EPISODE 137: HOW TO PACKAGE YOUR SERVICES FOR MORE PROFIT
One of the ways to inject new growth into your service-based online business and help you to scale your business is knowing how to package services.
On this episode, I walk you through how to package services so you bring in more revenue and profit for your online business.
By taking different services that you offer and combining them into a brand new service package, you commit clients to a longer term working with you. At the same time, you'll also create a new, more valuable service offering.
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"Selling service packages commits clients to a longer term working with you. This will allow your business to bring in more revenue and more profit."
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Topics Discussed In This Episode:
- Why service-based online businesses should consider packaging their services instead of only offering them as individual services.
- 3-step process on how to package your services
- 2 important rules to remember when packaging your services
One of the ways to inject new growth into your service based online business and help you to scale your online business is to take and combine all your different services that you already offer and turn them into a service package.
I want to walk you through how to package services so that you get to inject a new revenue and new growth into your online business.
Now what does it mean to create a service package? Now creating a service package is basically taking all the different services that you already provide and then bundling them up and offering them as one price, instead of selling your services individually and separately.
So for example if you offer copywriting services, design services, marketing strategy services, now instead of selling those services separately to your clients, what you can do now is to package them up and then offer them for X amount of dollars.
So let me first start by explaining why selling service packages is such a great way to scale online businesses.
Now when you package services, your clients are now committed to working with you for a longer period of time. So instead of selling just individual sessions for X amount of dollars or selling a project for X amount of dollars, now you get to bring in more revenue and more profit for your online business.
Now another reason why selling service packages is great is because when your services start to look very similar to what your competitors are offering, when it starts to become too similar, your clients and your potential clients, they might go on what we call the price comparison.
So they start looking at the different prices because all you guys are offering very similar services. So one way to change that is to create a service package that offers a better value than your competitors, so that your clients and your potential clients are no longer looking at just the prices.
And then of course, at the same time, it is beneficial for your clients. Very often, results are not seen in one session, in one project. It might take some time. So by offering a service package, you help them to get a better result with you.
So now I'll walk you through my three step systems on how I package my services and turn my individual services into a service package.
So step number one, we start by researching. You want to make sure you have enough information about what your customers are looking for, their needs and wants. You want to look at what your competitors are doing. Are they creating any service packages? Do they already have service packages that are working really well?
This is the stage where you want to determine what services to include in the bundle and what to exclude. You want to make sure the services you include in the bundle and that service package is truly what your ideal paying customers need and want.
So say for example, if I want to create a social media management service package, what i want to do is to figure out what are my clients looking for in a in a social media management service. Are they looking for daily management of the social media posts? Are they looking for designing help because maybe they don't have a designer or they don't know how to design?
So they need help with designing. Maybe they also need copywriting for the social media posts? Do they also need help with paid ads? Are they running paid ads and they might need help with paid social media?
So I ask myself those questions before I create a social media management service package.
So step number two is to analyze your past projects or your past clients. So you want to see what worked in that process what didn't work and what to keep and what to remove. So let's do the social media management service package example again.
So maybe in the past that you used to help your client with Instagram marketing. Now analyze what worked with that client or those clients in the past when you were doing Instagram management, and then you can see what worked and you want to include them in a service package, and what didn't work and you can remove
them from the service package.
So an example could be doing competitors analysis for their Instagram accounts, doing competitors analysis for your past clients, you were able to get them better Instagram results. So maybe in your service package - your Instagram management service package or your social media marketing service package, you can include competitors analysis as part of that service package as well.
And then once you've done your research and now you've done your analysis, it's time to move down to step number three, which is to build your service package. Now as you're building your service package, there are two things that you need to be absolutely aware of.
The first thing is being specific. So for example, if you're going to go with the social media management service package, now that might work for some clients but very often it might not be specific enough for other clients.
So what is involved in that social media management service package? You want to make sure that you're as specific as you can with that service package, maybe even include the goal or the results that's expected out of using that service package. So that when your client or your prospective client sees that service package, they instantly go, "yeah this is what I want".
So as I'm thinking about how to be specific with my service package, what I'm thinking about is I want to list out how many sessions I'll need with the client in order to be the most effective, or how much work is needed in order to present the best work and the most effective work possible.
So i'll list it all down so that I get very very specific. Do they need 10 sessions with me? Do they need 15 sessions of me? What exactly do they get? Now another thing I want to do is to list all the extra bonuses that I can include in this service package. So things like handouts, guides, pdfs, workbooks or even an extra training in the form of a course, a mini course, or even an extra training for their team.
So back to the social media management example. So if I'm creating a social media management service package, maybe one of the extra bonuses that I can offer in this service package is a mini course on Twitter marketing or Instagram marketing or social media marketing.
So just by having that little extra bonus in that package that bundle, instantly the value of the bundle of that package goes up much more and becomes more valuable to your clients.
Now another thing I want to do when i'm trying to package my services is to make sure that i'm offering different levels of services. So i want to make sure that I'm giving the clients the option to choose between multiple service packages. So you can call your different packages, it starts from the starter package to the expert package to maybe the premium package.
So these are packages that are of different value and of different prices. And this is great because it helps you to cater to different clients who have different budgets. So some clients have smaller budgets and so therefore they might go with the lower level, and the clients with the most budget they will go with the ultimate package.
Now there are two final rules on how to package services. The first rule is to make sure that in each bundle, in each level, that you want to make sure that every feature that you include in each bundle is actually useful and it matters to your audience.
If you're going to go out there and offer different packages different levels, so startup, mid-range and the premium, you want to make sure that each package offers features that actually matter to your clients. And this is specifically true as you get higher, so the premium stage.
Are you offering extra stuff that actually matters to your clients or are they just fluffy stuff you're trying to add to your premium package so that you can charge more for it?
And then the second rule that you gotta remember as you're building your service package is to make sure that you're very clear on the scope of work, so that you avoid
Because very often as we create service packages, we're offering different things. If you are not clear on exactly what your service package includes and doesn't include, it's easy for your clients to overstep their boundaries and ask for more work or ask for more things, and you start to run into what we call the scope creep.
So you want to make sure you get very very specific. Again, back to where you're building it, be specific with what you include in your service package.
So this is my three step systems on how to package services.
Thanks For Listening, My Friend!
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