Marketing research has divided consumers into three groups, with approximate percentages for each:
- Tightwads = 25%
- Spendthrifts = 15%
- The average consumer = 60%
The trouble is, how to determine which type of customers you have?
In part, we create the customer we have. This might sound strange, but it has everything to do with our marketing tactics.
For example, if we worry about the “price-sensitive” tightwads all the time, we will tend to price our products lower than their potential real value. However, if we aim our offers at spendthrifts, our prices might seem too high in relation to those of our competitors.
Aim for the Average
Since the average consumer makes up the lion’s share of the consumer market, it’s safest to aim for them. The spendthrifts, not caring about price, will probably become happy customers as well, giving you 75% of the market interested in your niche.
It might be tougher to lure the tightwads, but if you clearly show the real value of all your services in your marketing materials, chances are they will actually open their wallets as well.
There are a number of marketing techniques that will work well no matter which type of customer you have. When in doubt, try them all out to see what a difference they make to your client conversion rate – that is, the number of people who choose to work with you.
Emotions
Appeal to emotions such as desire, need and pain points – problems they have that they really need a solution to.
Facts, Figures and Statistics
Your marketing material should contain enough facts, figures and statistics to fill your prospective purchaser with confidence that your industry reputation is the “real deal” and that you know what you are talking about. It will solve their problems, make their life better, and do all this at a fee they can justify.
Features and Benefits
Most sales letters focus on features, but they start to read like laundry lists after a while. You can sell well if you include the benefits of those features, and emphasize the benefits in relation to the niche you are working in.
For example, if you are selling cruises, 3, 4, 5 and 7-day cruises offer different benefits to different consumers. If you are selling all inclusive vacation resorts, activities and family likes and dislikes are important. If you are selling to multi-generational families you have to make certain that there is something in it for everybody.
Benefits can often create an image in one’s mind of what life will be like once you arrive at any one particular destination.
Keep Gender in Mind
Studies have shown that up to 90% of purchasing decisions are made by women, even for typically “male” items like men’s clothing, toiletries and cars. You can toss travel into the mix. Vacation plans need to appeal to men but need to pass muster with the female family-members as well. (Key Point)
Provide Time To Think About The Decision
All travelers/consumers love an extra little perk. Time to think things over make easy for people to do business with you. Free shipping could be the tipping point in your favor. And free shipping over a certain dollar purchase, such as $49, will increase the value of every customer at your site looking for a good deal.
Aim to sell well to the average customer, and even the tightwads and especially the spendthrifts will be happy to buy as well.
Mike Marchev has plenty of stories, strategies and tactics to keep you on top of your game. Ask to be placed on the distribution list to receive his periodic Motivational Memo. Click Here to Join Now.
For information on Mike’s 6-Week Online Selling Course, email Mike at mike@mikemarchev.com with the words “sales course” in the subject box.
