You might know what a product and a service are. But I just want to make sure we are in the same channel. Also we need to talk how they need to be offer through our business to have a higher success rate!
Product: is an article or substance that is manufactured or refined for sale. Something the end user gets. This can be any physical or virtual thing. Like food, cars, phones, software, apps. It is something that the user is going to owe. It will belong to them.
Service: is the action of helping or doing work for someone. This is not something the user can owe, rather something by which they receive a benefit. Like massages, hair cuts, software support, your phone line (right?, you do not owe the antennas and devices to make transmissions, rather you pay for the right to use them).
Having this clear difference we need to know, that there are three ways to become successful in selling Products or Services. These principles apply to either one.
1 Create a new Product/Service. Being the first at something always give you some advantage, it makes you look as an innovating mind, it gives you credit for it, and allows you to be the only seller if you own the copyrights. This can be challenging because you are opening a new market, but if it is something that people love, you will become very prosper.
Example: New invents, the light bulb, or YouTube. Both were just new thing for its time.
2 Enhance/Improve an existing Product/Service. If you think deep, why would anyone buy to you something that already exists? It just doesn’t make sense, most of the people will go to their know places to get that stuff. There are two thing that you can improve around a product:
a) The product it self. Who doesn’t like cookies? But many people do delicious cookies, what can you improve over them? maybe make them more colorful, bigger, in different shapes. You got to think how can the user/customer enjoy it better, desire it more.
example: the iPod, iPods, were basically an MP3 player, they were not the first ones, but what make them so desirable? Apple did a good job telling people that they were easier to use, were fancy and well design, people would buy them and discover that they were in fact. That gave them the acclaimed fame they had.
b) The process of getting the product. Two companies could be selling the very same product, no change on it. But what would make a customer buy to one over the other? Quickly we can say: price and trust. Trust is something that is built over time. Price is not always the reason. What really is going to attract customers is the buying process, the whole experience behind it!