Productizing your agency’s services

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Hello and welcome to today’s webinar on productizing your agency’s services. I’m Chip Griffin. I’m the founder of SAGA, the Small Agency Growth Alliance, and we’re going to be talking about this today because it’s something that I get asked about a lot. It’s something that some agency owners have heard of, they’re curious about it, interested to see if it might work for them.

And so I’m going to talk to you today about all of the different aspects that you should be thinking about if you’re thinking about the possibility of productizing your agency’s services. So let’s before we do that, let’s jump into the let’s do the agenda first. I got to remember what order I’m talking in, I guess.

So we’re going to talk about what are productized services. So we’ll define the subject, which is important. We’ll talk about the benefits of productized services, as well as some of the common objections that people raise when you’re thinking about it or talking about it. We’ll talk about how you productize your existing services.

As well as how you might think about adding some new productized services to your mix. Because one of the important things we’ll talk about is that it’s not an all or nothing. You don’t have to productize everything that you do. And then we’ll talk about how you price and market those services.

Because there are some nuances to that that you’ll want to consider that are a little bit different from how you handle both pricing and marketing with traditional agency services. As always, I do want to cover a couple of housekeeping items before we get into the meat and potatoes of this discussion.

First of all, a recording of this will be available. It will be on the SAGA website in the webinars section, along with all of the previous webinars that I’ve done, and ones that I’ll do in the future as well. There’s also a Q& A function here, so if you look at the bottom of your screen, you should see Q& A there.

And if you use that, you can ask questions and I will be happy to try my best to answer as many of those during this session as possible. If there’s something I don’t get to or something you want to ask me that’s outside of something you want to have discussed on today’s webinar, feel free to email me directly at chip@smallagencygrowth.com. And of course there are plenty of other free resources available at the SAGA website, smallagencygrowth.com. Finally, if you’re tweeting about today’s webinar, please use the hashtag agency leadership. So other people can find that commentary. All right, so let’s go, let’s bring me up more on the screen here, and we’re going to start by talking about what are productized services.

So productized services are, it’s honestly sort of what it sounds like. You take a package of services, you’ve standardized them in some fashion, and you put them into a package that typically has a defined price that goes along with it. So, you’ve got a defined set of services, it’s got characteristics, it’s got limits, it’s got promised results or promised deliverables, and then it’s got a set price that goes along with it.

The idea is that you’re simplifying your offering, so instead of saying that you’re providing something, you, let’s have a conversation, you talk about all your details, I come up with some thoughts and details, and we go back and forth, and then we settle on something, instead I’m saying, look, And let’s give some examples, because I think this is probably the easiest way to do it.

So, for example, I talked in the session about paid discovery that we did, I think, last week or the week before, about how you can do audits or strategic planning processes as paid discovery to start your engagement with a client. That’s effectively a productized service. So what you say is, I’m going to do a social media audit, or I’m going to put together a media relations plan, or something like that.

And you have a defined process that you go through, you have defined steps that you take, you have defined deliverables that you give each time, and then you have a price that’s typically standardized in some fashion. It can have some adjustments, so, um, you know, for example, when I worked for a public affairs firm and we did grassroots campaigns, Part of our service was a productized service offering, and we charged by state for that.

So, if we were going to be running campaigns in 10 states, there was a cost per state involved for that, and it was pretty standard across all clients because we knew that a lot of the work was similar. And that’s really the idea here. You’re taking work that you’re doing that is similar in how it is executed.

Not necessarily in the substance of it. And that’s one of the things that I really want to talk about when we get to the objections piece. Because it’s the most common one that I hear. That it’s too cookie cutter. And nothing could be further from the truth. You can absolutely be productized without being cookie cutter.

And we’ll talk about how you do that. So productized services are really finding this way to come up with a standard way of defining your services, a standard way of pricing it, and frankly a standard way of talking about it because it makes it easier for prospects to understand. And productized services are a great entry point for many agencies because it lowers a lot of that confusion and complexity that can come into the process early on. So whether you use it as paid discovery, like I talked about in that earlier webinar, or some other initial project that you’re doing, productized is a great way to get started for you to start to know each other. And then you can start getting a little more custom from there.

