Ideal for companies who provide B2B and/or B2C services
Approximately 80% of the U.S. economy is service based. Service offerings for many organizations have been reconfigured as a result of COVID. In some instances, new revenue streams have been created. In other examples, service-based companies have experienced fewer customers and less revenue.
480Strategy-Sevices strategically considers the true value and the perceived value of the services provided in the mind of the customer/end user. This is critical since pricing of services is often based upon the perceived value received. Pricing, marketing, strategic value and sales tactics must be strategically aligned in order for service-based companies to maximize opportunities.
Pricing for services can vary significantly and it is not by chance that some companies are low-cost, best-value or high-cost providers. For example, increasing prices to move from a low-cost position to a best-value provider, with fewer competitors, could result in greater profits on the same number of sales transactions.
Because services (or the value of the services) are often intangible, marketing is critical. There is a misconception of what marketing really is to service-based organizations. It is much more than social media presence and advertising. There is a major internal element to marketing that must be considered as well.
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