Sure, we all love a good bargain, but are your frequent discounts working against your bottomline? If sales and specials are part of your marketing mix, you need to be sure your customers are prepared to pay full price. Otherwise, they’ll become conditioned to simply waiting for the best deal.
Selling a product or service is a matter of creating value. Value is determined not only by the item itself, but the features and benefits it provides to the end user. How far someone will travel, how long they’ll wait and how much they’ll pay are all influenced by how you market.
We share a few insights into marketing the value of what you offer…
Package Your Point of Difference
At the core of marketing is how you promote your point of difference. What is it about your product or service that makes you unique from and better than your competitors? Why is your offer worthy of attention first and action second? How is it new, different from and superior to what your competitors are selling?
Within your marketing messages, it’s up to you to demonstrate the value of your product or service. Beyond price alone, value is also packaged into features and benefits. How does your product or service benefit your customers to make their lives better? The words, visuals and promotional platforms you use all determine how a prospect will perceive value.
Promote Urgency or Scarcity
The purpose of any sales campaign is to encourage new business from new prospects. However, while discounts can result in short-term sales, they may not achieve long-term customer loyalty. This is why it’s crucial you implement strategies that remove emphasis on price and place a premium elsewhere. Creating a sense of urgency or scarcity are two such methods.
Limits and deadlines up the ante in your next sales campaign. For example, offering a set number of items available or running a promotion within a firm timeframe both encourage action. What’s most important to see here is these two sales tactics don’t even require a discount at all. Urgency and scarcity assist in making your offer more valuable.
Pack a Punch With Added Value
Finally, another sales tactic your marketing strategy may be missing is offering added value alongside your product or service. Free gift with purchase, refer a friend and extended offers are not only successful tactics for sales, but also engender positive affinity with your brand. While the prospect must take the action of buying your product, you are able to give back to them in return.
However, you must ensure the additional value doesn’t exceed your product or service. But, that doesn’t mean you should limit your creativity. The best sales campaigns of this nature surprise and delight the customer, while initiating repeat business. What can you give to your customers that’ll keep them coming back?
Looking for some outside support? Don’t wait for success, create it — with the experts in equine marketing, Archer Creative. To learn more about how we can help you exceed your growth goals, call us on 1300 077 126 or visit www.archercreative.net.au.