- What are YOU selling?
Who should buy what you sell?
Why should they buy what you sell?
How do you inspire them to buy?
Part three of my four-part Marketing for the Best of Us™! Blog series, which answers the four critical questions for growing the revenue of any business.
Why should they buy what you sell?
They, your customers or clients, will buy what you have to sell for the same reasons that YOU buy what others have to sell – because their wants or needs are being fulfilled by your product of service better than they can be fulfilled by your competitor, or better than by not making a purchase at all.
Recall that the reason Laura purchased a drill from Ace’s Old Town Hardware store (see my “What are YOU selling?” blog posting) was NOT to own a drill, but to fulfill her want or need to make holes. But, why did she buy from Ace’sinstead of Lowes or Home Depot? They both sell drills and probably the same one that Laura bought from Ace’s.
Are you More Fulfilling than your Competitors Are?
To answer that question, you have discover (1) what it takes to fulfill your customers’ wants or needs and (2) how effectively you are satisfying them when attempting to do so. These answers will simultaneously reveal what your business’s “brand” is, which, in my rudimentary manner, can be defined thusly:
Your brand IS your organization’s reputation, image, or perception, as determined by the public (customers and others), but NOT by you.
Your brand is NOT your logo, brochures, or letterhead, which merely serve as communicators of your brand.
TIP:Although you can influence your brand, it is the public’s perception that decides what your brand really is . . . e.g., the public’s perception of Penn State today versus one year ago?
Answering Question 1: To determine what it takes to best fulfill your customers’ wants or needs, first identify thosepersonal characteristics which most clearly represent your customers (income level, location, lifestyle, etc. – mentioned in my “Who Should Buy what You Sell?” blog posting). Then deliver your product or service in a way that fulfills their wants or needs by catering to those characteristics. This process, including both your product or service and how you deliver it, is an expression of your “brand.”
Example: Nordstrom’s is far from the least expensive clothing store, but their customers are willing to pay a premium because they want to be able to select from a wide selection of quality products and receive legendary customer service that is “above and beyond” the norm.
TIP: Unless you are destined to be a high volume purveyor (along the lines of Walmart or H&R Block), DO NOT base your brand on (low) price, but do convey the value that you deliver at your price level.
Answering Question 2: So, you believe that your product or service is satisfying your customers by fulfilling their wants or needs better than the other guy can, but how do you find out for sure? Your customers’ satisfaction level can be gauged by any number of measurement methods, from the basic (surveys, contests, giveaways, loyalty programs, directly asking them) to the more sophisticated (“secret shoppers,” social media tracking, online evaluation sites – Yelp is one prominent example). But, make sure that the methods you use are welcomed by and not annoying to your customers (Pavlovian rewards can assuage the latter). Also, find out why your competitors’ customers prefer or avoid your competitors, which can be used to fine-tune your brand accordingly.
TIP: Your competition is anyone or anything that discourages customers from buying from you.
Example: Market insight software providerconducted a survey (released ) which revealed that almost two-thirds (62%) of those surveyed were more likely to purchase a brand’s product if they were asked their opinion in a study, and over half (56%) of the consumers polled felt more loyal to a brand if it takes the time to find out their opinion.
Go forth and Multiply (Your Buyers!)
Integrate your target market’s personal characteristics into the delivery methods of your product or service so that you can fulfill your customers’ wants or needs by responding to their characteristics better than your competitors can. And don’t forget to take your customers’ temperature so that you can stay ahead of the pack!
Peter Baldwin, with over 30 years of marketing and business development experience, is founder, Managing Principal and Chief Marketing Coach of MarketForce StrategiesTM, a business coaching firm specializing in the design of more effective marketing strategies for small-to-medium businesses that will improve performance, attract more clients, and increase revenue.