Are you thinking of building a business but could not decide which one to offer? Are you thinking of providing products or services? It is not enough to just start whatever you think would be profitable. You need to ensure that you give the right ones to contribute to the right market.
Products are tangible items that a business offers. Businesses will want to highlight specific features and display the thing, whether in stores or online. Examples of these are hair products, food, clothing, appliances, office supplies, etc. These products are purchased and used by customers. They have an objective utility considering whether they are in line with how shown. There is the thought of whether it would work or not. Some customers may opt to witness a demonstration first before purchasing a product. It needs a little convincing on certain products to determine as the advertisement.
On the other hand, services produce essentially intangible benefits such as laptop repair, car customization, internet connection, etc. Services are more dependent on the customer’s experience and perspective regarding their value during the service. Generally, service-based businesses are less expensive than product-based businesses because there is no inventory. The pricing is dependent on industry, the experience of the one providing the service, and the amount of time required to get the service done.
There are so many products and services offered around you. Thus, you need to come up with something unique about your product or service for you to have a spot in the market. How do you do it? You need to do your research on your chosen area. Check out what products or services are lacking or how you can improve what you can offer so that people will get curious and try them. Remember that for every offer you provide, you need to deliver what your customers expect to have an excellent experience for them to revisit and make a purchase again.
Entrepreneurs spend a lot of time thinking of what they can offer to the public, staying in the market for a long time. Both products and services meet the market’s needs. Products such as skin lotion will give you supple and moisturized skin. At the same time, a business consultancy service will help any business become progressive. No matter what your business offers, your primary goal is to address the wants and needs of your target audience. Keep in mind that the products and services you submit should have variations. Since even if you have identified a target market, there still be a slight difference with what they specifically need at any given time.
Certain products can often just sell themselves, even without much pushing. It becomes a necessity for people to pick up off a shelf quickly. It may be easier to build consumer interest once new products are on the market. On the other hand, services offered should allow businesses to connect with the consumers to build trust. Therefore, no matter what you have decided to offer, you aim to provide value, to make the consumer’s money worth purchasing or availing of what you offer.
It is to note that consumers always appreciate being listened to and know recognition. Hence, it is more likely that they will repurchase when they have built a relationship with the brand. Strengthening relationships can make these customers refer their favorite brands to others. Understand that offering services are relationship-based. Thus, it is of utmost importance for service-based companies to continually engage with their customers. Listen to feedback and provide an approach to ensure that they always give the best possible experience. As you build your business, you must adequately address all questions and look into each feedback you receive. This shows that you pay close attention to your customers. It will ensure that your business will grow and guided about what you need to do to provide a great customer relationship and satisfaction.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