And let’s talk about the benefits. Why would you want to do this? Obviously, I just started talking about some of those. It’s because it’s easy to talk about. But it’s also all about creating repeatable processes. And one of the things that most agencies find is that they can deliver better results with more profitability if they have defined repeatable processes.

It makes it easier to bring new clients on board. It makes it easier to onboard new employees as well. Bringing new people on to projects. Because if you’ve got this standard set of processes, it is so much simpler. So even if you’re not doing productized services, you should still work these individual processes into your business.

But if you’ve got these repeatable processes, it allows you to figure out how can you become more efficient and effective. So let’s deal with the efficiency side first. When you productize your service offering, and you’re doing something in a repeatable way, you know, anytime you do something over and over again, you find ways to do it better.

And so, each time you do it, maybe you find a way to execute just one of the steps a little bit more quickly. And so over time this causes an evolution where you’re now able to produce the same results or even better results for a client in less time. That makes the client happy if they’re getting better results and it makes your bottom line happy if you’re doing it in less time.

It allows you to scale more and it allows you to generate the profits that you want to have. But on the result side, it also helps because you also start to figure out what works and what doesn’t. And because you’re doing a lot of the same kind of work over and over again in productized services, you find those slight improvements that you can make.

Whether that’s improving your Google AdWords or improving your media outreach, or just improving how you’re tracking things so that it allows you to make the adaptations that you can make in order to continuously improve for your clients over time. The other advantage of productized services is allows you to figure out how you generate profits more effectively.

So, one of the things that you know if you’ve listened to any of my presentations is I’m a big believer in project budgeting. I think every agency needs to do effective project budgeting in order to make sure that they’re pricing effectively, pricing fairly, and generating fair profits for themselves at the same time.

And so if you’re using a productized service offering where you’re doing a lot of the same work and you’re able to better understand the amount of time it takes, you’re now in a much better position to generate those good profit margins. You’re in a much better position to figure out how do you price this effectively.

And when we talk about pricing we’ll also talk about the fact that unlike custom work, you have a little bit more wiggle room with pricing of productized services because, because since you’re doing it more at scale, what you’re doing is you’re looking to have standardized profit across a group of clients, understanding that some will probably be a little bit more profitable and some will be a little bit less.

If you’re doing custom work, I strongly encourage that you really focus on making sure that each individual project is as profitable as possible. Finally, the other benefit of productized services is it allows your team to develop real expertise. So, if you’re becoming a jack of all trades agency where every solution is different, every client is different, that means your team is spending a lot of time scrambling to just get up to speed at least at a basic level on a lot of different things.

To the extent that you integrate productized services to the mix, you can become much more expert at them. And employees are generally much more confident as they develop this expertise. And it makes your role easier, particularly as a small agency owner. One of the things I hear from a lot of my clients is that they want to try to find ways to get things off of their plates.

One of the ways that you get things off of your plate is by building up the expertise and the efficiency of your team. Productized services can be a great way to do that. Of course, it’s not all sunny. There are objections that get raised. And the first one that I mention is that some people will say that productized services are too cookie cutter.

My clients are all different. I can’t just be giving them all the same thing. And I think there’s this real misperception that productized cannot be personalized. And that’s not true at all. Productized services can absolutely be personal. Let’s think about it this way. If you would go and get your hair cut, something I haven’t done in many, many years, you’re paying the same price for the roughly the same package as each other individual who goes into that barbershop or hair salon.

They have productized services, haircut, blow dry, beard, whatever. Okay. But each individual comes out looking different. Some people get a shorter haircut. Some people get bangs, not bangs, all that kind of stuff. And I’m not obviously an expert in this area, so I’m going to kill this analogy off at this point before I further embarrass myself with my lack of hair knowledge.

But you get the idea. So it’s productized, but it’s personalized. It’s not cookie cutter. You really are taking the expertise that you have in marketing, in communications, in PR, in digital, and you’re applying it to each individual circumstance, but you’re using a standardized, productized set of offerings, a set of processes.

And by doing that, what you’re able to do is you’re able to, as I talked about earlier, bring that expertise to bear, but still take advantage of all of the knowledge that you have about that individual client. What are their particular challenges and opportunities that you need to address as part of the work that you’re doing?

So you can absolutely personalize it. It’s not cookie cutter. Others say it’s too impersonal, that it makes it seem like, you know, we are, we are just a, a, a factory instead of a consultative agency. And they’ll say to me, you know, I’ve always been told that the way you make money as an agency is by spending more time on strategy and getting to a higher level with clients.

