By acknowledging the potential areas of concern, you will be able to address and manage them in your marketing activity. You will be able to negotiate with your buyers through your marketing activity and consumer engagement, which will give you a strong competitor advantage and minimise risks in your business.
Key areas for Thought:
• How do your price points compare to other providers in your industry?
Price will have a huge influence on many consumers purchasing decisions. Since the economic downturn many consumers are financially restricted making price a determining factor in what they buy, from where. It is important for you to understand your price point in the market and be prepared to justify your costs, demonstrating that even if you are not the cheapest possible solution, you offer your consumers the highest value and Return On Investment.
• How else may consumers solve the problem your product or service solves for them?
It is important to consider the alternative solutions consumers may use. These solutions may be provided by your direct or indirect competitors. However, if they are solving the same problem for your consumer, it is important that they are acknowledged and noted as a possible objection for using your platform, product or service.
• How will consumers perceive the time they need to invest in your product or service?
Whilst many businesses will consider financial investment in their platform, product or service, few businesses will consider the time their consumers have to invest in order to engage with them. Many consumers will need to feel confident that the time they invest in engaging with your business will be returned and, as with money, people will value their time differently. It is important for you to understand what you are asking of your consumers and explain how each stage of the engagement process will benefit them in the future.
• How intuitive are your products and services?
If you are launching a new product or service, it is essential that its purpose and benefits are crystal clear for consumers. More importantly, your product or service needs to be intuitive and easy to use, particularly if it is an online platform. Consumers will not continue to engage with a business if the process appears to be difficult or challenging for them and so, if there is a problem in your design, it needs to acknowledged, explained and there needs to be signs that it is being improved as quickly as possible.