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June 27 2019.
Secrets of a better customer feedback.

Probably the fastest growing sector in the economy is the services sector. Almost 50% of the country's GDP is contributed by the services. Majority of the organizations, are experiencing ever growing expectations on price & performance. As the tangible differences between the "Products" are diminishing, wrapping it with "intangibles" - Services, has become a major source of a competitive advantage, leading to a deeper customer relationship.

Today, more profits are earned from the services build around the "Product", than from the product itself.

Let's look at some of the service opportunities any organization can offer,

Service Labor.
Materials.
Information.
Installation & Commissioning.
Replacement Parts
Parts Management.
Technical Support.
Service Kits.
Maintenance scheduling.
Dealer Service.
Accessories.
Service administration.
Product Maintenance
Product up-gradation
Calibration Services.
System/Performance audit
Buyback.
System integration
Annual maintenance.
 
Product configuration.

Although, services are the fastest growing segment in the country's economy, yet it has been generally much slower than manufacturing segment in applying the principles of marketing. Although product-marketing processes are well established, marketing of services don't get adequate attention it deserves. In most of the cases I have observed, the marketing is conducted as if services is another 'product'.

For many organisations, marketing of services a major challenge.

Apart from the traditional 4 P's of marketing ( Product, Price, Promotion & Place) which we are well aware of, the unique nature of services' brings into focus 2 more P's.....;

People & Processes.

*People: For most of the Services, people are the vital element of services maketing mix. The areas where there is high level of contact with the customers the 'people' element is the only differentiator between the competing service providers. During each customer contact you face the moment of truth. Each impression, the service providers makes is temporarily at least the last. So its critical to have people in the organisation, who will make these interactions a lasting one !

*Processes:The production processes in a manufactured product, are usually of little concern to the customer. However they become critical for consumers of 'service'. Services' are essentially about processess rather than tangible outcomes, & for many services consumers are closely involved in the production process. Hence the design & flawless execution of service processes, is crucial for customer satisfcation for a Service 'product'.

Some thoughts on services marketing.
- The core of Services' marketing is the service itself !
- Every act is a marketing act. Make every empoyee a marketing person.
- Setting your price for the service is like setting a screw. A little resistance is a good sign.
- Give your service a name not a monogram.
- Watch what you show.
- Make your service easy to buy.
- Write mission statements, but keep it private.
- Don't raise expectations you cannot meet.

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