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.
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