Why your service-based company will need to productise eventually
As a product manager, it seems natural that my emphasis is on how companies can, and should, productise to get the most from their business.
When we think of product-based companies, you’re likely to be thinking of tangible, in-hand products, rather than software or apps. However, this is the reality of the direction that ‘products’ are going in.
As we continue to advance in technology, there’s little use denying that service companies keen to move forward, still need a tech product behind them. Consumerism has completely evolved over the last decade, and customers are now looking for ways to make their lives easier, not only in the service they’re purchasing but how they purchase it in the first place.
As technology products continue to advance and develop, they are moving forward service-based companies. You only need to look as far as the retail industry to realise how much has changed since introducing online shopping.
With the rise of competitors like Amazon and ASOS, more and more shops are being forced into administration, unable to keep up with those online. And why would consumers not choose to shop from the comfort of their own home? Especially when apps and even, at the most high-tech end, the ability to virtually try on clothes, is at your fingertips.
If the last few months has done anything, it’s made the world realise just how much we can do with technology. No longer are people satisfied with spending time and effort on processes that could be automated — humanity is starting to recognise the potential value technology can bring to living a more fulfilled life.
Whether it’s remote working, online shopping, or purchasing services without opening your front door, using technology to fill the roles which once would require human effort, is allowing us to spend more time on what we enjoy.
The service-based companies that embrace this, will be the ones at the forefront. The companies that you can purchase packages and products from at the click of the button, these are the companies that will continue to thrive as technology advances and humanity shifts to incorporate it.
As a service-based company, building a product will ultimately lead to more investment opportunities, bigger growth, and further reach for your audience, if you allow your services to be purchased online. However, knowing where to start with building a product can feel like a daunting task. I work with startups and established companies to develop and build their product ideas, getting them investor-ready and ensuring they have built an optimised, problem-solving product.