No Bullshit Strategy | Simple systems for founders who want to get unstuck and grow fast | Bestselling author | Founder of Basic Arts.
Not understanding this is one of the biggest mistakes I made in my career. For years - and even now - I had no idea how much untapped value I was sitting on. --- And I bet it's the same for you. This is the easiest technique to unlock the true value of your business - especially service businesses - without necessarily needing to make a big strategic change at all. (Although you should be thinking about that too). Hope it's of some use. __ 👀 Get the hidden strategies used by the world’s fastest growing brands. Join 15,000 founders getting a new breakthrough strategy technique every week. Link in bio to sign up.
great stuff. is there an exercise you would suggest that would prompt me to think about it
I see what you did with this post: you've thingified thingification, Alex. Clever! CC: Jacob Pegs, this is an amusing way to put it :D
Ali Mamujee
2w
So true. So many companies have amazing differentiated features in their software that they are not a putting a name and everyone in the company calls it the same thing.
Matt Swain
2w
I love the term "thingification" —great breakdown here Alex
If I helps, I use this process. The “human assets” are the skills, knowledge, and abiliities that you or your business possess and can use to turn into a product. The other assets can be potential clients, resources, and connections to apply to produce said product. From applying this technique, I initially created 4 elements/products to my business. I later became employed but still continue to add to my asset map and have added countless strengths that have provided me with multiple additional “strings to my bow”.
I found that while people wanted to work with me, because I checked all the right boxes, they had a difficult time internalizing what I was offering, until I put myself in a box (metaphorically), put a bow on it and gave it a name. I 'productized'. I 'thingified', thank you 😉. And that's not easy to do in work where soft power (and a sprinkle of wisdom and intuition) is your unique value, because we naturally resist doing so. It seems insincere and opportunistic on some level. But I got past my own barriers, and from this my Value Induction Pathway (VIP) offering was born.
Love how you continue to explore strategy/marketing in the clearest possible terms, Alex M H Smith In software product management, you can either be a service business and create bespoke solutions for each client... ...or you can "thingify" ("productize") your offering As I learned from Former WHOOP head of product Ben Foster: "There’s a reason the service-driven companies have more like 1–2x multiples on their revenues for their valuation, as opposed to the 10–15x that you tend to see with SaaS companies that are truly product-driven.”
It feels like you just pulled those words out of my mouth Alex M H Smith and this is the notion I am honing on people with rare, unique gifts and skill sets to create their own frameworks to sell something that doesn't require re-invention but rather re-positioning. I've just honed in the last two years and loving this angle of specific business owner at a certain stage to create their signature offering. The strange thing is you simply so much that it makes you double down on the thing that works.
Great insights, Alex M H Smith 💡 Charging double isn’t just about raising prices—it’s about increasing the perceived value of what you offer. 🌟 When you position yourself as an expert and focus on delivering exceptional outcomes, people are willing to pay for the difference in quality. But here’s something to think about: Is the key to charging more about improving the product, or about how you communicate its value? 🤔 Both are important, but one might have a bigger impact on how clients perceive what you offer. What’s your experience: does value come from the product itself, or from how it’s presented? 💡 #ChargeWhatYoureWorth #ValueProposition #ExpertPositioning #DeliverExcellence 🚀
C-suite marketing and strategy leader
2wFrom my experience, things that solve problems that are scalable, has a process / approach that is repeatable and can be delivered profitably tend to thingify best and are worth testing. A leaders playbook is a good example of this. I've seen lots of other examples where leaders / teams think their thing could be thingified but in reality it can't and they spin their wheels on it for too long.