You launch your business, list your service offerings on your website, set prices and then before you know it, years go by and you haven’t changed a thing. You’ve grown, changed, maybe even expanded, but have you done a good audit on your current, or future, service offerings?
It reminds me of my garden. Every year, I try new things. Sometimes I fail and sometimes I succeed, but one thing is certain, I am always looking for new processes and best practices. The ones that work, I keep and the ones that don’t, I either learn from or rework.
On gardening blogs and social media, many of us deal with the same obstacles and I find the same situations happening with my clients and colleagues with respect to their businesses. I wanted to highlight some of the main challenges business owners face when it comes to their service offerings and a few tips on how to overcome them.
Your offer hasn’t evolved.
Do you offer 1:1 and/or group programs? Are your clients following the intended path to up level and work with you on a more advanced level? It might be time to evaluate the performance of your offerings and edit or update where needed. A great idea is to survey your current or former clients on why they did, or did not, move to the next level.
If clients have been moving up, but moving up almost too easily, is your pricing too low?
Are you giving away too much of your time?
Undervaluing your services?
If your offer was an evergreen one, perhaps a course or self-guided learning, is the content still relevant?
When was the last time you updated it? How does it need to grow to match your other offerings?
Your format is wrong.
If you have been offering a live program and most of your clients are watching recordings and not showing up, maybe the live version is just not working. Would it be more beneficial to offer pre-recorded lessons with an add-on for a live call?
Would a subscription-based model work better, if you have many offerings, or plan to offer more, and want to give your clients a way to access everything for one cost?
On the flip side, if you aren’t offering something with a live component and instead have a What’s App or Facebook page attached, what is the engagement?
What can you do to ensure clients are getting the best experience?
Are you using outdated softwares or are there better ways to present your material or connect with your clients? Research often and stay up on trends.
Your ideal client has shifted.
Who is your ideal client? What do they want and are you offering it? Does your mailing list need to be updated? Are you reaching the right audience?
Everyone wants different things. And everyone will pay different values for it. What are you finding your clients asking you for when it comes to service offerings? Use that knowledge to either expand into new areas or eliminate old offerings.
If people are buying your course, but aren’t finishing it, why? Are they not getting the value they wanted? Is it too long? Is it not engaging? Would you find it boring? It’s always a good idea to watch or listen to your own content to ensure it’s hitting the mark.
The market has shifted.
There has to be a market and a need for what you are offering. You might want to break into a new market. Is there an existing one or will you be developing it? You need contacts and support. Who can help? What research would benefit you in that work?
The market is always changing. Listening to podcasts; reading books, blogs, articles; talking to your network, coach, mentors; there are so many ways to stay on top of what is changing and get ahead of the curve.
Your price is wrong.
How many hours does it take to implement your services and does it match your current pricing? Are you priced competitively in the market? Too high or too low could both be detrimental.
Look at competitor pricing. Are you pricing your services as a whole when there is an opportunity to price them in components? It might work better if people can utilize a la carte type services. Do you offer payment plans? Should you?
Think about your financial goals. What are the benefits to your bottomline? If some service offerings seem to be a lot of work for not enough money, it’s time for a change.
For a quick recap, make sure your offers are evolving with your clients, the market and your business; price them right and offer them in the best format.
If you want to talk in more detail about reviewing your service offerings, click here to schedule your complimentary discovery call.