In This

Episode

• Learn if your business is missing huge opportunities on the internet.
• Break a few myths around what results digital products can provide your business.

• Share examples and results of digital products we have created for our clients.

• Understand why bigger impact isn’t really the goal.

Let’s start with the basics of what a Service Business is.

The official definition from study.com of Service Business:  An enterprise composed of a professional or team of experts that deliver work or aid in completing a task for the benefit of its customers. The product a service business delivers isn’t like a product you buy at the store, such as a television, piece of clothing, or food item. A service business delivers a product that is primarily composed of personal labor and expertise to deliver the desired work.

Most service businesses only make money when they are actively working to complete a task.  One of the major benefits the internet has given service businesses is the ability to make money digitally.  So you are no longer required to only work with clients that are local to you.  Nor do you have to be in-person or actively working to generate revenue.

If you’re not doing business online, you’re missing huge opportunities to scale your business, with what we like to call New Revenue.

In today’s world there are a variety of service businesses adding digital products to their business model.  We have helped a dozen clients achieve this goal. Their businesses have been in the following service industries:

• • • • Education
      • Real Estate
      • Banking
      • Academia
      • Executive Leadership 

A digital product is something that exists digitally and delivers value. It doesn’t have to be something that is for sale.  It can be a website that provides useful information.  For example, your digital product may not make the business money directly.  The product can be used to help sell another product or service.  Many people are surprised by this, as the initial thought is that every product MUST make money.

What does it look like for a service business to add a digital product to their business model?

Here are few examples of digital products we’ve created for clients and how they are relevant to their business:

Business: DBS Solutions (Leadership)

Product: A 15 module course – How To Become a Corporate Director.  This course is used to generate revenue and is launched once a quarter on the backend of a virtual Masterclass.

Business: The Home Team Realty Group (Real Estate)

Product: THTRG Website – Used to generate and nurture leads with content.  Also, used to add new realtors to the team.

Business: belindapruyne.com (Consulting)

Product: Notable Leaders Podcast – Published weekly with interviews of experts sharing their stories. Used to nurture the audience so they build trust with the host.

The real question we ask our clients when they want to build a new product is why?  What’s the real result you want to have? This helps the team establish true goals and expectations for development.

The common answer we hear from clients is… bigger impact!

‘‘I want to see more diversity on Corporate Boards’’

‘‘I my podcast to reach and help more people have a transformation.’’

‘‘I want to empower people to build quality real estate businesses’’

When it comes to adding a digital product to your service business the opportunities are endless.   What you really want to do is think about your goal and create a product that will bring you one step closer to that goal.

Here are a few examples of products you can add to your business:

Train people how to deliver the service or process you’ve become an expert in.  That would be creating a Training or Certification program as an extension of your current business.

Provide (paid or free) resources that potential clients can access to learn more about your services before investing in working with you.

Create a (paid or free) community for your clients to connect and share ideas.  A product like this will allow you a space to nurture and stay connected with past clients and offer opportunities to upsell. 

Publish a quarterly magazine that shares insights and articles to nurture clients and potential leads.

Ok, now what?

The first step to getting started is to get clear on the real goal.  Is it to generate leveraged income in addition to the main service business?  Or is it to create a product that will nurture leads to encourage their decision to invest in working with you.

Once you’re clear on the goal you will be able to start thinking about the type of product you can add to your business.

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This article is the written version of Episode 11 from the New Revenue Podcast.