Brand Strategies For A Service
Developing brand strategies for a service brand requires special attention while choosing brand elements and preparing strategies as to satisfy consumer needs. Branding a service is very different from products as services are intangible, inseparable, variable and perishable. Unlike products they require more quality control, supplier credibility and adaptability. So many companies focus their marketing efforts on the goal of instilling the attributes of a service rather then just selling it. The customers must feel that their life will be made easier, better or richer in some way after using the service.
Thus, the emotional element is necessary in service marketing. Some of the world’s strongest financial services leaders such as Citibank, American Express, JP Morgan etc. are successful because they were able to differentiate themselves and develop appropriate brand strategies. The key differences between product branding and service branding are discussed below. Unlike product branding, service brands can’t compete on price cutting. It will lead to inferior quality and would eventually be detrimental for company’s reputation.
So it’s necessary for services brand to truly create a unique selling proposition based on intangible benefits. Customer care such as post purchase feedback and assistance is more important in services than product. Mass marketing may not be the right approach for a service brand as compared to a product. Jingles, catchy slogans may work for a product brand but it’s very important for a service brand that the marketing program touches the prospective customers regularly with highly targeted messages and increase awareness and recognition.
Unlike product companies service companies should focus more on revenue than the market share. Instead of concerning about the position in the market, they should focus their efforts on improving the bottom line. Also, the satisfaction criteria are different. In case of a product a consumer can easily feel the product, test it and then ultimately buy it while in case of service the consumer doesn’t know until he gets it. It can be a crucial factor in determining the success of a service.
References Philip Kotler, Kevin Keller. Marketing Management 12e. Designing and managing services, New Jersey (2006) Service vs. Product marketing. http://www. cfxcreative. com/blog/2005/12/service-vs-product-marketing. html (2005) Difference between services and product. http://www. marketingprofs. com/ea/index. asp Robert Croston. Four key ways to launch your service brand … the right way. http://www. businessknowhow. com/marketing/service-brand. htm