How can we package our services to make a bigger impact?
9 April 2020 at 8:17 am
The Xfactor Collective specialist member and packaging expert Laura Trotta shares three ways thought leaders and organisations can make a bigger impact by packaging their services into leveraged offerings.
We live in a period of unlimited opportunity where, thanks to the internet, we can reach more clients and markets than ever before. Indeed, it is possible for thought leaders and organisations to be able to make an impact today that seemed impossible a decade or so ago.
“Despite the need to continually provide value, the recurring revenue from a membership enables you or your organisation to focus on delivery of services, rather than constant marketing efforts.”
This bigger impact is made possible by packaging your services in a way that allows your organisation to serve unlimited clients at the same time. And how do I know this to be true? Over the past six years I’ve educated thousands of people worldwide in sustainable living from my home in a small town in remote Australia. All I had was my knowledge, some sass and an internet connection. Packaging my services transformed my business and my life and I know it can transform yours too.
What does “package your services” mean?
Packaging your services is the process of consolidating your knowledge or expertise into offerings that create leverage and/or scale in your organisation. Packaging includes creating offerings that more than one client can purchase or consume at a given time, but can also include bundling up services to add value for individual clients.
Benefits of packaging your services
Packaging doesn’t just allow organisations and thought leaders to reach a wider audience and make a bigger impact, packaging also has the following benefits:
- Increased revenue and lower overheads due to online delivery of services.
- Recurring revenue from packages that continually deliver value over time.
- Creation of business assets that can be sold time and time again.
- Ability to reach and help clients who may not be able to afford your 1:1 services.
- Ability for any client, regardless of their location, to be able to access your online services.
Of course there can be substantial work involved in creating and marketing some packages, particularly online educational resources, however as these packages can deliver value and earn revenue over a long period of time, this effort is an investment in your organisation’s business assets.
Three ways to package your services to make a bigger impact
Packaging your services can involve delivering your offerings in a do-it-yourself (e.g. book or course), done-with-you (e.g. workshop), or done-for-you (e.g. consulting) format, with the price increasing with each offering to reflect the time investment by you and results achieved for your client. There are many opportunities to package your knowledge and services, including books, events and workshops, conferences, summits, retreats, group coaching and consulting packages, however the following three package types, when developed and marketed right, will allow your organisation to thrive while making a bigger impact.
1. Online courses (e-courses)
Online courses are a simple way to enable your clients to access your knowledge in a do-it-yourself format, regardless of where in the world they reside. By following your step-by-step framework, participants can achieve the results that come through working with you, without your 1:1 involvement. Online courses provide flexibility for your clients and they provide flexibility for your organisation.
For these reasons, it’s easy to see why, according to Forbes, the global e-learning market is forecast to reach US$325 billion by 2025, from US$107 billion in 2015.
Due to the massive growth the online education industry has experienced in recent years, there is a growing number of cost-effective platforms that enable you to easily host your training materials. Put simply, there has never been a better time to create an online course.
2. Online memberships
Similar to e-courses, online memberships enable clients to access your knowledge in a do-it-yourself or done-with-you format, regardless of where they reside. Unlike e-courses that tend to be a once-off investment, online memberships can be a more sustainable business model as they offer the very real potential for recurring revenue. The catch is keeping your members!
Continually offering value for members so they renew their membership involves producing regular members-only content and interacting with the community. To manage a successful membership, you’ll also need to develop a system around marketing your offering to generate a flow of new leads that will regularly convert to new members.
Despite the need to continually provide value, the recurring revenue from a membership enables you or your organisation to focus on delivery of services, rather than constant marketing efforts. Many organisations therefore find that a membership model provides the peace of mind in business they crave.
3. Retainer packages
If your organisation offers done-for-you services these can easily be packaged into retainer offerings to break away from quoting on an hourly rate. Retainers involve your client paying a set fee each month to guarantee your services. In a world where securing quality services providers can be difficult, retainers offer your client peace of mind that they have access to you and your services.
Retainers can be built around an entire array of services including web support, graphic design, copywriting, consulting, virtual admin assistance, podcast editing or online marketing services such as Facebook Ad management, and can be tailored for high intensity / high investment work packages or maintenance “help desk” work packages.
By packaging your services into online offerings you’ll be able to reach a wider audience, grow your organisation and make a bigger impact. E-courses or memberships create leverage and scale in organisations by allowing more than one client to purchase and consume your offering at a given time. Retainer packages for done-for-you services provide recurring revenue for your organisation and continuity and guarantee of service for your client and are therefore a win-win for both parties.
About the author: Laura Trotta is a specialist business member of The Xfactor Collective, who specialises in helping educators, experts and consultants make a bigger impact by packaging up their knowledge into leveraged offerings.