Product vs. Service Marketing Benefits and Challenges

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As a business owner, good and mindful marketing is the absolute key to success. But all marketing is not created equal. Whether you’re offering tangible products to the world, services, or both, you’ll need a marketing strategy that caters efficiently to each—especially since selling products versus selling services are both entirely different beasts.

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Presentation Transcript

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Marketing Product Service Benefits and Challenges Gabriela Taylor Author, Entrepreneur and Holistic Business Coach

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Good and mindful marketing is the absolute key to success

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MARKETING A PRODUCT

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When you are  selling a product , you’re selling something that consumers can touch, therefore physical demands apply here that don’t with selling a service.

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BENEFITS OF MARKETING A PRODUCT

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Versatility Creative Cost Cuts Imagery Niche Trust

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VERSATILITY When marketing a book, offer both physical and digital versions Provide book samples, discounts, coupon codes through email blasts

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CREATIVE COST CUTS Utilize digital media for marketing and advertising as it saves you from eating up front costs Make use of giveaways for brand exposure. The only cost is the cost of the giveaway to the winner

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TRUST Consumers tend to trust what they know. Being able to give your customers a product they can see and touch can make all the difference when it comes to ease of marketing successfully

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IMAGERY Show your successful stories to your potential customers People respond quickly to what they see

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NICHE By being able to target a specific group of customers, you don’t waste precious resources or dollars on unsuccessful selling strategies

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CHALLENGES OF MARKETING A PRODUCT

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Up Front Costs Distribution Channels Storage and Manufacturing Gambling with Market Strategy

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UP FRONT COSTS Inventory is costly:  investing money into supply will most likely come before the actual sale Risks are a given when being an entrepreneur, but costly risks can sink your ship fast

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DISTRIBUTION CHANNELS The biggest part of a marketing strategy for selling a product first comes with selling it to reputable distribution channels

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STORAGE & MANUFACTURING Show your successful stories to your potential customers People respond quickly to what they see

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GAMBLING WITH MARKET STRATEGY Any market strategy is a gamble, but you have to be sure as a product seller that you make your risks small, because when a marketing strategy fails, you always take a pretty big financial hit in the process

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MARKETING A SERVICE

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When you’re  marketing a service  to the masses, you are selling something completely intangible - you’re selling a relationship.

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BENEFITS OF MARKETING A SERVICE

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Exponentially Lower Costs Competitive Set Upper hand Customization Limitless Reach Word of Mouth & Repeat Customers

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CHALLENGES OF MARKETING A SERVICE

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Marketing the Intangible—Trust The Taboo of New Diminishing Demand A Bad Rap Niche Returns

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WHICH ONE IS RIGHT FOR YOU?

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S elling a physical product or an untouchable service are pretty balanced when it comes to the advantages and disadvantages O nly YOU can decide what it takes to make your business successful Continue Reading…

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v Gabriela Taylor’s I coach, mentor and teach like-minded entrepreneurs worldwide to become the BEST version of themselves and make the most of their TIME, MONEY, ENERGY and INNATE TALENTS. Visit GABRIELATAYLOR.COM

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