How to Market Business Consulting Services through Packaging
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Transcript of How to Market Business Consulting Services through Packaging
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How to Package Consulting Services
Reasons Why You Should14
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Selling a Service is Not Like Selling Vacuum Cleaners
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Services are DifferentIntangible
Can’t see, touch or try
Local customer base (typically)
High involvement: complex, costly, purchased infrequently
Perishable
Customer is often “present”
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THE IRONY IS...You Need to Turn Your Service into a Product
KNOW DO
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Why?avoid selling hourssaves time writing proposalsconsistent deliveryreduces scope creep
easier to explaineasy to sellcapture position in customers + referrers minds
efficiency = bigger marginseasier to train lower cost people
“tangible” attributes + benefits
People like neat and tidy solutions: kits, systems, turnkey
greater perceived value
everyone on same page
easy to buy; simpler decision
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When the product is right, you don’t have to be a great marketer
Lee Iacoccapromoter
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Position Package Promote Profit
STAKE YOUR CLAIM ON A SIMPLE IDEA OR POSITION
IN THE MIND OF YOUR CUSTOMER
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Core CompetencyWhat are your best skills, strengths, business approach? Secret sauce? How you do what you do.
Competitive Position How are you perceived? What are you known for?
Cognitive Brand Brand promise, values, personality, emotional connection
Creative Risks Express yourself, be memorable
Substance
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Direct Substitutes Differentiation
Similar servicesWhat prospects might do
or purchase insteadWhy you?
Competition: Where do you fit?
Seattle Wedding Photographers
No pictures at all
Have a family member act as photographer
Ask guests to take pictures
Likely or Unlikely?
Why?
Awareness
Specialty
Portfolio/Website
Credibility: Experience, Education, Awards, Press
Referral (live/social)
Packages & Price
Added Value Services
More exclusive = fewer competitors
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Ways to Differentiate
Photo: vectorportal.com
Market Niche Competitive Opportunities
Guarantee(so strong that no one else in your industry would dream
of doing it. Scary!)
Resolve Fear, Universal Belief (painless dentistry, neatest remodeling contractor)
Package an Outcome Unique or Trendy
(sustainable?)
Messaging
Do the Unexpected (financial planner details your
car when during annual review)
An Offer They Can’t Refuse(tax prep clients get fee back
with referrals) “100% refund tax guys”
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Packaging Stages
Standardize
Productize
Reorganize
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Packaging Principles1. Focus on outcomes, results,
deliverables.
2. Document the value proposition.
3. Use flat or fixed prices for the primary package; use “accessories” or “add-ons” to manage variables.
4. Constrain the timeline. Be crystal clear which activities occur during the engagement. Identify key milestones with deliverables.
5. Specify what you expect from the customer; who will participate, types of activities, time required.
6. Build supporting documentation: checklists, delivery guides, sample reports. Helps customer see that you have real intellectual property baked into the offering.
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Fill the Shelf
No frills
Serve several people at once (i.e., classes)
Virtual product: digital, downloadable
Low Point of the Arrow:
Accessible entry point for new business
Super-premium
Increasing quality
Personalize
“Customization”
What happens next?
High
Upsell
Your Offer Need
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Standardize
Turn existing activities, knowledge and materials into procedures and processes.
Supported by tools, deliverables and documents: data-gathering forms, guides, checklists, etc.
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2008
2014
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Productize
Turn an idea, process, prototype or expertise into a marketable and salable product
Limited customization
Volume sale
Isn’t as easy as it sounds; you’ll need an audience first
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Increasing Levels of Sophistication
Straight Consulting Packaging
WorkshopsOnline
Courses
Digital Creations
Infoproducts
Membership Programs
Apps
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TECHNOLOGY CAN HELPIf you can think of it, someone’s probably created it. If not, maybe you should.
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Reorganize
Apply capabilities in response to market changes or trends
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How to Reorganize1. What are market trends
important to your industry, market or customers?
2. What research do you need to do? Where will you find it?
3. What opportunities have arisen? New problems/needs.
4. Map capabilities to solving those new problems or addressing those new needs.
Political
Economic
Regulatory
Technological
Social
Industry
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REORGANIZEDmarketing + audio capabilities + need for content = spokeninkpr.com
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Package Development ProcessIdeas & Development
Assess Potential
Outline steps to delivery
Box It Up
Go to Market
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Ideas & DevelopmentBrainstorm the different ways you provide services (mind map)
Look for patterns on how you spend your time and share your expertise
What questions do you get asked over and over again?
What do you want to be known for? What do you enjoy?
Look for trends in past 18 months of business
Break it down into 3-5 categories
Develop use cases and case studies for each category
What materials or assets have you already created that can be repurposed?
Research current clients and engagements: solicit stories, ask what’s working, challenges encountered, gather anecdotes, etc.
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Assess PotentialWhich ideas hold the most potential for productization?
Determine which of your services are repeatable, predictable and scalable
Financial review of services so any trends or possible groupings can be developed.
Develop preliminary productization matrix with the most promising products identified.
What can given to less skilled /costly personnel?
Partners?
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Outline Steps to Delivery
Think about how you naturally deliver the service
Write the steps in a logical sequenceLook for redundancies;
find efficienciesWhat can be automated? Technology?
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Example Outlines
Life Coach Business Strategist
Financial Planner
Self Discover
Action Planning
Try It Out
Internalize
Ongoing Support
SWOT
Resource and Risk Threshold
Action Plan
Current Position
Future Goals
Risk Assessment
Recommendations
Portfolio Creation
Tracking
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Box It UpCreate levels or packages within categories
Develop flat-fee pricing for each
Give packages names: descriptive, benefit-oriented, branded
Collateralize: presentation, tools, spreadsheet, ebook, guidelines, checklists, workbook, video/audio presentation.
What is easy to deliver and easy to maintain?
What do customers want to use?
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Go to MarketGet early feedback from existing clients
Track responses/adjust offerings
Write new case studies; messaging
Develop website and marketing materials
Do post mortems at the end of each project to capture lessons learned
Continually improve by gathering feedback
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Thanks for Viewing
Please post a comment or shoot me an email if you would be interested in this topic as an online self-study course. There would be a low fee.
If you’re interested in seeing the second half of this presentation about promoting consulting businesses, let me know that too.
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