How hard are you making it for your customers?

Business Mentoring /

May 2024

When engaging a business to purchase a product or service, you would expect the process to be seamless, and pretty straight forward, right? Alarmingly, this is not always the case which is surprising as customers are the heart of any business. Without them, our businesses wouldn’t thrive, let alone exist.

The harsh reality is customers have options and a lot of them. Making potential buyers jump through hoops to finalise a purchase with you will make for a perfect disappearing act, resulting in lost sales. Let’s say on the off chance they do proceed with finalising the sale, the tedious process may deter them from returning in the future.

Successful marketers take into consideration 4 fundamental key points when positioning their brand within the market: Product or Service, Price, Convenience, and Promotion. Positioning your brand within the market where you are being represented in a consistent way that is in line with your product is key.

Let’s break down each key point and see how many hurdles you are making your customers jump for the sale.

 

Product or Service

How needed is your product or service?

Your product or service is your reason for existence. Ask yourself these questions:

  • What product or service are you offering?
  • Is the quality as good as it can be?
  • Is the product available?
  • Is there a need for your product within your audience?

Price

Is your product or service accurately priced?

Our number one tip when it comes to the price of your product or service is to never undersell!

There is no doubt we all love a good sale (we are only human!) Yes, customers are always chasing a good deal, but this should never be mistaken as “cheap.” Buyers today are more price-aware than ever before, however, you would be surprised they are actually less concerned about the price itself, and more concerned about getting value for their money. Studies have shown that 68% of consumers say they are actually willing to pay more for a product or service from a brand known to offer good customer service experiences.

It is important to ensure the price of your product or service is not only shows value but is priced fairly too. Under-pricing devalues your products or services instantly and, likely, people won’t take you seriously. Why? Because you’re sending the message that your product isn’t very good.

We’ve all had someone say “Well, you get what you pay for” when you’ve purchased a product that was cheap and ends up breaking after a couple of uses. Customers will quickly turn to a competitor that is more expensive, as they believe it is or higher quality and, therefore, more valuable.

Overpricing your products can also have a negative effect and result in loss of sales due to your product being seen as “too expensive” or “not worth the money” in your customer’s eyes.

 

Convenience

Is your product or service available?

It takes more than pricing to be more appealing than your competitors. Between work, family life, schooling, social commitments and events, life can be crazy at the best of times. With schedules being busier than ever, convenience is now a contributing factor when it comes to finalising a purchase. More than 90% of people say they are more inclined to purchase with a business that offers convenience.

We’ve said it before and we will say it again, customers have a choice. If you are not taking care of your customers, there is no doubt your competitors will. Think about who your ideal customer is… Do they work full-time? Is your product or service available for them to access at the times that are convenient for them? Whether your business is brick-and-mortar or online-based, convenience is key to ensuring your customer has an easy purchasing experience with you.

Having a physical store is the backbone of traditional shopping. Giving your customers the benefit of coming in to see and feel your products can be one of the best-selling points for your business. But you may have unknowingly limited your potential customers by only opening your doors during the general working hours of 9 am and 5 pm. If you are only open for this short window of time, do you have an online store?

It’s 2024, and the use of e-commerce stores has sky rocketed, and for one reason… You guessed it, convenience! Having an online store means your product or services are conveniently at your customer’s fingertips 24/7. However, online stores heavily rely on a functional, easy-to-navigate website to ensure customers are following through and finalising their purchases. Studies show that 42% of people will leave a website because of poor functionality, resulting in a lost sale.

Inventory must be kept up to date to allow customers to readily available products and of course, the convenience of any relevant information your shopper may want or need being available and clear. Customers don’t want to have to sift through pages and pages to find the information they are looking for. Your phone number for example, make sure it is placed in an obvious, easy-to-find location on your website.

 

Promotion

How easy are you to find?

When you google your brand, do you appear on the first page? Unless you have a product or service that is very niche, and customers are specifically searching for you, how will customers find you? Advertising your product or service correctly, and in relevant places is essential to ensuring it is available and easy to find within your audience. Maintaining a prominent online presence is paramount to navigating your potential buyers to your website to purchase your product or service, and not to your competitors.

The worldwide digital population is currently sitting at 5.07 billion (with 63% of these users being on social media!) That’s a lot of users – How on earth do you know the right place to promote your product or service? After all, it is 2024, and marketing options are endless.

By using a range of marketing avenues you can promote and boost your brand to be found. Avenues such as Search Engine Optimisation (SEO), social media marketing or email marketing, each will play a vital role in ensuring your business is easily found and recognised.

 

Eliminate the hoops

We have established by now that we need to make the buying process as easy and as streamlined as possible. If you want people to buy from you, you need to do more than make it easy. People will purchase with businesses that are easy to use. Easy to buy from, easy to find relevant information, easy to use products, easy to subscribe to, easy to contact, easy to access. Everything must be easy, in all aspects.

With 93% of customers saying they are likely to make repeat purchases with businesses that offer excellent customer service, think about what you offer. What feeling do you want customers to have when they come across your business for the first time? How do you want them to feel when they use your products or services?

Learn how to correctly position yourself in the market with top tips from Evolutions Creative Director, Lisa on Product, Price, Convenience and Promotion. The first 10 clients to fill out the below form, will be able to book a FREE 15-minute Zoom meeting to discuss.

 

Signed by Renae

Recourses: www.hubspot.com, www.coursera.org, Images: Unsplash

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