Episode 47 - Building Your Business Through Service Innovation: Strategies for Service Design to Enhance Business Value | Patrick McGowan

Are you looking to add revenue streams for your business? Would you like to know ways to monetize services that you’re already delivering to your customers? Have you struggled with designing and managing new offerings within your business? Curious about what it means to innovate and design regarding services? Our special guest Patrick McGowan answers all of these questions and more about the concept of innovation and design in the context of services.

Patrick McGowan is an entrepreneur and the Managing Principal and a Founder of Service Design Group, an organization that helps organizations and leaders innovate, design and manage service offerings. Patrick and Service Design Group are experts at creating revenue-generating service opportunities for business-to-business enterprises and creators of Service Path, the world’s only business-to-business platform for Service Innovation and Portfolio Management.

Listen in as Patrick helps you better understand service innovation and design, including the ways it can differentiate your business and add value to your business.

The Impact Leadership Podcast is brought to you by Cardivera, the leadership development eco-system that helps your grow your people, grow your business and grow your life.

Show Notes

In this episode you’ll learn…

What types of business and market issues call for service innovation and design
Services as a key market differentiator and revenue stream
Strategies for monetizing services that you’re already delivering
The roles of consistency and scaling when it comes to service design and innovation
Turning individual magic into a consistent and scalable service
Service offerings must guarantee an outcome (differentiate)
Different ways to “package” and sell services
Understanding the difference between delivering a service experience versus a monetized service offering
Understanding the difference between a service and a product
Services must continue to add value over time to your customers
Amazon as a prime example of service innovation and design
The risk factors with service design and delivery
Understanding the margins impact on the front end of service offerings (service innovation often has a longer tail on profitability and margins)
Ways that service innovation drives enterprise values
Building customer relationships and loyalty through service innovation and design
The importance of being consistent and systematic with service design and implementation
Start small with service design and implementation (test and learn) before you scale
Service innovation and design is often simpler and faster than product innovation and design
The importance of aligning customer incentives with service offerings
Channel dynamics are a reality with service innovation