The attributes that consumers have always associated with luxury items have changed in the last few years. The terms that business owners use to convey their value proposition also needs to change lest they miss out on this trend. In this post, I share a personal experience that has galvanized this lesson in my own thoughts.
Being a business owner requires that you communicate with customers on a regular basis. However, there are five deadly sins of speaking that will cause your customer to stop listening to you.
The human brain has limitations. Chunking of information is a life hack that allows us to overcome some of these limitations and is ubiquitous in storytelling forever and for a good reason. By incorporating chucking into your communication, you will improve your ability that the other party remembers your message.
Conspicuous consumption is when someone spends money on goods or services in an effort to either convey a higher social status or invoke envy in others to gain their respect. Product badging is a way to draw attention to items that convey status. Yet, not all consumers want you to know the relative price of their products based on its badging.
When you are deciding how much of time and financial resources to allocate between push and pull marketing strategies, keep in mind that the battleground has shifted and the prospect is the one who holds the high ground. Rather than fight this reality, just accept who has the real control and find the best ways to help people buy in the way they want to buy, instead of the way you want to sell to them.
Businesses all too often commit resources to developing a product or service based on the verbal feedback they received from some potential customers. This is no way to test your assumptions that people will exchange hard earned money for what you are selling! Employing a simple 3-page website can ultimately help you determine if customers are willing to exchange money for your offering.
There are 2 kinds of customers out there: Do-It-Yourself and Do-It-For-Me customers. Most businesses only consider the same type of customers others in their industry are already targeting. Targeting the same customer with similar solutions leads to less opportunity for growth and tighter margins. Few businesses see the potential to offer an alternative solution.
At first glance, the difference between selling a product or service and selling a solution may not be very apparent. After all, aren’t all products and services created to provide a solution to solve a customer’s problems? Most businesses create a product or service that is a “one size fits all” solution. Rather than designing an offering to fit an individual [...]
When it comes to selling your product or service, it is always a good idea to keep in mind what is most important to the other party. This is especially true when you are dealing with a large company. For example, most employees high up in the food chain of a large company make pretty good money. With [...]
VARK is an anachronism that stands for Visual, Auditory, Read/Write, and Kinesthetic sensory modalities. It is used to define the preferred perceptual preference of how people best learn new content. Some people can easily switch from one communication preference to another, depending on the context of the content. These types of people are considered multimodal. However, most people [...]