We can’t handle or touch everything we buy. Intangible goods and services – like consulting services, software and downloadable music – are available everywhere, and are commonly bought and sold. Show
However, selling intangible goods and services can be tricky because there’s nothing for the customer to physically examine. We’ll review essential strategies, and discuss what not to do, when selling intangible goods and services to help you fine tune your sales process and marketing plan. The secret to selling intangible goods and servicesTrust is essential when marketing and selling intangible products and services, such as business insurance or bitcoin. When there’s nothing tangible to show customers, trust and integrity become the pillars that promote sales. Your organization’s credibility is built over time. Prospects favor companies with a broad user base characterized by customer loyalty. Loyalty represents the faith customers have in the organization because of previous positive interactions. When purchasing an intangible product or service, the customer trusts the organization to make good on its promise and provide the agreed-upon offering. Everyone in your business must work together to uphold your customers’ faith. Goodwill ensues when an organization works with integrity, and happy customers spread word-of-mouth recommendations that draw in even more clients. Tip: Instead of focusing on closing the sale, build trust by listening closely to your customers’ needs. Trust is built on good listening skills.How to sell intangible goods and servicesWhile marketing and selling intangibles can be challenging, it’s not impossible. By following specific strategies, your business will grow. Here are some top best practices to follow for selling intangible goods and services:
Mistakes to avoid while marketing intangiblesWhen selling intangible goods and services, you’ll want to stay clear of certain actions. These errors can kill sales and make it more challenging to attract consumers. Here are some marketing mistakes to avoid:
Kimberlee Leonard contributed to the reporting and writing in this article. How can a service retailer best cope with the problems associated with the inconsistency?The correct option is D) Train and motivate employees.
The inconsistency of services is one of the key issues linked with services, as services are not physical products that can be standardized.
How can retailers reduce the delivery gap?To reduce the delivery gap and to be consistent, retailers require employees get approval from managers before providing any compensation for customer service.
Which of the following strategies can a retailer utilize to attract shoppers to its website?Which of the following strategies can a retailer utilize to attract shoppers to its website? Print the website address on signage, bags and in advertising.
Why do retailers pursue different strategies when determining whether their return on investment is profitable?Why can two retailers who pursue very different strategies have the same return on investment? Different retailers have different financial operating characteristics depending upon the strategy they are pursuing.
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