Ready to Boss Legal

View Original

Professional Services: It’s time for a digital product strategy

Over the last twelve months, I’ve had a number of people tell me that they started their business during the pandemic or found they had to move their traditionally offline business, online. These clients, who are in professional services and also professional support services, have said they have adapted and over time discovered it to be convenient for them, and they want to do more of it. Hooray! It’s great to hear some good news to come out of the pandemic.

Perhaps you would like to discover even some online product and service opportunities for your business? Maybe you are looking to make a transition from bricks and mortar to online? Or perhaps you know that you want a digital product strategy to roll out a range of digital products and services? If any of these sound like something you are interested in, I have you covered.

See this content in the original post

As someone who has assisted countless others find their feet and expand their online businesses over the last few years, as well as having an online business myself, I’ve seen a lot. I’ve seen when things go well, and also when they don’t go so well. In that time, I’ve found myself providing more than the legal advice I’m best known for. My insights have proven to be helpful in addition to the legal advice I provide. 

So, where to start in creating your online services and digital product strategy? Let’s begin with digital products.

Types of digital products to sell online

There is no end to the digital products and services you can make available online. Depending on the type of work you do, you may have already considered an online course or online membership community. However, if the thought of putting together big projects like these is too much, consider putting some of the great work you’ve done in the past to ongoing use. 

What can you sell that you already have?

See this content in the original post

Many professionals and professional support service business owners are sitting on a mountain of value, with their existing intellectual property (or IP). They just haven’t considered the idea of turning it into products. For example:

  • Have you hosted a webinar in the past? Do you have a recording of a webinar that still has considerable value? Make the webinar accessible after the event, give it a name that matches the value, such as a ‘Masterclass’, and put a value on it.

  • Have you written some articles that you could piece together to create a helpful ebook? 

  • Have you put together a workbook or resource that you provide to clients, but could be sold online?

  • Do you have a template for something that you know others would find helpful? Make it accessible with a price tag.

  • Do you have video recordings that could be repurposed into a mini course or online course?

These valuable resources that you already have could be adding revenue to your business as you are reading this. But not all digital products make you money right away. Some are used to help develop a relationship with a potential customer or client.

Provided you have a website that is relevant and up to date, one of the first elements that people add to their website is a lead magnet (or download). Your lead magnet could be a downloadable checklist, an e-book, or a fact sheet, whatever is most suitable for your potential customers or clients. They are called lead magnets because they are designed to encourage people to spend more time browsing your website and become familiar with your brand. 

Lead magnets are usually available at no cost. The idea is that by consuming the information in the lead magnet, a potential customer or client will have developed more trust in your services, leading to more significant purchases or ongoing work with your business.

Alternatively, you may wish to offer your lead magnet in exchange for some information about the visitors to your website. You will have provided your first name and email address at some point, in exchange for a resource that you wanted. This is what a lead magnet will do for your business. The benefit of this option is that you can then reach out to these people and follow up their interest, because you now have their name and some contact information and you can add them to your mailing list. 

When you offer anything that provides information, while the objective is to have them learn from you and develop trust, it is also important to protect your business. You need to include appropriate disclaimers to make sure that the reader understands that the information you provide is information only, and not specific advice. Without this clearly articulated, you can find yourself in hot water. If you are after a disclaimer for a digital product, we have a digital product disclaimer template here

In addition to creating digital products, you may wish to offer online services, or add to what you already have in play.

Offering services online

My clients offer services online in a range of ways. They may be one-on-one or group sessions,  either  as a one-off or regular sessions. Let’s take a look at what to consider when getting started with your online service options.

Online appointment/meeting setter

If you offer services online such as coaching or workshops, it is critical to set up an online appointment setter to integrate into your website, so people can easily book a meeting or appointment time with you. 

In some instances, I have suggested to clients to set up payment upon booking. It may be wise to take a deposit or full payment upon booking, to encourage people to commit to and keep their booking time. If that is the case, you will need to make it clear that their payment is not refundable if they do not attend. 

Online group workshops or coaching

Just like in an in-person workshop, you will need online registration forms and disclaimers. You will need to be clear about the platform you are using, such as Zoom, Teams or a Private Facebook Group and how you will maintain confidentiality in an online group setting. This is important even if you have them in a private group, as it is still a public forum. 

If you are recording the group sessions, you will need to ensure that people understand that there will, or will not be, recordings and whether they'll be made available after the event. You will also need to set expectations about what happens if someone doesn’t attend a session. For example, you might require them to provide notice of their absence and that there will be no refund for that session. Having these guidelines as part of the registration process helps manage expectations about the way in which you will deliver these services online.  

The best way to minimise the risk is to have all of this information in an online waiver and disclaimer that participants read and agree to upon registration. 

Collaborations For Online Events or Workshops

To grow your business, and reach other people's clients, you may partner with someone for an online workshop or event. This can be incredibly powerful however, if you do this, you really need to be clear on the obligations of each party. For instance, if there are a number of tasks to be undertaken to enable this collaboration to happen, detailing who will do what as well as the timelines, is essential. If there is money involved, how that money will be paid and distributed also needs to be documented. 

You will also need to consider whose intellectual property (IP) is being used for the workshop or event and who can, or cannot, use it after the event. And even though you won’t go into a collaboration preempting the negatives, if things aren't working out, you will want a clear pathway to follow for how the collaboration can be terminated.

Serious about online services and a digital product strategy?

To maximise the overall success of any digital products or services you offer, you will need contracts such as disclaimers and terms of sale. What you choose to sell or offer will determine what protective measures you will need to move forward confidently. Having these in place can give you peace of mind that you are protected, but you are also ensuring your clients understand what they are purchasing. 

This is important because, for instance, if you are selling digital products, the expectations should not be the same as when they engage you for one-on-one services. Digital products are available for download immediately and have different considerations for returns and refunds (usually there is none).

There is no doubt that setting up online products and services will help you move towards creating a business that allows you to earn without having to work all the time. Your first step, however, is to determine a plan for what you will offer. Many times people start this process and give up because they don’t see results. It is the quality of the plan that determines the outcome.

If you are seeking support to develop your online product or service strategy, or you know you need some legal advice to better protect your business, then I encourage you to speak with someone like me. With both legal expertise and insights into growing a successful online business, I can help you get you on this path, faster.

Related: Adding ecommerce to your website: 7 things you need to know

Agencies: Avoid client drama with these elements in your digital marketing contract or service agreement

Have some questions about how to protect your online products and services, then book a no-obligation discovery call here.