Well, you can certainly do strategy with productized services. Just as I was talking about in that webinar a week or so ago about doing paid discovery. That’s a productized service offering and yet you can develop strategic plans as part of it. In fact, it’s a core offering in a productized model for agencies to do these strategic plans.

So there’s no reason to think that you can’t get it into that sphere where you are giving that higher level consultative advice. And from a perception standpoint, it all comes down to how you’re packaging it. Because one of the things you have to keep in mind is you can do productized services internally so that you know you have them and you, and you deliver them to clients in that way.

But you don’t necessarily have to publicly market them that way, right? And my experience has been, honestly, when I work with a lot of agencies and I look at their client roster and the work that they’re doing and the prices that they’re charging, many of you have already productized your service offerings.

You may just not realize it. And I know that was the case with me when I built my first agency 20 some years ago, I had certain packages. I did a combination of research and digital marketing. And most of my clients had similar, I would write similar proposals for them. They would come in similar dollar ranges.

Yes, there were some tweaks and adjustments that we would make from one client to the next, but they were the same core offering. And where it’s the same core offering at the same price, you’ve essentially productized, you just haven’t realized it or admitted it. So you can do this internally. The power though is when you start talking with your clients about it.

Because what you’re able to do then is you’re able to explain to your clients that you have this proven process. You, and it’s, what you’re doing is you’re presenting your expertise, not just in the subject matter at hand, but how you deliver it and how you produce results for clients. And so productizing gives you that advantage.

And so, it’s the opposite of being impersonal when you’re working with clients. It’s really allowing you to say that you have the expertise, you can personalize it to them, and you can deliver what they’re actually looking for. Other folks have told me that they don’t like the idea of productized services because they think that it’s something where you have to do high volume in order to make it work.

And that productized services you can’t have the same kind of profit margin that you can with custom work. And that’s just silly because that just comes down to how you’re pricing. And pricing is really at the heart of the success of most agencies. Most agencies, frankly, undercharge. Part of that’s because they don’t understand what their price floor should be, because they don’t know their cost structure well enough for individual projects.

They only look at it at the macro level, agency wide. And part of it is because they haven’t tested to find where their price ceiling is. And using that floor to ceiling pricing structure is really how you establish the band in which you can. price your services effectively and generate the kinds of results that your clients want while keeping the profits that you deserve.

So it doesn’t have to be low margin. You can productize services and they can be very profitable and they don’t have to be cheap, right? So the whole idea that a productized services has to be, you know, 500 or a thousand bucks a month and you can’t do a 10, 20, 30, 000 a month productized services. That makes no sense.

That’s like saying that you could only sell cars for 30, 000. Nobody would ever buy a 300, 000 car. Certainly the market is a lot smaller for 300, 000 cars, but it’s out there. And so that’s, you can have those kinds of productized services just like any industry can have a whole range of different priced products for different markets.

So don’t think that productized services freezes you out from those higher end service delivery opportunities with your clients. So how do you productize your existing services? Well, the first thing is that you should build a list of both your current clients as well as all of the client work you’ve done over the last year or two.

And start taking a very careful look to see where the overlap is in them. Take a look at the proposals, the scopes of work that you’ve put together, and understand what you’re already doing is standardized or somewhat standardized. And by understanding that, you probably have a good idea of where to start thinking about productized services within your agency, because it’s the stuff that you’ve already been doing.

But you may also want to think about how you take some of those and repackage them. So break, so if you’ve got a large scope of work that you’re doing for each client, are there components that you could break out and productize? If you can do this, what it’s going to allow you to do is spend less time on pitching and proposals and more time on actually presenting those solutions to the clients and ultimately moving on to do the work for them.

The other thing that, that you can do as you’re looking at your existing services is look at your team and try to figure out, are there things that you could do that you could build into repeatable processes to make your team more efficient. So again, this comes down to you can have internal productized offerings that you don’t necessarily market publicly.

And so if you find those things, and part of this should be involving your team. Even if your team is only 2 or 3 people, or if it’s 20 or 30, it doesn’t really matter. Bring them in and talk to them. Ask them what are the things that they’re doing on a regular basis. Find out really what they’re doing and, look at, are there ways to increase the efficiency and increase the results by having a standard process around it.

