Service-based business grants you the opportunity to use your abilities and acquire a benefit. You can focus on your interests, like advertising or composing, while at the same time helping other people. Although, there's considerably more to the training than planning an appealing website, organizing and handling tasks. In a service-based business, your product is you.
A service-based business is significantly more versatile than a product-based business. As well as working at whatever point and any place you need, you can undoubtedly change and tailor your service to suit an individual customer's requirements.
At the point when you're offering your own time and abilities as opposed to an actual product, you are associating with your customers and shoppers on a more individual level. In addition to the fact that you profit monetarily from utilizing your ability, you likewise acquire a feeling of satisfaction from helping other people
Being in a service-based business can be challenging as you are the product and you have to showcase in such a way that customers get benefited from your services
Marketing service is not an easy task. The main issue is the absence of actual products – how would you buy something that isn't present physically? How would you persuade a person to put their time and money into a service that they can't see or feel?
The most important thing for a service-based business is to stand out from your competitors. There should be one factor that differentiates you from others in the market. You have to position yourself as a “Problem Solver” which means you can solve a particular problem for your audience.
While conceptualizing advertising strategies and thoughts, try to focus on increasing value for your customers, as opposed to thoughtlessly diminishing the cost of the help you offer. Also, any association that offers a service cheaper than its competitors is normally viewed as the odd one out of the pack.
You have to create a differentiation in your business that makes you way different from your competitors or even if you are new to the market.
For Example, Dominos is having the largest revenue and number of outlets in the U.S. The reason behind it was they deliver pizza in just 30 mins [that was the differentiation strategy of dominos]. They study the consumer mindset about pizza and people want something fast and hot
They targeted students and open outlets outside the universities.
We've assembled five amazing tips that will assist you in selling service-based business onto the seats of achievement and the last strategy will a “zero budget strategy” that means a 30% increase in your business
- Go Online
Build your presence in digital platforms as it helps you reach the right kind of audience. Try to connect with that kind of audience who are interested to buy your services as it is very crucial to get the right customers who can be the word of mouth for your business. The best platform to reach the right audience is Facebook because in today's era half the population is on Facebook. You can create blogs post, short and attractive videos of what your company do and what kind of service you provide, testimonials etc
MS Dhoni does an advertisement for GoDaddy and says the fundamental thing for a business is to have a website. Nowadays reaching the target audience has become trouble-free.
Example: We have a client who was an interior designer & we work as a business coach to her, she started putting videos about interior designing, how you design house etc and after looking to her videos, she started getting enquiries and from 0 projects she ended up being in 9 projects in 3 months just by doing Free Promotion and that's called Organic Marketing where you don't need to pay anything
- Target your right kind of audience
Not everyone is your customer. You have to create an ideal customer for your business who values your services. In today's time finding the right customer or reaching the right audience is not a difficult task anymore. You can always use Digital marketing as your weapon to reach your customers and expand your business. Targeting the right kind of audience can always help to increase your revenue and expand your business gradually
Example: At Gym, having Pilates classes for housewives according to their time convenience. For gym owners, their target audience is housewives where they tried to focus on their problems and set the classes according to their schedule
- Build your network
Networking is the key in a service-based business. One of the most important strategies to grow your service-based business is to build human connection, socialising with other business owners of the same services as it will be a great opportunity for you as an entrepreneur to get clients and prospects for your business. The advantage of networking is that you generate a lot of word of mouth which is 10 times more impactful than any other type of marketing You can use their connections as a footstep to grow your business
Example: Let say when people say to us go XYZ gym who is already going there or as taken the service from there, then definitely you will go first for the gym which is recommended rather than the ads which you see in any platform
- Joint Ventures
In a service-based business, it's important to collaborate with other businesses which can help build your network and to get leads
A simple and successful technique for increasing value for customers is to bundle two or more services together, which fills in as the following best option in contrast to bringing down your cost. Most service-centric organizations join a stockpile of helpful highlights and amp up the incentive for buyers and deal with shoppers like genuine individuals rather than a number.
Example: You are a pest control company and you do pest control in societies and corporate offices. Here you can do a joint venture with someone with complementary services like with the company doing AC services. So by this, you mutually get benefitted and you can expand your network, use connections to get more business. Try to get a loyal customer who can give you services regularly
- Build relationships with your clients
Relationships are the foremost key for a service-based business. Get in touch with your prospects, current clients and past clients too. Try to create a personal touch on-call rather than making it a traditional sales call. Service-based businesses do not offer tangible products. Instead, they offer a service that depends on relationships to make it work. Services based business owners build their brand and relationships with a personal touch by involving clients and leads
Example: At Barbeque Nation after a meal, the head cook comes and asks for your review of the food. Here the aim is not to take sales or reorder but to know-how was the quality of food was, anything to improve
The foremost thing that any service-based business owner should do is send valuable information to your customers regularly in the form of Weekly Newsletters. Your customer database can be a gold mine for the business
However, you should begin by understanding the contrast between product-based and service-based business
Conclusion: These are the five marketing strategies for service-based business & each needs its strategies, system and nurturing.
We believe now you are familiarized with some marketing tips for your service-based business.
Let us know in the comments below which one you used for your business and what are other topics you want us to write about.