Brief Analysis on Services Marketing

Using service marketing, a company can display its intangible benefits and offerings to increase end-customer value. This might be for self-contained services or for services that complement material assets. Service marketing is a business concept that focuses on non-physical abstract commodities. It is done for the advantage of the firm that cannot be seen, handled, or experienced. These are benefits that are mostly driven by people and processes and that a client cannot keep. Service marketing is used to boost business in industries such as hospitality, tourism, financial services, and professional services. Service marketing induces strategies for the growth of a firm.

Importance of service marketing

• Secondary and primary sector development

Different service strategies for growth are required for the smooth operation of the primary and secondary sectors. As a result, the service industry as a whole is critical to the efficient operation of various sectors.

• Increased employment

The service industry employs people in industries such as aviation, brokerages, tourism, hospitality, software, entertainment, retail, and BPOs. This causes development in the whole country.

• Increased National Income

The expansion and growth of the service industry will benefit economic output. The country would have the same level of development and progress just like any other sector.

• Support for fundamental services

Post offices, insurance, courts, transportation, banking, telecommunications, educational institutions, and hospitality all benefit from the service industry. These services are essential in the daily lives of ordinary people.

• Boost a country’s image

ITES and BPO services will improve a country’s international image. This displays the country’s bright future to the rest of the globe.

• Increase in exports

More demand will come from countries beyond international borders for high-quality service sectors. These, in turn, increase exports and improve a country’s economic stability by bringing in foreign currency.

• More opportunities for women

Working women are in more demand in the service sector. This has provided unprecedented opportunities for women to work and compete on an equal footing with males.

Product development strategy advantages and disadvantages

Advantage

• Maintaining the pace: A product line that remains the same over time may appear worn and stale in a world where game-changing technology is introduced faster than all the buyers can maintain pace with it. A product development strategy allows your company to keep up with the trends and reach the customers who are tired of seeing the same products all the time. 
• Seizing the moment: A product development strategy can help your company capitalise on chances to sell to changing consumer preferences and interests. If your efforts are effective and you properly predict new trends, your organisation may be in a position to start a trend or enjoy the ride of one who has started.
• Creating possibilities: Your company will have a simpler way of recruiting and retaining talent if you establish a reputation as a place where creative people may flourish. Developing a solid and dynamic team positions you to create and introduce interesting new goods and provides you with individuals who can approach day-to-day difficulties with new eyes.

Disadvantage

• Riskiness: It’s best to stick to something you and your consumers are familiar with then try something new. New products are fraught with risk, from figuring out unusual manufacturing techniques to introducing clients to services they will or will not desire. If your product development strategy fails, your company will have to absorb the investment cost without any returns to offset the costs.
• Extra charge: A detailed brand marketing and development strategy can be costly, especially if you spend on market research and promotion activities. Even if your new goods prove to be a success, you will still have to incur high costs until your product innovations generate significant revenue.
• Markets are changing: Although innovation is a conditioned response to a constantly shifting landscape of client tastes, those personal preferences will keep evolving even as your new items are being developed. Things that excite buyers at the start of the product development process may lose their appeal when you’re ready to launch your new product.

Service marketing strategies for growth

Recognise your customer

Create client personas by mapping out the factors that may impact their purchasing choice. This can include everything from gender to age and career. It should also go over your customers’ frequent pain points, any difficulties they might face in buying a product, and how your solution addresses these.

Strengths of your service

This should encompass both the outcomes your service offers and the quality of your method in getting there. As previously said, this might involve various factors such as cost, functionality, credibility, efficiency, and adaptability.

The competitive advantage of your service

It can be discovered by applying the well-known SWAT analysis to map where you stand with your competitors and where your opportunities to outshine them might be.

Categories of service marketing

Individual Processing Services

It necessitates the users’ physical presence.

Processing of Products and Possessions

It is linked to a certain product or item, such as moving services.

Services for Mental Stimulus Processing

It’s linked to services that affect people’s mental capacities, conduct, religious beliefs, lifestyles, or views.

Processing Information Services

Such services are linked to intangible products, such as information.

Examples of service marketing

Service marketing strategies for growth include restaurants, banks, airlines, and other services businesses.

• Every bank offers training programmes to its customers to help them make informed financial decisions. Banks provide services such as opening accounts, loans, and lockers. All of these services are intangible.
• E-commerce businesses and food delivery applications are examples of service marketing businesses. 

Conclusion

This article covered some important points, such as every company should build their service marketing strategies for growth. Developing product strategies has some advantages and disadvantages that should be followed. Some important ways in which service marketing is implemented. Students should go through this article to understand the basic concept of service marketing.