Which of the following aspects of a product/service is the most important to focus on when selling?

The ultimate objective for any business is to make money. If you have a product that people will buy, then you’ve got a business. However, the businesses that make the most don’t focus on the profits alone. They also consider the quality of the products and services they offer because they know how important it is to their customers. But why does quality hold so much weight?

To answer that question, it’s important to look at the definition of quality as it pertains to customers. The standard definition of the word is “the degree to which a set of inherent characteristics fulfills requirements.” For customers, those requirements include the following:

• Longevity – how long the product performs its function
• Needs Fulfillment – whether or not the product fulfills a specific need or solves a specific problem for the customer
• Cost vs. Need – how much the product costs compared with how much the client wants or needs it
• Security – the safety level of the product, i.e. whether or not the customer feels comfortable using it
• Usability – the ease of use associated with the product
• Efficiency – the product’s ability to save the customer money, help the environment, or streamline a process

These are just a few of the many requirements that customers expect from any given product. Companies that fulfill this list often experience a multitude of benefits, but first they have to put in the effort.

Here are some of the reasons why creating a standard of quality with your products is so important for keeping customers:

Competition

In niche-specific companies, using quality products to beat the competition is essential. Because they’re focused on selling just a few products, they need something that can set their products apart from the competition. Overall, quality always sells better than other factors, like low pricing.

For example, EarthLite, a company that sells massage-related products, has built their company on a foundation of high quality products, marketing them as handmade with eco-friendly materials that are superior to what you might find elsewhere. As a result, they’ve managed to claim the number one spot in massage-related retail.

Customer Expectations

At first, your customers will appreciate quality. Then, as they tell more people about it and continue shopping, they’ll begin to expect such. After expectation comes a demand for quality products. And if you don’t deliver, your customer will leave. 

When your company offers quality products every time, you can create a standard of satisfying customers in the retail spectrum. In return, you’ll receive loyalty and continued lead generation that allows your company to grow.

Business Reputation

Quality and your company’s reputation are more closely linked than many businesses realize. When your products don’t match the standard of quality that was promised, people will hear about it on social media, through review sites, on forums, and from their friends.

Nike is a great example of a company that links its brand reputation with the quality of their products. They’ve built their company on great marketing and products that stand the test of time. People know they can trust Nike and are willing to pay more because their products provide the quality they’ve come to expect.

Customer Loyalty

Customers always come back when a product is good, even if the price is high. A quality product creates unshakeable customer loyalty that generates increased leads. When customers find a product they trust, they return, make repeat purchases, and recommend the product or service to others.

Consider Apple’s success in selling more than 800 million devices to more than 130 million users in the last year alone. Those numbers show that customers have bought multiple products from the retailer, and they wouldn’t have that kind of success if people didn’t love the quality, even though their products are considerably more expensive than other options. 

In the end, product quality is something companies should always emphasize. Creating quality products will continue to be the most important thing to customers. In a world where it’s hard to predict the demands of customers, this is an important concept to master.  

Selling a service is vastly different than selling products. At the heart of it, the main difference is that a product business sells physical, tangible objects, whereas a service business provides value through intangible skills, expertise and time.

The marketing techniques and costs vary when you’re selling services versus selling products, as well. Understanding these differences can help you cultivate the right approach for your business.

Product-based selling

When selling a product, businesses will want to highlight specific features and display the item in-store or online for customers to view. In some cases, customers can touch or manipulate the product before purchase, or they may have the opportunity to see it being used in a demonstration via sales teams or online videos.

Products are designed to meet the needs of the customer, but cannot always be customized if there are certain requirements. If a customer isn’t satisfied with a product, they can easily return it or exchange it for a different one. With products, it’s easier for a customer to determine its value and whether or not their purchase was worth the money they spent. Customers can rate a product online, and prospective customers can use the ratings to determine whether they want to buy the product.

The challenge for product businesses is keeping up with product demand and finding room to store inventory. Running out of inventory can result in bad customer reviews and dissatisfaction, so it’s important to track the manufacturing process, the number of items you have and what customers are buying so you always have enough of each product.

A few examples of a product-based business include:

• Consumer products (hygiene products, clothing, appliances, etc.).
• Raw materials (metals, timber, minerals, etc.).
• Agricultural products (wheat, corn, animal products, etc.).
• Technology products (phones, cameras, laptops, etc.).

[Read: Looking to Launch Quickly? 10 Business Ideas You Can Start Today]

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Whether you choose to run a product business or a service business, it is important to do your research and understand how best to satisfy your customers.

Service-based selling

When selling a service, it’s crucial to highlight what makes your service personal and how you can meet the customers’ needs. Typically, marketing services requires building trusting relationships with customers and customizing them as necessary. This may include low monthly or yearly subscription packages or additions to the standard service offered.

Generally speaking, service businesses are less expensive to operate than product businesses because there’s no inventory, and the physical location of a service-based business is often irrelevant (though, this will vary based on the type of service offered). The pricing for service businesses, however, can vary greatly depending on various factors, including the specific industry, the experience of those operating the business and the amount of time it takes to complete the service.

However, it can be more difficult to get ratings for a service business because it may take longer for a service to be completed or to take effect, whereas a product can be used and then evaluated, reviewed and shared almost immediately.

Furthermore, a bad review for a service can take quite a toll on the business. A service cannot be returned and exchanged like a product, so it’s important that businesses continually evaluate the service they’re providing. Bad reviews for a service-based business can create a negative brand image and turn prospective customers away. Addressing customer questions and complaints in a professional manner will aid in resolving any issues that arise.

A few examples of service-based businesses include:

• Professional services (attorneys, engineers, marketers, etc.).
• Home repair (carpenters, roofers, electricians, etc.).
• Creative services (writers, graphic designers, etc.).
• Personal care (hair stylists, massage therapists, etc.).
• Health care (doctors, physical therapists, etc.).

Whether you choose to run a product business or a service business, it is important to do your research and understand how best to satisfy your customers. Take note of what your competitors are doing, what prospective customers are looking for and determine how you can compete and meet the needs of those customers. Once you start learning customer trends and collecting feedback, you can adjust your strategies and beat out your competition.

[Read: A Quick Guide to Starting a Service Business]

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

Published September 09, 2019