Unravel the Major Differences between Product Marketing and Service Marketing

Your
main goal as a business owner is to improve the overall sales of your products
and services to your target audience! It means that your business’s digital
marketing strategy is a great unique opportunity to meet your most ideal
customers and convert them into leads for your business.

 Both product marketing and service marketing
are exceptionally beneficial in their ways. To understand which kind of
marketing is more suitable for your business involves gaining in-depth
knowledge about these types of marketing practices.

Let us first learn about product marketing and service marketing, after which you will have a clear insight into what are the significant differences between both these types of marketing.

What is Product
Marketing?


Product marketing refers to the process by which a set of specific marketing
activities are combined to sell and promote a particular product for a specific
segment.

• The
marketing mix involves the 4 P’s, which are product, price, place, and
promotion.


Product marketing is aimed at providing value in the form of products to
customers who are looking for them.


Products are usually sent out to potential customers, and they can keep the
product with them or can sale the same.


Products can also be held and resold to customers from another party as well,
as well as be returned.


Products are tangible, so potential customers can interact and use the product
before deciding on purchasing it.

• The
company producing the product and the product itself are both separate entities
and can be separated from one another.


Products also cannot be customized as per specific requirements of the
business.

• The images
created by product marketing receive quicker responses from customers than ever
before.

• The
quality of the product in product marketing is significantly much higher than
service marketing products.

What is Service
Marketing?


Service marketing is entirely different from product marketing since it
involves the marketing of certain economic activities that are offered by the
business to its clients for more significant consideration.

• There
are 7P’s in-service marketing with people, process, and physical evidence being
the essential types of marketing.


Service marketing is aimed at selling to customers by building better
relationships with customers, as they come to the business first.

•, Unlike
product marketing service marketing, cannot be owned or transferred to any
third party involved in the transaction.


Services also cannot be returned once it has been rendered, and due to its
intangible nature, service marketing cannot be promoted effectively.

• The
service provider cannot be segregated from the particular service under any
circumstances; however, services can be aligned based on the demands of the
customer.

• The
services offered by the provided are non-imagery and do not usually receive a
quick response from customers.

• It is
impossible to measure the overall quality of service being provided by the
provider.

Thus,
these are the key differences between service marketing and product marketing.
As a business owner, your priorities involve ensuring that the visibility for
your product or service reaches the right target audience.

How are Companies Bringing
Product Marketing and Service Marketing together?

As a
business owner, you can strive to bring together product marketing and service
marketing, to achieve tremendous success like never before. The overall value
that product marketing and service marketing when combined is unmatched, as you
would be getting the best of both worlds.

Depending
on your type of business, you must figure out that right strategy for your
business. However, there are specific areas where companies are facing
difficulties integrating their product marketing and service marketing
businesses which are:

• Diversification

• Investment of Brand

It is
essential to distinguish your brand image in this competitive market through
your unique and exclusive product marketing and service marketing strategies.
Service marketing and product marketing are entirely different from each other.
So, understanding both the types will help an entrepreneur to stand out from
the crowd.

Service
marketing is mostly applicable for companies in the B2B tech world, where
differentiating one in a competitive marketplace is the biggest challenged
faced by businesses. Knowing and understanding the significant differences
between product and service marketing is the first and most crucial step to success
in business.

Summing Up:

It is
essential to turn your company into the perfect brand for your business with
the right marketing strategy. By understanding how your audience perceives you,
you can use that knowledge to evolve your brand as the crucial key to your
business’s success.

Those
who all are into B2B technical world, it may sound difficult for them to find
out and settle down for a particular marketing pattern. In that case, keeping
yourself updated on the differences between product marketing and service
marketing is going to be a first step towards ensuring success.

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  • ONPASSIVE
  • ONPASSIVE
  • 11 September, 2020
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  • 164 Views
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