Productization is the process of transforming coaching services into scalable and standardized product experiences. Throughout this presentation, I will refer to them as products. This process involves optimizing and measuring packaging.
How do you position your services and go-to-market strategy? How do you scale and bring your offerings to the market? Service delivery intelligence refers to how clients engage with your offerings and perceive the full spectrum of services you provide, enabling upselling and continuous reselling to your existing client base.
Technology enablement is crucial in 2023. Productization and digitalization are core strategies for software-as-a-service (SaaS) and care-as-a-service businesses, also known as professional services businesses.
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We suggest using a formula to clearly define your value proposition in your packaging exercise. Refining your messaging and packaging results in a significant increase in conversions. Clear differentiation and a well-structured product value proposition are key to standing out. Hyper-personalized and structured value propositions make it easier to scale your offering.
These practices, derived from the SaaS industry, have shown significant improvements in our clients' coaching businesses and firms. There is a correlation between growth strategies in the software and professional services industries.
Before converting clients to the professional services industry, providing a free or premium product is important. This allows clients to understand your specialty, methodology, and approach. Once they grasp the value, monetization becomes easier, resulting in a better return on investment.
Offering free services like recorded content, webinars, or a community can improve ROI compared to immediately selling to clients who haven't grasped your service's essence. Engaging clients and guiding them to the "aha" moment establishes habit loops, especially in health coaching businesses. Helping clients build habits with minimal investment while scaling the premium product facilitates easier monetization and potential expansion.
The business expansion involves viral elements. Approximately 93% of our customers benefit from robust referral strategies. After clients experience the full value of your offerings, encourage them to share positive experiences with peers, bringing in new clients.
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This is a highly effective strategy for selling high-ticket contracts, particularly those valued at $10,000 or $15,000. Involving skilled salespeople who can articulate the product's value and tailor the pitch to client needs is crucial at this stage. Salespeople play a role in the monetization stage.
Additionally, when targeting the corporate sector, it can be beneficial to engage with employees first and then sell to HR and management roles. Offering services at a company level allows you to demonstrate proof of concept through employee engagement. Many clients have successfully employed this approach.
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One of the best marketing practices is user-generated content. Content generated by team members, coaches, and clients generates eight times more engagement. Potential clients prefer engaging with content created by coaches and clients rather than faceless brand content.
Focusing on generating continuous revenue from existing clients is more cost-effective than acquiring new traffic and clients. Successful companies like Glossier generate 90% of their revenue from repeat customers. This principle applies to coaching businesses as well. Producing ongoing content with your team reduces acquisition costs and creates a growth loop.
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During customer conversations and sales discussions, the topic of the community frequently arises. After the onset of Covid, people began seeking communities as a natural desire for belonging. Recognizing this trend, we partnered with a company specializing in community technology and building for businesses. Based on our research, we have identified the following best practices.
Firstly, clearly communicate the purpose and reason behind Uniting Together. The "why" must be upfront and evident to encourage the community to invest their time in this endeavor.
Sometimes, this holds true for software companies too. SurveyMonkey tripled its conversions by changing the color of the banner promoting its new offering. Consider the potential impact of making it convenient to access all your services and positioning them intuitively within the user or client journey.
This relates to user-generated content. The more clients engage with you, the more they contribute to creating a growth loop. Positive feedback from peers becomes valuable for potential clients. By focusing on user-generated content and fostering a continuous growth loop, you can maximize its impact.
It revolves around the behavior we endorse, as what we support gets amplified. Ensure your values align with the actions you reward. Focusing on values-centric behavior positively influences the entire community.
In coaching and behavior change programs, peer-to-peer partnership and accountability play a crucial role. These elements enhance retention, engagement, and activation rates in group-based coaching.
Data and conversations support the value of peer-to-peer interactions. It is an important aspect to consider.
Allowing your community members to shape the direction and directly influence the way you shape your services through their feedback is crucial.
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Service delivery intelligence is crucial for scaling your business. Our team ensures a cohesive experience for your clients, providing visibility, control, and accountability over your coaches. Unlocking more opportunities allows effective scaling of your organization. Consider these key factors when scaling your business.
Comprehending and managing service delivery with multiple tools can be challenging. Data shows that scaling organizations with five to 25 professional seats or coaches use an average of 24 different tools. An optimized one-stop-shop operating platform addresses these challenges by providing a clear visualization of your service delivery process. This facilitates coach training and ensures a streamlined service delivery for clients, improving their overall experience.
When servicing the corporate sector, consider compliance and control over roles and permissions. This ensures coaches access to relevant information and allows data management during coach offboarding. Compliance requires careful attention and integrated tools can help navigate complexities. Failure to address compliance issues risks revenue loss and significant risks in corporate and enterprise sectors.
It is essential to make it intuitive for clients to track goals, monitor habit formation progress, and navigate within your service.
Clients often experience revenue loss due to providing services without receiving payment or lacking proper notifications regarding unpaid payments from their dashboards or admins.
Clients are now tech-savvy users, expecting a high level of digital experience when engaging with any service. Companies like Uber have set the baseline, and as service providers, we need to keep up. This involves considering user experience, complete digital enablement flow, and shared forms and templates. Sharing standardized products, forms, and templates with coaches facilitates cohesive brand engagement and service interaction for clients.
One of the biggest opportunities for professional services companies to improve lies in addressing client confusion about how to engage with Zoom. Optimizing onboarding, activation, and engagement flows can lead to significant revenue improvement, potentially tripling or achieving a 10X increase.
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Our clients before Profi lost six major enterprise Fortune 500 accounts due to the inability to provide real-time reporting to HR and clients. As you onboard clients, consider providing visibility into account, client, and team member activities. In the current digital landscape, where communication tools are prevalent, clients expect this visibility. They also want to understand the ROI of their engagement.
Templatizing and standardizing the experience is important for coaches and clients in your organization.
One of the most interesting trends is the question of what clients see and their overall experience. Here are some intriguing trends in this regard.
Digitally optimized experiences. High-ticket clients anticipate a top-notch digital experience throughout their engagement with coaching services.
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Adopting a product-thinking mindset in coaching improves client experience and promotes growth. Marketing-driven traffic is increasingly costly, so consider implementing a product-led growth approach.
Prioritize providing value, engaging with the audience, and then selling your coaching services to achieve a return on investment and ensure scalability, consistent quality, streamlined processes, and differentiation. Stay updated on SaaS industry trends as they are effective and align with the new expectations.
