Productize or Perish: The Survival Guide for Modern Professional Firms
Let's talk about a life-or-death concept that seems to have slipped through the cracks in the shuffle of Zoom meetings and virtual happy hours: productization in professional services. Yikes, that's a big word, but it's about to get bigger in our post-pandemic world.
Productize or Perish is the stark choice that confronts professional services firms today. Ever since the globe shrunk and competition increased, it's as if the Wild West moved into the virtual conference calls and Slack channels. How do you keep from being the tumbleweed, rolling on by, forgotten by the wayside of the digital Main Street?
Remote Work: The Great Equalizer
Remember the good old days of office cubicles and watercooler gossip? Yeah, those days are gone as quickly as the coffee they'd serve during meetings. Remote work didn't just become a fad; it became the norm. With it, an army of consultants, agencies, and firms went from playing in regional sandboxes to battling it out on a global scale.
The Crunch on Consultancy
Think back to the last consultancy report you received, you know the one with the hefty price tag—probably enough to finance a small festival. Those fees, they just don't quite measure up to the underbidding from a global rival. As the number of remote service providers multiplied, so has the strain on the traditional consultancy model. Custom solutions are no longer the draw—they’re expected, almost passe. Productization is the name of the game now.
What is Productization Anyway?
Simple. It's taking the 'intangible advice' that firms offer and turning it into a tangible product. Your time-worked billable hours get a shelf life. Your expertise becomes a series of templates, courses, or tools that can be delivered at scale.
The 'Why' Behind It
I gotta tell you, it's not just about keeping up with the Joneses. Productization offers more accessibility for a wider clientele. It’s a democratic approach to professional services. It also streamlines your businesses, making them more efficient.
Think of your services as the wild horses of the professional world. They've been tamed into products, corralled into strategies, and sales ready to redefine your place in the industry.
The Good News
Fear not, you astute readers of evolving economic landscapes. The shift to productization doesn't have to be a leap off the proverbial cliff. It's a calculated step, often taken by adding new features or tools to your existing service lines.
How and When to Take This Leap
If your pulse quickens at the thought of turning your service into a product, it's a good sign. Here's the recipe:
Identify repetitive elements in your services. Can they be standardized?
Find the right technology that will not only support productization but amplify it.
Shift the focus of your team from offering bespoke services to managing, marketing, and selling your new products.
The Double-Edged Sword: Common Pitfalls
Turning your expertise into a product isn't a sprint; it's a marathon. Rushing into it or doing so haphazardly can do more harm than good. Suddenly, internal resistance, quality control issues, or customer dissatisfaction can rear their ugly heads.
In Defense of the Transition Phase
Remember, your clients are on this journey with you. Communicate the shift, its benefits, and manage expectations. This is about transforming a service, not just altering a pricing model.
It's Time to Embrace Change
As professional services hurtle towards automation and AI, productization may seem reactionary. But it's just plain smart. It’s about building a more resilient firm, one that survives and thrives in our ever-changing, ever-evolving market.
Going Forward
It's okay to be a little daunted. The business world has thrown us all a curveball. But consider productization as your bat and remote work the pitch. It’s up to you to take the swing, and when you do, don’t hold back. The future of your firm may just be in that home run.
So, let's raise a virtual glass to evolving with the times. Because in a world that's embracing change every second, it's not about the consultancy report you just sold—sorry, gave—it's about the products that persist and keep your firm not just afloat, but leading the charge in the sea of global opportunity.
Productize, and never look back. It’s the death-defying stunt that—the statistics show—will lead you to professional longevity.
Welcome to the new world. It's time to thrive.
