People want stuff. The problem is that the market is saturated with products and services which gives consumers all the buying power when making purchasing decisions. Some brands can compete on price, while others have to compete on value or customer service. So how do you get your products to stand out?
It typically comes down to 4 key components of a product or service that convinces and entices people to buy:
Supply and Demand
The first box to check involves supply and demand. This isn’t necessarily an economics thing where we’re searching for market equilibrium and finding the perfect price point. This is more to do with it solving a problem that your customers are dealing with.
Can it solve their problem, whether it’s known to them or not? You’d be surprised how many clients we talk to that really don’t understand some of the problems that they are facing. It’s nothing against them, but years of working with multiple businesses across an entire industry enables us to probe with the right questions.
People typically pay for one of two reasons: One, its material and it has perceived value with all of the emotional triggers for them, or two, they’re paying for convenience. Trust us, people will pay you to improve the quality of their life and make it just a little less stressful.
The top selling products typically fall into one of three categories:
- Health – Everyone wants a higher standard of living and better quality of life. Physical and mental health is very important.
- Wealth – Consumers will invest into opportunities that expand their skill set and allow them to create more money. This also comes in the form of purchasing products and services that free up their time so they can focus more energy on what THEY do best.
- Relationships – Humans are emotional beings and they love things that give them hope or make them feel better.
Social Proof
Once you’ve established a need in the marketplace, your next objective is to demonstrate your credibility and trust. This can be more difficult if it’s a total cold lead or interaction and they don’t know anything about you. This is exponentially more challenging on higher ticket items and services; we’re all familiar with Louis Vuitton and Rolex but chances are they may not be as familiar with your dog walking startup.
So how can you demonstrate your ability to deliver the promised results? For products it comes with a great branding strategy, including reviews and real life examples of your product being utilized. For services it’s better to display case studies, testimonials and most importantly, becoming an industry leader.
Time Delay and Perceived Risk
Properly handling objections is probably the most important sales skill you can have. Many consumers share a lot of the same reservations and knowing how to alleviate their stress and focusing on solving the problem will help highlight your product or service.
One concern that customers all share has to do with time delay. Basically, their primary concern is how long it will take from them whipping out their credit card until they will receive what they are looking for. For products and retail, even restaurants, this involves shipping and prompt customer service; but for service based industries, this usually takes more time.
The key here is to reduce the wait times. You don’t have to be Amazon Fresh with 1-hour shipping, but the quicker you can deliver, the happier your customers will be. The world has changed a lot and everyone wants instant gratification.
Perceived risk ties into this as well. Taking six months to get a desired outcome for a service may be too long for the average consumer; but those that trust and believe in your service will think of that as a reasonable turnaround time.
Sacrifice and Other “Costs”
The fourth and final box on your product and services viability checklist has to do with any extra or unforeseen costs. Other than initial payment, what other types of investment will it cost your client or customer? Time, subscription fees, labor units, decision making, etc..
Customers want to get from 0 to 60 as fast as possible. They don’t want any extra hiccups. The more speed bumps you can remove, the greater the odds of them purchasing from you.
The best way to look at this is, how can I get my customer the maximum amount of value while requiring the least amount of input from them. As we previously mentioned, the right clients will pay for convenience and for you to increase their quality of life. Who wouldn’t want additional value for a small nominal input?
Developing a great product isn’t difficult, it just takes a little bit of strategy to really make it work and go to market properly. People want the most amount of value and potential for the absolute minimum amount of effort. There is way too much competition in every industry so don’t be lazy. Focus on your product and if you really believe in what you’ve created, it’s your responsibility to let the world know.
The free market will vote with their dollars and let you know how well you’ve done.
