You may not be looking to provide a physical product, and that’s totally okay! You don’t need to be able to hold a product to love it. Experiences, services, or platforms can be considered “products” too, and the process of development follows the same general principles. In fact, in technology companies, “product manager” is a title for someone who helps bring technological innovation to life and helps keep them running. It was a small team of “product managers” at Google that first gave us Gmail.
We still pay for services and consume the value it provides us. If you pay someone to walk your dog for you on a night you’re busy, then you are paying someone to save you time and to keep your dog healthy and happy. It’s sometimes even easier to market and sell your services online than it is to create and sell physical products.
A sample product, or minimum viable product (MVP), for a service can often be easier to create than for a physical product. A sample product for a fashion brand requires clothing materials, design, and physical delivery at the very least. On the other hand, a sample product for a graphic design service business may only require a great website with payment options! Our resources are flexible to every business and organization, so use our framework to developing your MVP and cater it to best suit your venture!
Benefits to developing a service
Providing services can be the ultimate step to understanding your customers. For example, if you find yourself answering the same questions in email or in person all the time, you might consider creating a webinar or guide that answers those questions and seeing if people will buy it. The best ideas will come from your customers. After all, they’re the ones you’re creating your business around!
Having a service may allow you to have a closer relationship with your audience and more easily see trends in their experiences because everything is digital. Understanding what they have in common and what other problems you can solve for creates a feedback loop that will let you further evolve your business.
The possibilities are endless, so you can even start selling physical products after your services launch, and vice versa if you were starting with selling a physical product. As long as you have engaged customers who trust the quality of your work and you have a clear understanding of what they need, you’re on the right track.
“Overnight successes are generally years in the making. And most progress is made in isolation, far from the public eye.”
Founder of Venture for America