Productize

"Productize" refers to the process of developing or altering a process, idea, skill or service to make it marketable for sale to the public. When something has been productized it means that it has been taken from a raw or minimally developed idea and has been turned into a standard, fully tested, packaged, supported and marketed product. For example, a person can productize their expertise by creating a product or service based on that knowledge. To productize is not the same thing as the production of a good or service.

Productization does not involve a tangible, physical good. Rather it is an idea, a process, a prototype, or an area of expertise or skill that has been developed (or productized) into marketable and salable product. Services may be productized, packaged and sold just like physical products. For example, a marketer can write a "how-to" book for new entrepreneurs that would teach them how to market their business, or a web designer can create a DVD series on how to design web sites. Productization is a key strategy in creating and running a service-based business.

Productized services, which are essentially subscription-based services, have seen significant growth over the past several years. They can be an excellent way for freelancers and entrepreneurs to generate more income given their time and resource limitations. Some examples of service-oriented productized businesses include content creation, audio and video editing, WordPress services, Design/UX services, marketing optimization services, food and drink delivery, lead generation, finance and accounting services, support services, public relations and media services, coaching, health services, travel planning services, and consumer product curation and delivery (such as clothing, shoes or accessories).

Most — if not all — services can be productized into an enterprise that can be scaled, delegated and automated to create a sustainable, recurring revenue stream. To devise a strategy to productize what is an informal or freelance business an individual should consider how they can solve a recurring problem for customers and then come up with a service offering that customers will find value in paying for on a recurring basis. This includes formulating terms of business that define the conditions for how a services are rendered. These terms should keep workload at a sustainable level while also maximizing the opportunities to provide value. A key tool in enabling a worker/owner to remain profitable while managing workload and customer expectations is to charge more for a valued service while taking on fewer customers.