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Understand what you sell

Business

Understand what you sell

There are a lot of us who do not really know what type of business we indulge in. For you to succeed in engaging on the social media, you need to first understand what you sell, your goal and then the strategy. A good understanding will help you know the type of social media channel suitable for your business. For example, a medical doctor will thrive more on LinkedIn than on Facebook.

Services and Products

A service is the production of an essentially intangible benefit, either in its own right or as a significant element of a tangible product which through some form of exchange, satisfies an identified need.

A product is a tangible and discernible item that the organization produces, including digital file-based output.

Differences between Services and Products

  1. Who comes to whom – Products come to the customer, but customers go to the service because they ask for it e.g as a patient you go to meet the doctor who renders you a service of diagnosis and treatment.
  2. Customers want products to be standardized but want services to be customized.
  3. The quality of the product is embedded in the product itself but the quality of the service is different. It involves customization and variation.
  4. Products can be inspected and sampled before buying but services are experimental and based on belief. In real estate, yes the land can be inspected like a product but the customer must agree with you and there must be element of trust before he/she will follow you for an inspection.
  5. Products can be owned and resold but services (e.g. degree) is not resalable.
  6. The value of products is embedded in it but the value of services is derived from the “encounter” with the services.

What is marketing?

Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires.

Service marketing differences

  1. The buyer purchases are intangible.
  2. The service may be based on the reputation of a single person.
  3. It’s more difficult to compare the quality of similar services.
  4. The buyer cannot return the services

Marketing strategy

A marketing strategy is your overall marketing direction. Marketing strategy includes projection for what you want to accomplish by marketing.  These 9 steps will help to create a good marketing strategy in real estate:

  1. Possess or develop core abilities
  2. Promote the perception ability
  3. Be consistent
  4. Create SMART goals. SMART means Specific, Measurable, Attainable, Relevant, and Timely.
  5. Cultivate the right relationship
  6. Focus on being productive and not busy.
  7. Find ways to effectively match buyers with sellers
  8. Leverage platforms to promote product and service offering.
  9. Create an inbound marketing plan

Marketing plan

A marketing plan organizes your marketing strategy. It should include the types of promotion, marketing and advertising you intend to carry out.

 

 

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