MARKETING PRACTICES FOR YOUR SERVICE-BASED BUSINESS

November 08, 2019
Marketing_Practices_For_Your_Service-Based_Business_S.docx

When it comes to a service-based business, it is greatly different as compared to a product-based business. There is no physical commodity or product. You are basically selling ideas, promises, or something that is intangible. Hence, for a service-based business, different practices and approaches should be taken into consideration. Below are a couple of marketing practices that should be applied to your service-based business in order for it to prosper.

1. Discover Your Exclusive Position
You should know what makes your service-based business unique and different from the competition that is out there. If you cannot find a difference then you must work towards creating one. A small and new service-based business cannot present similar ideas or services. Plus, the difference should not be something as obvious as customer service or the quality. It could be something like the difference in prices, the turnaround time, fast delivery, and other beneficial ways you can offer more than what you already do.

2. Pay Attention to the Value and Not the Price
You cannot afford a war over prices since you are still the owner of a small and relatively new business. Arguing over prices can only create complications that can get difficult to escape from. Since the service you offer is not an actual commodity, you would want to promote its value to the customer. You have the option to offer different payment options or offer bundle services. If your customers give more importance to time, customer service, accuracy, follow up, readiness and so on, then that is what you should sell.

3. Improve Your Visibility
You cannot sit and wait around for your business to get discovered. Plus, you cannot expect customers to find you by themselves. A business that is new must make itself visible in various ways. Thanks to the internet, there are more marketing channels as compared to the pre-Internet time. You can use social media, emails, paid advertisement, videos and many more way to promote your service-based business to potential customers. Out of the endless options, you should choose the one that works for you and is the most productive way to reach the market.

4. Establish a Strategy and Review It Often
There is a slight difference between planning and strategy. Planning requires you to start from the very beginning and it brings a sense of organization to any project. On the other hand, when you strategize you are working on the how-to of the whole thing. It is more of a guide that helps your business reach the heights of success and use tactics to move it forward. It contains calendars, schedules, KPIs (key performance indicator), and other important features. Moreover, you should review your strategy from time to time in response to the changes in the demands of the market.

5. Market to the Customers You Already Have
In the service-based business, a purchase does not mean it is the end of the sale. It is the start of a relationship that you have with a customer, and it goes on with support and delivery. Thus, satisfied and happy customers will potentially become repeated buyers. Luckily, upselling present customers costs comparatively less and generates considerably more revenue as compared to marketing to new customers. In order to build sales, it is preferred to use direct marketing such as direct mail or e-mails, and offer special and new promotions to your customers throughout the whole year.

In conclusion, these marketing practices are just starting points. Each one of them need to be strategized using certain tactics. Moreover, each one of these practices need a good amount of nurturing and support in order to have a flourishing service-based business.