The term product signifies either of the two things – goods or services. While it is very difficult to pinpoint ‘pure’ goods or services, most products are sold with a built-in combination of goods and services. We know that airline and restaurants are good examples of combination – food quality has to be at par with services offered at the restaurant.
With quality improving among all the sellers in general, it becomes all the more important to differentiate your products from those of competition. For example, TV units marketed by two leading companies have nothing much to differ from each other.
Forget leading brands for time being, how should a small business owner differentiate his products from the competition? The answer lies in adding value to your product. Let’s say, you are offering secretarial services as your main product. If you are little proactive in adding value, your relationship with the client is going to be long term. For example, you may add value to your service by offering something extra to your existing service level. You may think of creating some templates often needed by your office. These templates may be useful for creating invoices, work orders, sales commissions, etc. This value addition to your secretarial work will be appreciated culminating into a longer term contract for you.