In our last blog, we explained why it’s so important to be specific when talking about what makes your product special in marketing messages. In this blog post, we’re going to outline several key factors that may make a consumer value one type of a product more than another.
Low Cost
This includes three main points:
initial cost
efficiency over lifetime
user-friendliness
One of the first things customers want to know before they make a purchase is the price. If the product holds more value (in other words, it can make them happier) than the amount of money that it will cost them, then it is likely that they will choose to make the purchase. People also like objects that have a low cost over time, which is why the Prius is popular: it offers a cheaper, more efficient alternative to gas-guzzling cars. Another way of looking at low cost over time is user-friendliness. A product will be more attractive, and therefore valuable, if it does not cost much time or brainpower to figure out how to use it... Much like the iPhone!
Functionality and Reliability
Functionality defines whether or not your product does what it’s supposed to do, how well it does it, and how reliably it does it. This selling point tends to do best with complicated products. For example, this would be a great selling point for a printer. Typically, printers are temperamental and can break easily. If you’re offering a complicated product like printers or kitchen appliances, you’re probably already trying to make them as reliable and functional as possible. A great way of marketing this might be through sampling or showing consumers how simple and easy it is to use your complex product. Infomercials can look silly, but if done right, they do a great job of showing the functionality and reliability of products.
Fashion and Aesthetic
This element is the fun, non-functional flair that comes with products. This is whatever you might like about a product that doesn’t have to do with it’s cost or functionality. For example, you would probably place a higher value on a car of your favorite color than you would on the same type of car of a color that you don’t like. In fact, you would probably pay more for a car of your preferred color, or not at all for a car of your least favorite color. The same thing goes with flavors, smells, sounds, and texture. Some people may value a Pumpkin Spice Latte higher than a regular latte because they like the added pumpkin flavor, even though they started out just looking for a cup of coffee. Give your customers something they didn’t know they wanted... Like an added flavor, color, smell, sound or texture to the product they were already looking for!
Innovation and Timing
Marketing a product as “new” or being “offered for a limited time” gives customers a sense of excitement and urgency. If they were thinking about buying what you’re selling, they’re much more likely to buy it now simply because they can’t buy it later. This high level of excitement and urgency that is now attached to the product is very appealing to loyal customers or customers that place a high value on staying up to date. If you have new products coming out, let your customers know!
Don’t see any of these in your product?
If you don’t see any of these elements in your product, you might want to consider some changes within your company! These changes can be easy and simple, like offering a seasonal sale or using different colors (or flavors, colors, etc.).
As always, we are happy to help! Let’s get coffee and discuss how we can make your marketing stand out!
Call us today: (512)v571-2296.