Attract Buyers with Varied Value

Experts argue that the way to reach consumers is changing. Customers have more money to spend, but are less likely to spend that money unless their needs are met. In order to best break into the market, you need to have products that truly reach consumers – making them want to open their wallets.

The only way to do that is to find out what the customer needs. However, customer needs also vary, and it needs to correspond well to the amount a customer is willing to spend. So experts have decided to change the way they reach the market.

Rather than offer a single product that tries to reach as many customers as possible, it is recommended that companies change their focus to something more broad, using the steps as follows: Find out what the customer needs. Use the research tactics at your disposal to discover what the customer actually wants in their life, rather than focus on what they’re willing to spend money on, since luxury itself is no longer as much of a purchase motivator. Next, look for tiers in the data that imply you can create something that offers more if the customer is willing to spend more.

For example, Dyson vacuums offer a luxury that also brings value to customers, so Dyson offers different sizes of their vacuums, as well as vacuums with additional features (like pet hair removers) to attract customers of different income levels and different needs. Finally, reward their spending. Make sure that the customers that are willing to spend more are getting results that correlate to the money they are willing to use.

It may be that the more expensive products are considerably more valuable than the cheaper products, or you may offer better services or support for customers that spend more money. Basically, experts are showing that value is important in far more ways than before. They are also suggesting that you should manage value by using products and services that across a spectrum of value, giving people the opportunity to spend more for greater results, while still accounting for those that have less to spend.

If the changes in the way that consumers spend their income holds true, then research needs to focus both on the specific needs of the customer, and on what additional features customers would be willing to spend more on.