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Eisha Armstrong

Kiley Peters

Welcome to Eloma

Welcome To Eloma Episode 47: Productizing Your Services with Eisha Tierney Armstrong

“Think big, have the vision, and have the dream, and then minimize the risk,” shares Eisha Armstrong, Co-Founder and Executive Chairman of Vecteris and Author of the Amazon bestseller Productize. Today, Eisha joins host Kiley Peters to talk about productizing your services.

Productizing has the potential to add a lot of value to your business because it allows you to scale your growth. If you can come up with a product that solves a pre-existing clear, urgent and expensive problem, you are on your way to success. Some of the common mistakes made by entrepreneurs when they begin productizing are trying to create products that do not solve a problem, creating products that very few people have ever asked for, and rushing into production too fast before doing any market testing. When done properly, productizing your services can have tremendous benefits, because other people or in many cases even automations, can then sell your product for you.

A great way for service companies to grow is to productize their services because then they can begin to scale. However, there are many things to keep in mind when creating a product. Learn more about the common mistakes entrepreneurs make when productizing and what you can do to create a successful product from your services. 

 

Highlights:

  • “If you ever want to exit your business, usually businesses that have more revenue from products and services command a higher valuation.” (3:30-3:40 | Eisha)
  • “It just breaks my heart when I see people create products that are in search of a problem, as opposed to products that solve a clear, urgent, and expensive problem.” (12:16-12:28 | Eisha)
  • “We want to create a first version, an inexpensive version that helps us test, helps us learn about the market. But we want to remember that we need to reserve investment to continue to iterate on the product.” (13:47-14:02 | Eisha)
  • “There is no relationship in the research between how much you spend on new product innovation and your success as a new product innovator.” (15:56-16:07 | Eisha) 
  • “Think big, have the vision, and have the dream, and then minimize the risk.” (29:42-29:49 | Eisha)


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LinkedIn| Eisha Armstrong
Website | www.vecteris.com

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Email: info@rayneix.com

Kiley Small Business Strategist

Kiley Peters is a serial entrepreneur and small business strategist. She built and exited an international award winning agency to launch her executive consultancy helping women live the lives they want through entrepreneurship. She is on a mission to help 1 million women build more financially free and fulfilling lives through her founding of RAYNE IX–an executive consultancy helping women fast-track the launch and growth of their consulting practice so they can have greater flexibility, autonomy, and ownership of their lives –and The 100 Collective, a membership and directory for women service-based small business owners who are committed to helping other women succeed. She’s also the host of Welcome to Eloma, a podcast for visionaries, entrepreneurs, and business owners who want to become better leaders, people, and pioneers.

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