And my guess is that, that you’ll be able to find these things. And if you find them, then you sort of have the nucleus of what might be the possibility of something that you could turn into a productized service. And if you can do it internally, then your next question becomes, Is this something that I could package up and actually present to clients.

Publicly, and by publicly, I mean in your direct conversations with them, or potentially, and we’ll talk later about public marketing, you know, including it on your website or other materials. But there’s a real opportunity there to look at those kinds of things. So, really, this starts with an inward look.

But then, the next question is, how can you add new productized services? Because this is really an opportunity area for a lot of agencies. Because agencies Look, we all know that it’s easier to sell to someone that you’ve already established a relationship with, that you’ve already demonstrated to that you can produce results, that you’ve built that trust between the two parties.

But agencies have a very difficult time trying to figure out how to effectively upsell and generate that new revenue from their existing clients. Productized services can be a fantastic way to do it. Because what you’re doing when you have a productized service is you’re effectively going to your existing clients and saying, OK, we’ve got this new offering.

This is what it involves. This is what it will do for you. And this is what it costs. And that’s very different from going to a client and saying, can we talk about this and propose some new steps and then rework our total budget with you? And right, that’s a lot more complicated And it opens up all sorts of other conversations that may or may not prove to be productive.

Whereas if you come with those standardized productized service offerings, you’re able to much more effectively have those upsell conversations and find those opportunities. So how do you think about what new productized services you might want to offer? Well, there’s a few different areas that you can look at.

So, obviously, again, I don’t want to harp on paid discovery, but I think it’s, it’s probably one of the best ways to dip your toe into the productized service offering world. So you can do that, but, but those paid discovery projects can even be used for existing clients. So you can do a strategic planning process, for example, annually.

And so what you can say is, you know, we’ve put together the ACME agency annual strategic planning process. ACME ASP or something like that. And you can say, okay, here’s the process it goes through, and you should put together some very clear materials that talk about your process and the benefits of it and how it works.

And, and what you can say to your client is, you know, we would like to involve you in this kind of a, an annual half day virtual retreat, in person retreat, whatever, to do strategic planning. Here’s what it involves. Here’s what we’ll produce at the end. Here’s how we’ll help the work that we’re already doing for you and your agency.

And here’s what it costs. Right, so that can be paid discovery that you’re bringing into the picture even after you’ve already started building the relationship with the client and been doing work for them. But some of the other areas you might want to think about would be areas that you are just getting into.

So, for example, if you are a traditional PR agency and you’re adding on some social media marketing and you’ve started to figure it out and you’ve done for some clients already and now you know you want to try to add this as a piece of work for existing clients. Well, you can add a social media marketing service offering and package it up and then go sell that to your existing clients.

It’s a great way to show them your new capabilities and also make it easy for them to understand how they can take advantage of it. Again, much better than trying to rework your existing scope of work and instead, you’ve now given them something clear, concrete and actionable that hopefully will have a shorter sales cycle than reviewing the whole scope of work.

Another area to look at for productized service offerings that many agencies do is on the reporting side, whether that’s media intelligence, media monitoring, and measurement, the kinds of things that, that I did in one of my past lives with a couple of my businesses, or perhaps it’s you know, putting together, Google Analytics reports, maybe you’re doing digital work and you, you know, you want to add more sophisticated versions of it using Google Data Studio and bringing together different data sets, and you could productize something like that because analytics, measurement, anything that proves ROI is something that a lot of clients these days are increasingly interested in, and so if you can come up with a specific offering around it, it can be a good way to generate additional revenue from your existing clients, but something like that is also beneficial because what you’re then also usually doing is using that in part to showcase the effectiveness of the work that you’re doing.

So that’s really a twofer. Because you’re giving them valuable insights while also helping them to understand all of the value of all of the work that you’re bringing to the table. And again, all of these things can be personalized, they can be customized. You just want to be careful that you’re not veering too far into it and turning what looks like a productized service offering into something that’s more bespoke.

Because the more customized you get, the more you get off track from the whole idea of what productized services are. So it is a fine line, but it is something that you can certainly do. Finally, the other thing to think about when it comes to productized service offerings, this can be a great way to leverage partnerships with other agencies or vendors.

