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In the more competitive world, where everyday you see something new created, innovation and disturbtive technology influencing every aspect of life, and information spread over the world in time of second, I can say the term of being the best is not relevant anymore. Everyone demand for attention while everything in this world is just one in millions! How could you become the best when you are just a fraction of the whole competition? When you are innovating on something, perhaps there are a lot of other people thinking about what you are going to do right now!
The massive change in the competition come from this generation who adapt to changes very rapidly. This generation can get whatever they want from wherever around the world just in one click. Entrepreneurs should aware about this condition. Constant and fast changing innovation doesn't guarantee long term profitability. I can tell you, the most important things to be considered by the entrepreneurs in their product marketing is
How to make their product become more valuable than the competitors. It is not about being better, as long as it is valued more by the consumers
Increasing Return on Investment of Consumer
So the concept that should always be in entrepreneur's head is how to maximize the value that is obtained by the consumers. This is very logical, because since the very first place, you should remember that:
consumer buy value with the price that you offer
Do you get the concept? Let me give you an example
When a consumer see shoes with the price of $100, and you sell the same shoes bundled with the socks with the price of $130, they could simply choose your product because it saves them time to find the matching socks $25 and the double delivery cost for buying the sock $35. With this strategy, consumer will get $130 price for the estimated value of $160
This is the concept of maximizing consumer value. Bear in mind that by buying your product, consumer should invest their money on your price and expect the biggest whole value.
Next thing to understand is, how to increase the Return on investment of consumers?
Here are several tips to be considered:
- Gift of complementary product: This is the scheme for maximizing consumer value in term of time to buy complimentary, effort to mix and match, etc. for example
- Buy hand phone get casing protector
- buy car free service for 2 years
- Lottery prize: This is the scheme for maximizing consumer value in chance of getting a much valuable product, thus the price we offered become irrelevant. The key is that the prize should looked very valuable (while on the other hand, you should buy the cheapest one for the prize to minimize cost)
- lottery prize of money
- lottery prize of concert ticket
- Endorsement: This is the scheme for maximizing consumer value in making them related to the endorser. For big online influencers, their fans adore them so much and the product may be sold with higher price
- Detailed description of the features and benefits compared to competitor: This is the scheme to show that the price is worth the value. Even more, the value that is offered is higher than the competitor. With this way, consumer have the unbiased consideration and decide to choose our product without hesitation.
Which method do you like the most? Do you have any other method to make your product more interesting. Please leave a comment? Thank you so much.
With love,
@iriantopetrus
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