Developing a new product or coming up with a new service is not easy. It requires tremendous time and effort to manage successfully. However, it can only give you a profit if you make successful sales through its marketing. Marketing is an art, a technique to promote products and services so that it becomes a need for the audience to purchase. For example, there was no such thing as a transport service in a few decades through an application as a service; or, as another example, skincare serums as a product. But they were advertised and promoted so that today they have become a basic need for individuals to purchase.
For marketing a product and a service, it’s essential first to understand the difference between the two. The differences are as follows.
Marketing a Product
A product is a physical/tangible item that can be purchased directly or through an e-commerce store. If it’s a food item, it can be consumed anytime. If it’s an item other than food, e.g. a phone, a watch, a charger, it can be used for a longer-term depending upon its durability and quality of work. Product marketing is an easier process as it’s easy to demonstrate, show, touch, and display for the selling process. The product to be marketed is:
- A tangible item
- Easy to display and demonstrate
- Can be stored
- Can be replicated
- Is measurable
- Has an expiration date
There are several activities involved in marketing a product. Firstly, it should meet the needs and wants of a customer and be designed according to their demand. Therefore, it’s necessary to design and add colours that help customers feel satisfied. In marketing a product, you should know where to allocate the product, position it, distribute it, advertise it, sell it, etc. Also, the product comes with a life cycle. The life cycle contains stages: pre-adoption, growth, maturity, and decline. It’s imperative to understand and work as per this cycle for successful sales and business growth.
Marketing a Service
Unlike a product, service is intangible, meaning you cannot touch a service being offered. It is not sold in an e-commerce store but rather purchased directly and shows immediate results. The feedback is taken by direct interaction between customer and seller. Some examples of services include salons, nail bars, car wash, tattoo shops, etc. Services occur right at the spot. They do not have a life span and are harder to show value. Service Marketing is:
- Unable to store
- Hard to demonstrate and show the value
- Consumed directly
- Difficult to measure
To market service, a seller must make good interaction with a customer, providing satisfactory results that meet the customer’s demands. The more positive relations a service provider will make with the customers, the more trust it will gain, resulting in positive word of mouth (WOM). The positive WOM will result in even more customers, causing more sales and business growth.