How To Identify New Services To Sell

We all want to sell more in our business. It's not only about money, it's about new value that can be created to help those willing to pay for it. As entrepreneurs, we enjoy helping people. That is the beautiful part of leading a business.

So how can you identify new ways to sell new value?

Example: I'll use an example that accounting firms owners often run into to help us through this blog post. Here it is; many strong accounting firm owners also give business advice or have meetings with their clients that are built in to their service. These meetings are typically very valuable for the business owner for many reasons. The questions below will help us dissect this 'business advice' service and see how we can identify this as new value, and get paid for it.

First, ask yourself "what client service or interaction do I have that I hear good things about, or that seems to be of significant value to my client?" Think about it. Often, we are already doing things that are valuable, but we are giving these services away by bundling them into other services, or just failing to recognize that we are giving additional value. Example: accountants often give a tax return to a client, and then proceed to have a meeting with the client about their business, and how to improve it. These meetings can represent huge value for the client, but the accounting firm gets paid nothing for that additional value.

Second, ask "what name would I give this service if I have found something that is valuable to my clients?" I've found naming a service is a great way for a client to understand it and perceive its value. A name can at least allow the client to ask questions about the service.Example: the 'business advice' that CPAs often give away could be called Business Coaching (which is what we call it), Business Building Briefs, Monthly Growth Meetings, or anything else you think would communicate value.

Third, ask "what price would I be willing to start attaching to this service that communicates value, and yet requires an investment from my client?" We're building wealth here, so don't sell yourself short. We are trying to accurately price this service in a way that (1) communicates value, and (2) requires an investment from the client. A higher price will do more to communicate value than a lower price, typically. Also, asking the client to invest means they will participate in the service more actively, and more fully engaged. Example:you can sell Business Coaching per session, on a monthly basis, or as an annual commitment the client makes. You don't have to sell it to everyone at first. Pick a few clients to try it on, and tell them you have been working on new transformative services and want to see if they are interested. Make sure you tell them the price of those services, as the price is what will help them attach the value to it.

Fourth (and final), ask "where can I put this on my website, and what is the description that will help clients understand what we are selling?" The description should be written in a way to help the client attach value to it. Don't talk about yourself in the description - "we are the best at..." The client doesn't care. Your awards, accolades, client testimonials, and the fact that you have a cool office can all be part of selling your services. But ultimately, the client has to know what they are getting and why they should attach value to what you are selling. The description of your services needs to clarify how it will help your client. Example: we have identified the opportunity to sell Business Coaching now instead of giving it away, and have put a price on it. Now we have to describe it. You can see how we describe it on the front of our site, Blumer CPAs: "Our coaching is meant to unlock new ideas, help you deal with the complexities of growth, increase accountability, or offer more value to your customer while making more money in the process." Now the client can decide if this is what they need, or they can ask clarifying questions.  

Here's to building new wealth, and giving clients more of what they really want!