I always say that no matter how broke I am and barely making rent, I would never buy any paper towel that’s not Bounty! They can literally make one roll $10, I will be hurt and complain about it but I will be in the store the next day (still in disbelief) to buy that roll!
Now, that’s not because Bounty is probably the most advertised hence most popular but because I have been there — broke and barely making rent, so I have tried every other brand out there and got motivated to make more money to be able to afford Bounty!
It’s the quality — you simply cannot trade that!
All consumers know this, there are very particular factors that play a huge role in us deciding whether an offer is worth our last dollar or not. Trust me, you want to be that guy that consumers turn to even in the midst of inflations.
So, let’s talk about what those factors are so that you can offer them to consumers; to ensure that they don’t hesitate when it comes to clicking the ‘Checkout’ button…
1 ✷ Quality
Think about my Bounty story, now think about what your Bounty is. That one product you will always buy even when you are down to your last dollar! Consumers do not think twice when it comes to quality — they want something that will last so that they don’t keep renewing it, they want something that is reliable and they want something that performs well.
Perfect example here is Apple! Apple is the device version of, “Once you go black you can never go back!” Their products are durable and they perform exceptionally well. This also convinces consumers to purchase more of their products due to their level of quality.
2 ✷ Convenience
Now this is another big one! As we are all busy getting caught up with the macro tasks in our lives, the micro tasks (which essentially help us function well mentally and physically) are easily neglected. So, consumers are willing to pay for any product or service that makes life a tad bit easier.
The iRobot Cleaners offer optimal convenience because while we are busy with work, school and/or kids, we forget about something as simple as sweeping and mopping the floors. That’s where Roomba comes in, you can even schedule when you would like it to run (preferably when you are not home or when you are getting ready for bed) and that right there is extra convenient!
3 ✷ Personalization
Consumers love companies that try to get to know them through quizzes or offer ways to customize their purchases! I mean, we all have our preferences and although you might like how a mug is designed, you might also find a way to tweak it so that it fits you and your aesthetic!
Nike is really good at doing this, they allow customers to completely customize their shoes in such a way that you would feel comfortable and confident wearing. Those customized shoes cost much more than the regular ones and that also gives customers something to flex about. Which leads us to our next point…
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4 ✷ Exclusivity
In as much as we would like to deny it, status is something that most consumers care about. They want to be perceived as being ‘on the know’ and more important than others. That’s our ultimate downfall! However, you should use this to your advantage by offering exclusive products and services that only the ‘elite’ can have. Consumers want to stand out from the rest and show off the doors that they are ‘allowed’ in.
The recent Instagram Meta Verified news shook the world of social media when they announced that users can now pay to be verified (yup, that blue check we all fantasize of having)! All you have to do is pay a monthly fee of $15 and that opens up opportunities for larger reach! This ‘exclusivity’ move separates those who have easy access to a bigger audience from those who have to continuously work hard to get that.
5 ✷ Sustainability
As the years have progressed, more and more consumers are looking for ways to make a good impact on the environment. Ever heard of intrinsic motivation? It’s essentially the motivation to do something just to make ourselves feel good and what better way to do that than taking little steps to save the planet?
Public Good’s promise states, ‘Sustainable materials. Healthy ingredients. Beautiful design. All as a fair price’ Now that is how you get consumers hooked on you for the long-run! They house home products, food and personal care products — all of which are accessible to everyone and eco-friendly right down to the packaging!
6 ✷ Influence
The more your company is known, the more consumers are likely to pay whatever is on the tag! This one heavily depends on word-of-mouth marketing — the more people talk about your products, the higher you go up the food chain! Building an emotional connection with consumers, increases their chances of paying more for your products and services over others.
Tesla is one of those brands that consumers buy from being influenced. Without a doubt, it’s a great car brand and consumers are willing to pay top dollar for the Tesla because it is so well-known, it’s great quality and it’s eco-friendly.
If you are looking into fine-tuning your Unique Selling Proposition (USP), literally all you have to do is note down all these factors that drive consumers to pay more and figure out a way to incorporate it in your products and services. Then you are on your way to consistent growth!
Peachy Tangerine 