Business services are intangible products that help companies function, without producing or selling physical goods. These include information technology, professional services, transportation, medicine and wellness, convenience services and a lot more.
Intangibility: Unlike tangible products, services are intangible because they lack a physical form and are untouchable. This makes them hard to produce, which translates into a lower cost. They also lack consistency, so they vary from customer to customer and are usually dependent on user-experience.
inconsistent: Service providers need to make changes to meet different demands and expectations, so they aren’t consistent with their offerings. Inseparability: The production and consumption of services occur at the same time, so there’s no time for a product to go out of stock or be stored for future use.
Consumers are often unwilling to spend on services, especially during times of economic uncertainty. This is why it’s important to evaluate your offerings and find ways to turn them into an asset rather than an extra.
For example, a pet sitting service allows people to take care of their dogs or cats while they’re out for the day. This helps them maintain a good work-life balance while still getting the care they need.
Maintenance: Businesses often hire maintenance professionals to maintain their equipment and keep them working properly. These professionals can repair a variety of different malfunctioning items, including computers and appliances.
Real estate: Businesses often lease office space and retail spaces instead of owning them themselves. These services can be provided by real estate agents, who can help businesses find workspaces and set up rental agreements.