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Productizing Your Services with Eisha Tierney Armstrong
Manage episode 353490546 series 3332536
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“Think big, have the vision, and have the dream, and then minimize the risk,” shares Eisha Armstrong, Co-Founder and Executive Chairman of Vecteris and Author of the Amazon bestseller Productize. Today, Eisha joins host Kiley Peters to talk about productizing your services.
Productizing has the potential to add a lot of value to your business because it allows you to scale your growth. If you can come up with a product that solves a pre-existing clear, urgent and expensive problem, you are on your way to success. Some of the common mistakes made by entrepreneurs when they begin productizing are trying to create products that do not solve a problem, creating products that very few people have ever asked for, and rushing into production too fast before doing any market testing. When done properly, productizing your services can have tremendous benefits, because other people or in many cases even automations, can then sell your product for you.
A great way for service companies to grow is to productize their services because then they can begin to scale. However, there are many things to keep in mind when creating a product. Learn more about the common mistakes entrepreneurs make when productizing and what you can do to create a successful product from your services.
Quotes
- “If you ever want to exit your business, usually businesses that have more revenue from products and services command a higher valuation.” (3:30-3:40 | Eisha)
- “It just breaks my heart when I see people create products that are in search of a problem, as opposed to products that solve a clear, urgent, and expensive problem.” (12:16-12:28 | Eisha)
- “We want to create a first version, an inexpensive version that helps us test, helps us learn about the market. But we want to remember that we need to reserve investment to continue to iterate on the product.” (13:47-14:02 | Eisha)
- “There is no relationship in the research between how much you spend on new product innovation and your success as a new product innovator.” (15:56-16:07 | Eisha)
- “Think big, have the vision, and have the dream, and then minimize the risk.” (29:42-29:49 | Eisha)
Links
Connect with Welcome to Eloma
Instagram: @welcometoeloma
Website: WelcometoEloma.com
Weekly Email Newsletter: bit.ly/RIXEmail
Connect with Eisha Armstrong
LinkedIn: https://www.linkedin.com/in/eishatierneyarmstrong/
Website: www.vecteris.com
Connect with Kiley
Social: @kileypeters + Linkedin.com/in/kileypeters
Websites: RAYNEIX.com , BrainchildStudios.com, KileyPeters.com
Weekly Email Newsletter: bit.ly/RIXEmail
Email: info@rayneix.com
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