So if you are, again, let’s take a traditional PR firm and let’s say you have a partnership with a digital agency. This can be an opportunity for the two of you to work together and come up with a productized service offering that you bring to your own clients to help expand into that realm and take advantage of that partnership.

It can be a great way for you to describe it in such a way that they understand you’re working with a partner on it, but it gives them that, that one stop invoice that a lot of clients are looking for these days and where they don’t want to have multiple vendors. They just want to have, as it said, a single throat to choke.

And by doing that, you can have that individual invoice that goes to them. They can see this partnership and you’ve done it in a productized way that makes it clear and clean and takes away those blurry lines that leads to confusion and potential problems in these various joint ventures that you’ll see between agencies.

You can also use it with vendors though, again, thinking of the media intelligence industry that I used to be in, that, you know, media databases, social media monitoring tools. There’s all sorts of vendors out there who are willing to partner with agencies, and you can come up with a way to package up those services along with your own to come up with a productized offering.

So there’s a lot of opportunities when it comes to new offerings that you’re bringing to clients. in this realm. So how do you price your productized service offering? Obviously, again, you know that I preach for projects you need to really understand the work that it takes, the labor hours, the out of pocket expenses, the overhead costs, all of that.

You need to bake all of that in and figure out your price floor on individual custom work. But how do you do that if you want to come up with a more standardized pricing system for productized services, because I do believe that one of the ways that productized services work best is if you have a standard pricing model.

And that doesn’t mean that client A, B, and C all have to pay the exact same amount. But it should be, there shouldn’t be a lot of judgment that goes into that pricing. It should be something like, it’s 5, 000 per state. Or, I do this when I work with my agency business check up plan that I work on with clients.

And so I have a base fee and then I charge more based on whether there are additional equity partners in the agency, and over certain thresholds of numbers of employees. And the reason why I do that is because I know it’s going to require more work. And if it’s going to require more work, then I want to make sure that I’m accounting for that in the pricing.

So as an agency, you would do the same thing. And so to the extent that there are drivers of additional cost for you, those are things to work into the formula for your pricing for productized services. Now that said, you do want to keep it simple because one of the benefits of productized services is that it is simple and easy for you to understand and for your clients to understand.

So don’t make it overly complex. And the reason why is because, as I talked about earlier in this webinar, you’re really looking to generate the right level of profitability across all of your productized service clients for that particular productized services. So some will absolutely take more work, some will take less.

Again, to use my hair analogy, when you go into the barbershop or hair salon, some people will sit in the chair longer than others. Because they require more work. But it’s still the same price. And the reason why is because they know that for the complex cut, it’s still going to, , even out at the end of the day.

Because if you have enough at each end of the spectrum, then you’re in a good place. You need to set the price fairly to account for that. Unless you have specific levers that you can use, within it to know that it’s going to cost more and that the client will understand. Sure, I, I know if I’ve got more employees or I know if I’m trying to impact more states or I, I know if I want, you know, my hair washed as well as cut.

All of those things are obvious and easy to understand, easy to explain. So. Keep it as simple as you possibly can. But then beyond that, what you want to do is you want to think about how you can use your price to shorten the sales cycle and make it something that is very appealing to the client. And so here’s one of the tricks when it comes to productized services.

So. Keep in mind that you can offer a suite of productized services. So sort of like when you go to a restaurant, you’ve got a menu of things that you can select from. You can use the same sort of approach when it comes to productized services as an agency. And so one of the things that you might think about doing is know the industry that you primarily work with or the industries or the size of companies and understand what their purchasing process is.

Because for almost every agency, there are going to be thresholds with their clients that can move more swiftly through their systems. Some of that may be if you’re dealing with smaller businesses, it may be more psychological. With larger businesses, it may be more policy driven. So for a lot of larger corporations, for example, Anything under 10, 000 requires a lot less approval than something over 10, 000.

Other businesses and industries have higher thresholds or different things that happen at different thresholds. For some industries and sizes of companies, there are some things that can be put on a credit card and some things that need to be done through PO. There are some things that may need to go through an RFP process and some things that can be sole sourced.

And so understanding what those are for the kinds of clients that you typically work with, that can help inform your pricing so that potentially you can craft your offerings so that they come in under those thresholds. And if you do that, what you can do is you can accelerate your business development process.

