Educate Your Customer - A Failsafe Marketing Strategy

It's a less publicized strategy but educating your customer is an effective marketing tool that should be a part of any business makreting plan. Marketing is an essential element of running a successful business and the key is to do it better than your competition. When creating your marketing strategy - especially for a small business - every dollar spent needs to produce!

Education is Your Foundation

Although many marketing guru's might spout that ROI and target audience are the main focus in your business strategy - educating your customer should be your centerpiece. Educating your client is one of the best ways to increase sales and turn one time sales into long lasting loyal customers. Many times, when people are considering buying a product - they know little about it which makes them less likely to buy on impulse. They don't know if the price is realistic, if the product is reliable, if the quality is an industry standard - this kind of uncertinty makes a customer feel uncomfortable about the purchse.

Be a Teacher of Your Business

Believe it or not but sales and teaching go hand in hand. A teacher in a classroom wants you to learn the material to be able to pass the test (for example). A salesperson (or business owner) wants you to learn about the product to see why this purchase is ideal. So if a customer is interested in a product or service and someone takes the time with them to show them the features and how they compare to other similar items - a customer will begin to feel more confident in their decision to purchase. The more the information is balanced and informational (rather than just a 'sales pitch') the more likely you earn their trust and loyalty. Guess who they will come to for information in the future? You, their expert!

Educate About Your Product or Service

This is a no-brainer! Make sure your customers know about what you offer and how you can solve their problems. Often, missed sales occur when a customer doesn't know or understand your product or service.

 

How do you do this?

• Advertising
• Blogs
• Website
• FAQ's
• Cross-selling
• Point of sale offers
• Direct mail to current customers

Educate About Your Business

This is one aspect that often gets overlooked in marketing but can be just as important as educating your customer about your product or service. The relationship your customers have with you and your business is emotional. 

Customers often ask themselves...

• Do I trust this business?
• