WOW FACTOR MARKETING”
WILL ALWAYS BEAT “PRICE MARKETING”
I’m am a strong advocate of using marketing techniques that actually take your audience’s eyes off the price and onto value.
Most of the time, this tactic brings you a better customer and one who is considerably lower maintenance.
Such clients appreciate that you are providing exceptional value or a bonus and therefore are not going to whinge about the fact that they may have got your type of service or product down the road for 10% less.
“Dropping your price comes with a price” – the obvious consequence of price reduction is that you are doing the same work as you did before, but getting less money for it.
So in other words, it cuts right into your profit.
Sure, the budget airlines can provide flights for some incredible prices, but their model is very intelligently put together.
You’ll notice that the likes of Jetstar, Tiger Airlines or EasyJet launch their really, really cheap flights a considerable time out from the flight date – and only have a limited quantity of seats available for those “early bookings”.
As the flight date gets closer, the seats increase in price and therefore on an overall basis, they achieve a “yield” that gives them a handsome margin. So their marketing model is a very sophisticated one that has been proven to work over the last 10-15 years.
But nonetheless, you will also note that they are now partnering with resorts (does the term “bundling” all of a sudden pop into your head?) and therefore they’re providing a huge perceived value which I would call – yes, you guessed it – a giant wow factor!
Have a look at the photos here and ask yourself if you would be purchasing these food items based on price?
These photos demonstrate a very clear marketing strategy – these retailers have been savvy enough to ensure that the chocolate coated strawberries, fruit and pastries are all immaculately presented and therefore the very last thing a consumer will be looking at will be the price.
Go on, scan your eyes over these photos and I bet the subject of “price” is furthest from your mind, because you are saying to yourself, “wow, don’t they look absolutely delicious, I would love to be tasting one of those right now.”
And of course, if the retailer gave you a bonus chocolate strawberry for every half a dozen that you purchased, the “wow factor scenario” simply escalates!
Again, the goal is to “wow” your customer and get their eyes off the price.
Doesn’t matter what industry you’re in.
“Wow” beats “price discounting” everytime.
You know that “price discounting” is NOT sustainable, so why back yourself into a corner?