And so it can make it easier to add on to existing clients, make it easier to bring in new clients. And if you take this menued approach, Then what you may be able to do is in some cases, you can work sequentially with a client and say okay, first buy this productized service, once we execute on that, then there’s the next productized service, and sometimes that can all get through without ever having to deal with procurement or processes like that, that we all just read in the agency world, and I know something I never wanted to deal with if I could avoid it, because it adds unnecessary complexity, tremendous delay, And frankly, I’d rather be working with clients than going through those kinds of bureaucratic processes.

And I’m sure you probably would too. So think about how you can use your pricing to strategically accelerate your business development process. Because obviously the less time that you’re spending on business development and you’re still generating clients, then that means that you can devote your resources to either growing more business or working on more strategic things for your agency.

How do you market these productized services? So, as I talked about earlier, sometimes you may want to use productized services from just an internal basis. Sometimes you may want to use them just quietly, when working with prospects. But sometimes you may actually want to be very public about your productized service offering.

And this can be particularly true of paid discovery type things, strategic planning processes, audits, but Sometimes there are other kinds of service offerings that you might have that it’s beneficial to talk about more publicly. If you’ve got some innovative approaches that you take to the services that you’re delivering.

It can be great to productize those because that then gives you something that you can talk about on your website, on social media, in conversations where maybe you’re a guest on a podcast or a live video stream, or perhaps even in trade press or other places where folks are writing about your agency.

So you want to think about not only how can you package up productized services to maximize the results for clients and to put profits in your pocket, but you also want to think about how you can leverage them to sell the whole agency. Because if you’ve got a process that you can say, look, we’ve proven that this is the best way to do X and produce these results for clients, and you can put that out there front and center in your marketing materials.

It not only helps to sell that individual productized services, but it also adds a glow to the whole agency and all of the work that you’re doing because you’re positioning yourself as an innovative leader in the space and it makes you look less like just another agency. And we’re always trying to find ways that we can break out from the pack.

Productized services can be a clear way to break out of the pack. So think about how you can take advantage of what the work that you’re doing, the thought that you’re putting into, the planning that you’re putting into productized services, and use it not just for the direct act of selling, but also for the overall benefit of the agency.

And I think if you take that broader view, then you’ll realize that there are tremendous opportunities that you can have and that you can take advantage of in order to put your agency forward and put it in the best light that generates the best profits possible for you. All right. So as we tie everything up with a bow here, and I love this slide.

This is my favorite slide. So I know you’re probably getting tired of it if you see these webinars every week. But, so we talked about what productized services are. We talked about the benefits as well as the objections and how you can overcome those objections that you may have either in your mind or that your team or others may raise with you.

We talked about how you find these new productized services to offer, whether it’s taking your existing services or adding on new ones. And then finally, we talked about pricing and marketing those services for your benefit. So hopefully you got a lot of value out of that. And now I would be happy to take any questions that you might have.

I will take just a moment to open up the Q& A window over here in Zoom and see if you all have any questions or if I’ve answered them all already for you, and of course, if you do have questions that you’d like to ask me outside of this forum, do feel free to email me. The email address is right there on the screen, chip@smallagencygrowth. com. So let’s see if I can successfully bring up the Q& A window without messing anything up. And at the moment I do not see any questions so apparently I’ve answered them all. I’ll give you all just a minute and while you do again I will remind you that there will be a replay of this session available at the small agency growth website.

Generally, they go up within a week or so of the presentation. And if you go to the events tab on the website, there’s a webinar link right underneath there. You do have to register for free with the site in order to access the webinars, but that will also get you as part of the SAGA community, which means you get invited to meetups for agency leaders, other small agency owners and executives who can, you know, share with you, , some of.

their experiences. You can ask questions of them to and so really trying to build a nice community with SAGA so that everybody has an opportunity to learn from each other as well as from more formal presentations like this. So, I guess, since I do not see any further questions, we will bring today’s session to a close.

I’m very happy that the thunder and lightning outside has not disrupted my internet connection, so we reached this, successfully to the conclusion. I appreciate you taking the time to join me. Again, the replay will be available, so if you missed something or got distracted during this, , feel free to watch the replay, and if you’re watching this on replay, thanks for doing so.

Of course, you were not able to ask questions live, so do feel free to email me, and I will try to answer as many of those questions by email as possible. With that, have a great day, everybody.