Selling Intangibles to Add Greater Value

CIO Magazine’s Darwin offered some advice for marketers – focus on the intangibles that provide value to customers. It broke intangibles into 5 distinct categories:

» Peace of mind: such as brands (ie no one is fired for choosing IBM) or extended warranties.

» Futures: paying now for something in the future (such as an ad or cell phone service)

» Rights: such as licensing fees or subscriptions. For an added fee, you get the right to more content, tv stations, etc

» Ideas: including consulting or paying for advice

» Dreams: of winning the lottery or making a future investment

Often, customers buy from you because of the intangibles that add extra value to your product or service. In today’s market, most products and services have a high number of competing products and substitutes. Therefore, those intangibles can make a big difference whether prospects choose you.

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