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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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Product vs. Service Marketing: Benefits and Challenges

  1. 1. Product Service Benefits and Challenges Gabriela Taylor Author, Entrepreneur and Holistic Business Coach
  2. 2. Good and mindful marketing is the absolute key to success
  3. 3. MARKETING A PRODUCT
  4. 4. 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.
  5. 5. BENEFITS OF MARKETING A PRODUCT
  6. 6. Versatility Creative Cost Cuts Imagery Niche Trust
  7. 7. VERSATILITY When marketing a book, offer both physical and digital versions Provide book samples, discounts, coupon codes through email blasts
  8. 8. 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
  9. 9. 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
  10. 10. IMAGERY Show your successful stories to your potential customers People respond quickly to what they see
  11. 11. NICHE By being able to target a specific group of customers, you don’t waste precious resources or dollars on unsuccessful selling strategies
  12. 12. CHALLENGES OF MARKETING A PRODUCT
  13. 13. 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
  14. 14. DISTRIBUTION CHANNELS The biggest part of a marketing strategy for selling a product first comes with selling it to reputable distribution channels
  15. 15. STORAGE & MANUFACTURING Show your successful stories to your potential customers People respond quickly to what they see
  16. 16. 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
  17. 17. MARKETING A SERVICE
  18. 18. When you’re marketing a service to the masses, you are selling something completely intangible - you’re selling a relationship.
  19. 19. BENEFITS OF MARKETING A SERVICE
  20. 20. Exponentially Lower Costs Competitive Set Upper hand Customization Limitless Reach Word of Mouth & Repeat Customers
  21. 21. CHALLENGES OF MARKETING A SERVICE
  22. 22. Niche Returns
  23. 23. WHICH ONE IS RIGHT FOR YOU?
  24. 24. Selling a physical product or an untouchable service are pretty balanced when it comes to the advantages and disadvantages Only YOU can decide what it takes to make your business successful Continue Reading…
  25. 25. 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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