Our business was based on building profitable niche sites, building them up, and selling them on Flippa and through our own site/marketplace. We built up an audience via content marketing and borrowed strategies from guys like Pat Flynn, Neil Patel, etc.
We gave away our entire process and tips/tricks for free to help those without the $$ that wanted to learn how to build out sites. For those with $$, we offered them the opportunity to purchase and then expand on these niche sites they've added to their portfolio.
We started getting quite a few requests to help others with KW research, content, linkbuiding, selling their sites, etc.
The problem was that we built this team to service our needs internally and all of these pieces were pretty integrated into our own process to create sites for us.
Early this year (while we were going through a brand change) we decided to take some of these internal chunks of the process and offer them externally, for sale to our audience.
The problem is this: Everyone wants to build different types of sites, wants different KW's, wants different types and quality of content, etc. We did NOT want to get into the service business and "rent" out our team - that didn't seem like a good idea.
Instead, we decided to create "Productized Services". This basically allowed us to turn pieces of our process into specific products. As long as we explained very clearly what you would get with each product or package, we wouldn't have to do much customization.
We sell Size 8-11 tennis shoes. Want something else? Fine...check out company X, Y, or Z for that.
It worked. We ended up adding a cash-flow or revenue stream that's provided an additional $10K+ per month to our business.
I wanted to share a few takeaways:
1. Products Beat The Crap Out Of Services - We had a service business (our outsourcing company) and it an be painful. You end up spending quite a bit of time upfront because every client's different. Find a way to turn your services into a product and your life will be MUCH easier.
2. Not All Products Are Winners - We introduced a product where 3 customers purchased just to "help us out" and try it, but didn't really know what they were getting into. Another product didn't sell even once. That's ok...you can always add and take away products to test them out and see which are valuable or resonate with your customers!
3. Products With Recurring Revenue Are GOLD, But Not Always Necessary - None of our products have a recurring monthly fee, but we do end up with repeat buyers. You don't HAVE to start off with a recurring monthly product, but I can tell you now that we're DEFINITELY looking for recurring products/services we can add to the lineup now.
Hope that helps! Happy to answer any questions you might have, warriors.