It's Sunday morning and you're out doing groceries. While in the produce section, you come across a variety of apples, and one brand in particular catches your eye. The beautifully vibrant Honeycrisp apple stands out amongst the fellow Galas and Fujis, and you're set on getting a few. After all, you're a fan of crunchy apples, so you know the name Honeycrisp would definitely live up to such a name. Then you see the price; the beloved apple is about $0.70 more expensive PER apple, and being a person on a budget think to yourself, "why is this apple so much more expensive?" There you are, standing in front of the apple bin for the last 5 minutes, mulling over a decision that typical people would make in an instant and be on their way. After much deliberation, you decide to be a big spender and spring for the Honeycrisps. When it's time to check out, you set your goodies on the conveyor belt, and the cashier rings up the apples—a whopping $5.16—a little more than you anticipated to pay for apples. As you pack up your groceries into your car, you snag one of the apples because you paid a little extra and deserve one right away.
You take a bite; it's hands-down one of the most delicious apples you've had, and in that moment you realize..."dammit, I'm going to have to budget for apples going forward because I can't turn back."
Here's the thing, when a business offers a product or service that adds value and is of great quality, the right people are interested and willing to pay. Often times, some businesses get caught up in trying to please everyone so they may sacrifice their value just to get a paycheck. This isn't exactly the best approach for retaining great customers because if the value of the business doesn't align with the customers, then something's got to give.
For businesses starting out or in the process of attracting new clients and customers, it's important to keep a few factors in mind to ensure quality is not forfeited only to make a quick profit.
In a Saturated Market, Find a Way to Stand Out
Within certain fields, there are tons of specialists, so if your business is in that field, expect some competition. In the apple example above, the consumer was presented with multiple options, each with unique names, colors, and textures. At the end of the day though, it's an apple. This is the same for businesses with competitors in the same market offering similar services. However, there was something more appealing about the Honeycrisp that landed the sale, regardless of the price difference. It stood out, and at least for this one purchase, the consumer took a chance and paid a little more.
Make Your Customers Feel Special
Much of the reason customers return is because of the way the experience makes them feel. For the apple customer, the Honeycrisp had the perfect taste and crunch that was unlike other apples, and even if it meant paying a little more, the experience was worth it in her eyes. On top of that, she knew going forward that she would get the best apple, so her budget would adjust to accommodate. If you're a business hoping to retain customers in the long run, make them feel special. They could have done business with your competitor, yet they chose you, so ensure their decision is a recurring one. Not only will this gain a loyal following, it'll help you narrow down your target audience.
Your Price Should Align With Your Values
If you have a great thing to offer, avoid undercutting your value by cheapening your prices to gain customers. This only leads to a low payout in the long run. However, if you're on the pricier end, ensure that your product or service REALLY deserves the markup. We're firm believers in the fact that cheapening your business doesn't attract the right audience, but too high of prices without explanation can sometimes scare off even the most daring. Your audience will be curious about what makes you more expensive. Be proactive and address these questions before your potential customers have a chance to ask them. If your business has won awards or has stellar client testimonials, highlight them! These stamps of approval make people feel happy and know that they've come to the right place while expecting great work.
As a business owner, remember that you can't win over ALL customers. What you can do is ensure your product is of the highest quality, your pricing aligns with how you value your product or service, and you deliver excellent service. The right customers will be loyal, and you can even convert some die-hard Gala apple lovers over to Honeycrisp if you give them something they can't get anywhere else. Don't be afraid to stand out and have fun with it.
At S. Duff Media, we understand the importance of value. If you're a small business owner or looking to get your idea off the ground, we're here to help with beautiful designs and elegant copy! Contact us to learn more about what we can do for you or fill out a quote if you're ready to get started!