who need that problem solved might be convinced to take the leap. This can push you toward the right kind of product to talk to the right kind of people.
Constantly create new products
A bigger product mix can only lead to more customers. It’s even necessary with today’s accelerated rate of new information and development. Don’t wait until you’re forced by competition or a struggling economy to innovate, develop products, and make changes. Aim to constantly create new products. You’ll be viewed as a greater authority and innovator in your field, and you’ll stay high on customers’ radar.
Consider other problems you’ve come across when working with clients – or enhancements that could make your existing services more valuable to them. These are ready-made product ideas waiting for you to implement them.
When in doubt, opt for eBooks
A hindrance to the development of a physical product can be simply the product idea itself! It can be difficult to select an item that really “fits” the business: After all, as a service-oriented company, coming up with a product at all already requires some out-of-the-box thinking.
Fortunately, there is a go-to product that works well for most fields. eBooks, the perfect starter product, can contain valuable information about the industry the service is in – and then promote the business as a side note. eBooks don’t take a great amount of time to create, nor are they costly. Many businesses find eBooks result in a good amount of leads; eBooks can incorporate links to your company’s website, as well as offers and other embedded value that will entice readers to look at what you have to offer.
Products can create a mainline of new business, even for service-oriented companies. Keep in mind that a physical product offering doesn’t have to be big. A small product, like an eBook, could be the perfect thing to add an element of tangibility – as well as credibility and authority – to your service business!
About the Author: D.C. Fawcett is the owner of Paramount Digital Publishing, an Internet publishing company. D.C. currently shares his marketing and business expertise through the IPM (Info Publishing Masterplan) Program.