Each type of offering requires different approaches and skills, and each one has different problems that you must overcome. Take your time in making your choice. Your personality and talents may then work better for either a product or a service business.
Selling a Product
If you sell products, you can offer improved or improved versions of the products, but they are also very similar to each other. Your prospects can evaluate features before buying, and if you don’t sell to one prospect, you can try selling the same item to another prospect. When you sell a product, you can focus more on selling rather than customizing the product.
Selling a Service
You do not have to limit your pitch to pre-existing features, because you can adjust the features of a service to meet the needs of each client or customer. You can emphasize aspects of your service that will solve your prospect’s problems or satisfy their needs and you can offer a trial period for using your services. If the customer does not keep the service, you do not have used goods on your hands to dispose of.
To better understand where you fit into your market, research your competition. It doesn’t have to be anything fancy to start: set up a spreadsheet that includes your company, your competitors, and the areas you want to compare.
General capabilities
Target market
How they market and sell
Strengths, weaknesses, opportunities, threats
