Behind every successful business is a catalog of up-to-the-snuff marketing strategies, of course along with the quality of services and/or products it offers. It's a well-known fact that marketing is key to success of any business venture. As compared to good old days when only a handful of businesses existed in each domain, the market is flooded with abounding small to large scale businesses, giving rise to the cut-throat competition.
Amidst the numerous businesses mushrooming by the days, it's crucial for a business to rope in the target customer by coming up with efficient marketing strategies. Businesses can be different in nature based on many things such as products, services, location, target buyers and others. Therefore, business marketing strategies differ from business to business based on the products and services offered.
Product marketing strategies are always different from service marketing strategies. Even if a company offers both products and services, it uses different approaches to market them all the while maintaining similarities to some extent as they must portray the same company image. Products and services are both different because when customers buy a product, they can touch it, however it's not the case in services. For example, if a buyer is purchasing a carpet, he chooses it by looking and holding it, but if he is looking for carpet cleaning service, he has no option other than relying on the reputation of certain service-based business.
The major difference is that when people buy a product, it's concrete whereas the services are intangible. Marketing a service is more about building a relationship with the clients. It takes a lot of time for businesses to build trust with their clients because services can't be marketed by triggering impulse buying. While buyers can go for products impulsively just by looking at them in a store, they rely on the marketing materials as well as their requirements of whether or not they need a particular service. Persuading buyers to pay for a service is lot harder than doing the same for a product.
A service-based business has to sell itself as the product to gain confidence of the buyers and build a lasting relationship. And for that, the business must be capable of deliver the quality and excellence it promises with its service. A simple example is Javed Habib, the ace hairstylist in the country. Over the years, he has provided quality services to his clients resulting in reliability and a lasting relationship. Today, he owns more than 300+ franchise hairstyling salons across India and he himself isn't available for hairstyling at any one of them, still the salons are most the sought-after ones as they deliver as per the clients' expectations.
Products are returnable, however services are not. Hence, businesses have to be careful as to when create marketing strategies for both.