Marketing intangible products can represent a great challenge, especially that in recent years they have been gaining a lot of notoriety. This is the case of digital assets that have become a popular way of selling and buying works of art online. According to a Forbes article, up to $ 174 million has been spent in the last four years on these types of products.
Intangible products are not something new. They have always existed through the sale of services that consumers acquire and from which they do not obtain a physical object in return, but benefits that meet their needs.
Differentiating products according to their marketing is a useful way to distinguish what is sold regardless of what is produced. Classifying products into tangible and intangible is the first step to generate effective sales strategies, then you can focus on other issues that have to do with the specific industry in which your product is located.
Selling intangible products can be difficult, as it is something that buyers cannot touch, see or smell; that is, they are products that do not physically exist, therefore a different sales approach is necessary.
In this article we will give you a guide to the sale of intangible products with some steps and tips to make your interactions with customers more fruitful and you can sell your products more effectively.
What is an intangible product?
The intangible product is a type of product that does not exist in a physical way. It is a service that offers exclusive benefits to its buyers and covers the particular needs of customers.
What is the difference between tangible and intangible product?
The main difference between a tangible product and an intangible one lies in its materiality. Here are some basic differences between these two products:
- It exists as a concept.
- Can not touch.
- Property transferred to each of the products.
- It exists physically.
- You can touch.
- Exclusive property of the original.
Tangible products can be tested even before you buy them. These are physical objects that can be touched, such as a vehicle, a mobile or even a house. In contrast, an intangible product is something that can be perceived only indirectly, such as software or an insurance policy.
Both tangible and intangible products have a value that the market attributes to them according to their commercialization. What gives them part of that value is the utility they have for consumers, who pay a certain amount of money to obtain them physically or in the form of services, programs and others.
How to sell your intangible product?
- Show tangible benefits.
- Offer a promise to buy.
- Make a personalized sale.
- Show success stories.
- Transmits confidence.
1. Show tangible benefits
Focus on the results and benefits that your intangible product offers, it is finally about solving a pain point for your consumers. Ask yourself what are the tangible consequences that buyers obtain when acquiring your intangible product, and direct your sales strategy towards those particular points.
2. Offer a promise to buy
According to the characteristics of the intangible product, it will be the degree of promise. When customers cannot physically test the product, it is necessary to grant a metaphorical guarantee, that is, a promise of satisfaction that prompts them to carry out the transaction to acquire your intangible product.
3. Make a custom sale
Your sales force team must strive to know the buyer persona as well as know how to directly address the needs of the customers. Implementing personalized sales strategies will help you tell your clients how your intangible product can create a positive impact in their lives; This will make it more attractive for your purchase.
4. Show success stories
79% of consumers say they trust both online reviews and recommendations from family and friends. Success stories from customers who have already purchased your intangible product can make it easy for you to sell your product; Buyers will know that you are trustworthy and testimonials will help you establish credibility in your sales and improve the quality of your service.
5. Convey confidence
In order for a buyer to pay for one of your intangible products, they must be completely sure that they are making the right decision. That is why it is important that you transmit confidence at all times: from the first contact until the purchase is executed. Make him feel confident that your product is what he needs even though it is not something he will get physically. Send messages that give him confidence and that make him feel that you know what you are talking about because you know his needs and want to help him. You can even implement an online chat or some form of contact where you can answer your questions at all times.
4 examples of sales strategies for intangible products
The sale of intangible products requires a greater effort so it is important that you focus on what your customers want. Here are some examples of intangible product sales strategies to inspire you.
With HubSpot you’ll always have an up-to-date view of your entire sales funnel at hand in one organized dashboard.
Thanks to detailed reports on sales activity, productivity and individual performance, you will always know the performance of your team and have all the information you need to guide it to success.
The best: you can enjoy unlimited users and data, and up to a million contacts with no time limit or expiration date, regardless of the size of your team.
Give your sales team the tools to close more deals with less effort and eliminate friction in the process. Plus, thanks to tools that notify sales reps when a prospect opens an email or visits your website, they will have all the context they need to follow up on the right leads at the right time.
Connecting with prospects has never been easier with free meeting scheduling, live chat, email templates, click-to-call and more.
This software company has created sales strategies for its intangible products that demonstrate why it has grown significantly in recent years. Thanks to cloud-based solutions, this company has managed to sell more products at a more affordable price for its customers. In addition, it has created a community of online creators who have purchased its software in order to share their experience with the products. Some of the essential points of Adobe’s sales strategy are:
- You are clear about who your customers are and that is why your sales strategy is directed at them by showing them how your products can help them.
- It offers an accessible pricing structure that is divided into three categories: for professionals, students and teachers.
- Make blog posts where you implement content marketing strategies to promote your products.
- Run online campaigns that display ads according to the potential interests of your customers.
3. GNP Seguros
Selling intangible products like life insurance requires sellers to have an in-depth understanding of the product information. This helps build a bond of trust between buyers and the brand. This is not easy, since it is a dynamic industry that requires adaptation to new technologies. That is why some of the highlights of the sales strategy of the intangible products of this SME are:
- Engage consumers through positive stories that inspire and eliminate shopper fear.
- Customize your products according to the needs of your customers.
- It disseminates social, commercial and business tasks through its digital communication channels constantly.
- It highlights the benefit of its products through messages that generate a sense of tranquility for its customers.
As we have said in this article, intangible products have a value that is paid for by buyers looking to take advantage of whatever the product offers them. For example, online courses are an intangible product because they cannot be touched and are perceived differently (in this case through knowledge acquired by buyers). Domestika is an online platform that has accumulated thousands of teachers and students in different countries in the last year due to the pandemic. Some of his most salient points about his sales strategy for his intangible products are:
- Create specialized offers that target specific consumer groups.
- It offers unique experiences on different disciplines.
- You have a group of affiliates (influencers) who promote your products in exchange for money.
- It has a scholarship program with the aim of bringing knowledge and learning closer to emerging talent.
As you can see, selling intangible products is not easy, since it requires a greater effort and specialized strategies that encourage buyers to acquire something that they know in advance that they will not get their hands, but from which they will obtain benefits. Knowing these buyers is essential so that you can offer all the benefits that your product solves for each of them. Start the analysis of your buyers and boost the growth of your intangible products.