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Marketing Services

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Although services can be thought of as a product, they must be marketed differently. When you buy a new computer or smart phone, you can look at it, feel if, and hold it; perhaps even try it out to see how you like it. If you purchase the product and don’t like it, you can usually return it for a refund or exchange.

Services are different. For example, if you provide accounting services to clients, it’s an intangible service. You cannot feel, smell, see, taste, or try it out. You may or may not get a refund if you’re unhappy with the result.

Like any product, one must obtain user input. What would a customer like to see in the way of customer service? Would guarantees of satisfaction make the product more desirable? What is the outcome if your client purchases the service (Benefit)?

Also, the use of data analytics can be useful. What are data analytics? Data analytics is a process to analyze raw data so that conclusions may be drawn from that information. In today’s technical world, a lot of the data can be analyzed using automation and algorithms. Data analytics can help manufacturing identify and remove roadblocks. It can help firms become more efficient in their business processes.

However, for services, it can also help a business understand their customers, and therefore improve their marketing campaigns, personalizing of their services and improve their products. This data can be collected from historical records or from customers directly. For example, a utility can pull up data from their customers showing electric use patterns, payment options used, and time of day peaks in electric use. This data can be segmented. From this data, new rates (a service) can be derived and offered to their customers. Other sources of data include companies in the marketplace that collect and sell data. Think about your web browser capturing you internet trail. They know when you’re most active (time of day), the types of sites you typically visit and what kinds of purchases you make online. For example, data analytics may be able to track and tell what music sites you visit, what topics you watch on YouTube (history videos for example), and what types of car accessories you like to purchase.

Services must have a different marketing strategy and data analytics can help a business hone their message, offer new services, help segment their market, and determine which online platforms would be most effective.

Product Development

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