3 Reasons You Should Create a Product Line That Supports Your Brands’ Bespoke Services
How many times do we have clients that want custom work, and yet do they really need custom work? Of course, we should have Bespoke products or services that have been designed for a particular person or type of customer, but we also need to have a product line that supports your services without being custom. Having a value-based product line provides you with more time, more profit, and more credibility.
Here are three top reasons you should create a value-based product line that supports your bespoke services
1. Value-based Pricing
Even if your agency prefers to do 100% custom work for every single client, it is in your best interest to establish a value-based product line so you can compare your bespoke services to the product line. This single tactic will allow you to charge 40% more for services you are already providing. Every student I help to establish a value-based baseline product line says the simple act of having an “Off the Shelf” option allows them to give their prospects a lower-priced option and as a result charge substantially more for the custom work
I recommend you establish a value-based product line that will satisfy upward of 80% of your client’s requests, a CPA in Wichita, KS will need almost the identical pages as a CPA in Buckhead, GA. This type of product line will solve the majority of your client’s pain points. It is a win-win because they will receive more value for their money, and you have a product line to capture some of the more price-conscious prospects. Best of all it will establish a value-based pricing baseline that allows you to finally get paid what you are worth for your custom work.
“If there is a value-based product line, then clients will expect to pay for the custom work. If there is no value-based product line to compare to, then your prospects have no idea how much additional value/work goes into providing them with custom solutions. It is all about showing your value and that is where the second reason comes into play.”
2. Delivery Optimization
I constantly get asked, “How can I charge more for my services?” Typically, when I get this question, my first thought goes to the brand positioning and productization for both the agency and the services they offer. When you productize your agency, you look at profit through a different lens; instead of raising your prices to increase profits you think about how you can deliver your products more efficiently.
When you deliver the same product consistently you can optimize your delivery SOPs for higher profits. It is no longer about how much you can charge; it is about how efficiently you can deliver your products. When selling your product line, the REAL profit is in the optimization of the delivery process NOT raising your prices to increase profits. It gives you 100% control over profit, the better your operations/implementation systems the more profit you make.
3. Competitive Advantages
When you add a product line to your agency’s offerings it allows your agency to “Product Optimize” the deliverables. Every time your agency delivers a product (website, Adwords, etc…), you can add one or two things that provide additional value, a lot of these additions can/should be digital assets.
As you develop out your implementation processes (delivery optimization) you will undoubtedly cut the cost to implement your product lines by a minimum of 20-30%, these savings can be passed onto your prospects, giving you yet another competitive advantage over your competitors. When your agency can offer guaranteed results and do it for a lower price while still maintaining higher profit margins, this all equates to an “Unfair Competitive Advantage” for your agency to grow at an explosive rate and having the money to grow staff, offices, etc…
As you can see, having a product line is the perfect complement to your custom services. It provides a features/cost comparison, a testing lab to test proven results, and still allows you to do all the custom work you want to do. You can do all of this and more while providing a lower-priced product line to satisfy the price-conscious prospects that are not quite ready for the higher-tiered custom work that can really take their business to the next level.
About the author: Lee Goff
Lee is a serial entrepreneur who grew up in Pascagoula, Mississippi. He started his first Agency GetUWired back in 2003, in which he grew into a multi-million business and winning dozens of awards, including Entrepreneur Top Company Culture, Partner of the year for numerous years, and many more.
His journey taught him every step of agency growth, from the bedroom to the boardroom and every step in between. After successfully exiting his agency in 2016 he decided to share his unique perspective with other agency owners. His purpose is to “Make Their Lives Easier” by sharing all of his knowledge, tools, and partner networks.
If you have any questions on how to get a “Product Line” in place for your agency, you can reach out to Lee by visiting www.marketingagencycoach.com.
Did you miss Lee Goff at Agency Growth Events Season ONE?
Livestreamed over three virtual events in Q4 of 2021, Agency Growth Events brought together experts from the worlds of Digital Agencies, Media, and Management Consulting to talk about How to Grow a Digital Agency.
Watch📹 “Panel: Where to Play, How To Win? Productise Your Agency Services.” by Lee Goff and Roland Gurney.
Watch📹 “Top Three Things on Brands’ Agendas” by Lee Goff, Marketing Agency Coach
