Products/Services Marketing

Product marketing is the process of introducing a new offering to a specific market of buyers.

It involves deeply understanding a product’s target audience, using messaging to explain how it can solve that audience’s problems, and strategically positioning the product to stand out from competitors.

In essence, product marketing aims to drive demand and usage of the product by effectively communicating its value to customers.

If you’re looking to market a product now, we consider these steps for your business: Identify your target customers, their pain points, and needs.

Tailor your messaging accordingly. Clearly define how your product differs from competitors. Highlight its unique features and benefits.

Plan a successful product launch. Consider timing, channels, and promotional activities.

Craft compelling story that resonate with your audience. Explain how your product solves their problems.

Ensure sales teams understand the product thoroughly. Provide them with the necessary resources.

Services marketing is a specialized branch of marketing that focuses on the unique challenges and strategies involved in marketing services, as opposed to tangible goods.

Here are some key points we give consideration to our service industry clients.

Services are usually intangible economic activities offered by one party to another.

Unlike physical goods, services cannot be touched or seen. Service production and consumption often happen simultaneously.

Customers interact with service personnel and the service environment during the encounter.

Services can vary due to factors like human interaction, skills, and environmental conditions.

Perishability: Services cannot be stored or inventoried; they are consumed as they are produced.

Marketing Mix for Services (Seven Ps):

Product: Refers to the service itself, including its features, quality, and benefits.

Price: Determining the right pricing strategy for services.

Place: Deciding where and how services will be delivered.

Promotion: Creating awareness and communicating the value of services.

People: Recognizing the importance of service personnel and their role in customer satisfaction.

Physical Evidence: Tangible cues that signal service quality (e.g., facilities, equipment).

Process: The steps involved in delivering the service.

Service-Dominant Logic (S-D Logic): Challenges the traditional distinction between products and services.

Argues that everyone sells service, emphasizing value creation and customer roles in service delivery.

Remember, services marketing requires a tailored approach due to these unique characteristics.