How To Think About Turning Your Products Into Services

Services already account for 75% of the global economy. Here’s how you can tap into the growing market. Eking out profits from products alone isn’t what it used to be. Thanks to the Internet and global distribution, consumers have access to lots of choices. That’s good for them but not so good for the folks selling those goods. Some companies know that products only get you so far, that services are the future--in fact, services already account for 75% of the global economy. The most innovative companies know that even when they’re selling a product, they’re actually selling the function that it provides. But it’s one thing to know that; it’s quite another to transform that understanding into a real service-based business model.Read Full Story