Profit First Nation Ep. 137- The 8 Steps to Productize Your Service to Create a New Revenue Stream
Danielle delves into a comprehensive process comprising eight steps for transforming your service or product into a marketable offering.
These steps are universally applicable to a wide array of services or products. By implementing these steps in your business, you'll gain clarity and direction and, most importantly, establish a fresh source of revenue.
Through illustrative examples and explanations, she presents the information in an easily understandable way. Get ready to take notes, as this episode is a must-watch to ensure your business grows as it could.
IN THIS EPISODE:
- [00:20] Danielle explains Productization and the eight steps to create a new revenue stream
- [03:49] Step One: Niche down by focusing on a specific audience in 5 different ways
- [09:20] Step Two: Find your TVR
- [11:31] Step Three: Defining your quarter-inch hole
- [12:20] Step Four: Branding is important
- [13:35] Step Five: List your ingredients
- [14:51] Step Six: Pre-empt objections
- [17:14] Step Seven: Pricing Danielle gives examples of pricing
- [23:15 Step Eight: Manufacture scarcity
KEY TAKEAWAYS:
- Don’t just pick a price out of the air for your service or product. Do research to explore what it is worth.
- Speed can be a factor in increasing your pricing. Pricing can also be done on a sliding scale.
- Don’t be afraid to raise your prices. Creating excitement and scarcity creates profits.
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.
As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Profit First Professionals - Website