How to Succeed in Today’s “Service Economy”

business man writing industrial product and service improvement concept of increased quality - speed - efficiency and reduced cost

The facts are:

  • The current list of Fortune 500 companies contains more service companies and fewer manufacturers of goods than in previous decades.

  • The % that services represent in the U.S. GDP/GNP has consistently increased YoY for decades.

  • The % of services in the DJIA has consistently grown YoY for decades.

  • The relative importance of service in product offerings has increased YoY for decades.

  • Products today have a higher service component than in previous decades.

  • Virtually every product today has a service component to it.

  • The old dichotomy between product and service has been replaced by a service–product continuum.

  • A growing number of products are being transformed into services.

What this means for you

It’s quite simple. In order to succeed in today’s “service economy,” all you need to do is offer quality services. Amazon has built its empire on this principle and has become the gold standard in the service economy, with detailed product descriptions, customer reviews, fast and accurate delivery.

We can’t all be Amazon. But we can learn from the Amazon example and create optimal service experiences for our customers. You can:

  • Bundle services into your product offerings, or

  • Convert your products into services!

Bundle services into your product offerings

Here at Liberty Grove, for example, we focus on Microsoft Dynamics ERP software. But we don’t sell software as a standalone product. We offer our products in various software and services bundles that might include: selection, consulting, design & implementation, integration, migration, customization, configuration, financing, maintenance, updates, upgrades, troubleshooting, rescue & revitalization, training, and support.

Convert your products into services!

Whereas in the past, here are Liberty Grove, we “sold” Microsoft Dynamics ERP software, we now also provide “Software as a Service” (SaaS). For our clients, this means that instead of purchasing software and incurring a high upfront capital expenditure, our clients “use” Microsoft Dynamics 365 Business Central as a service on a “pay as you go” basis. Software becomes an operating expense that includes all the services needed to use the software at peak performance. And our clients are always on the latest version of the software without paying for “forklift” upgrades. It’s a revolutionary business model that exemplifies success in the “service economy.”

Move into the “service economy” with us

Join our journey into the “service economy” and reap the benefits. Call us at 630-858-7388 or email us at