Productization is not just a buzzword, it is now a guiding principle for strategic planning and growth that professional service firms utilize to turn a skill or service into a standard, fully-tested marketed product. I didn’t come up with this term, Eisha Armstrong wrote a book that talks about converting service companies to productization companies.
This involves a process of establishing a cultural change to your business and SOP for the process of developing and testing new product ideas. But the real truth to why you want to start this paradigm shift in your business is business healthiness.
We all were made better operators of our businesses through this recent change in the economy, we got rid of waste and inefficient practices in order to survive. In my discussions with recruiters, the focus for new hires has not been to add revenue generators to the business but rather to add operational leaders who can reduce waste and operate more efficiently with fewer FTEs.
In my opinion, we need to build a hybrid business model that can thrive in the new future of our industry. We believe that you should not operate your business solely in the past models of 30-60 receivables, but rather, convert your revenue mix with 20-25% of your revenue coming to prepaid. This will convert your dependency on cash flow through banking means and convert to a hybrid which takes the best parts of online acumen into your business.
In the next coming months, we will recommend how to:
- Shift your culture to embrace a product mindset
- Develop new capabilities needed to be successful
- Invest in exploring and building scalable solutions and products
- Develop your team and establish a new charter in your business
HCS can give you all the tools you need to succeed in this new economic environment. The HCS team includes highly skilled marketing professionals that can be integrated with your team. With increasingly longer research time as prospects navigate the buying process, marketing has never been more important. Our team of marketing specialists can help you tell the story of your services and how you can turn that into productization.
We provide:
- Powerful visual messaging
- Full content development through the strength of storytelling
- Vertical market expertise in the graphic communication and financial markets
- Campaign marketing via outbound, inbound and social platforms
- WordPress, responsive site development and maintenance
- Full video production
We know how hard it can be to change the direction of your business model. Our team can help make this transition seamless while you concentrate on productization.
