“Know your customers” is the most recurring mantra within the business world. In order to truly understand your customers, you need to first create profiles of the different types of customers you have. For instance, there are some people who are always on a hunt for bargains and are particularly concerned about getting a good deal. These people are always conscious about price and want maximum value for money. Getting them to repeat purchase from your business would mean convincing them that your product is excelling both price-wise and quality-wise.
Due to their inquisitive nature and an endless quest for good deals, managing the expectations of these customers can be tricky. Here are some tactics to help you manage their expectations.
Despite opposition to the idea, many people end up judging a book by its cover more often than not, and it is relatively easier for customers to switch to a competitor than exert efforts to dig in deeper with your business, once they have been put off. The more apparent the perceived benefits are, the more your product will market itself. All businesses must understand that price focused customers will look at all the additional benefits that come with the purchase of a product or service. For example, such a customer is likely to buy the towel set that comes with a free towel stand, or a tea set which comes with a large supply of teabags. This will act as an effective selling point, and help retain price-focused customers.
Overemphasize on your product and launches till you convince customers you are offering the best deal in town. Create hype, use anticipation and curiosity to captivate them, blog about your product, make a video that stresses the fact that your products and services are economical and the next big thing in the market, and predominantly highlights the discounts and deals. For example, for customers who wish to see your price tag before anything else, your advertising campaigns online and on billboards, flyers and brochures should emphasize on the discounts that are being offered, the economical deals that you provide, and a tagline elaborating why it is the best that your customers will get.
While price-focused customers are finicky about prices, they’re also skeptical about the quality of products that they aren’t familiar with. When launching a new product or rebranding an old one, promote the idea of giving out “free samples”. Once you let your customers try it, the risk of disappointment and skepticism reduces, and they are likely to make the purchase that they would have hesitated on earlier. ‘Try before you buy’ is an effective way of getting customers to trust a company and its products.
Creating an exceptional experience for your price focused customers is important to earn their loyalty. You can do this by coming up with ideas such as loyalty cards, discount coupons, gift vouchers, etc. Also try to make exceptions for them. Celebrate important occasions like Mother’s Day and various festivals with your price-focused customers by creating package deals for them, offering free gifts along with each purchase that are just as valuable as the products being offered, and make their experience with your business remarkable.
Back in 1885, a German psychologist named Hermann Ebbinghaus founded the now-famous “Forgetting Curve” while conducting experimental research on memory. The curve summarizes the learning journey of every individual; a closer study shows how it highlights the importance of repetition....Read More
The foundation of experiential learning is based upon an educational philosophy termed Constructivism. According to Constructivism, a learner’s knowledge is developed ‘on-the-spot’ by experiencing concepts, theories, and things in-person. An essential aspect of Constructivism involves the learner reflecting on the...Read More
A smiley emoticon, a ‘thumbs-up’ like, or a multi-paragraph positive review on a third-party website - satisfied customers are the hallmark of a successful business. With an increasingly competitive marketplace, simply being friendly with clients is hardly ever enough. As...Read More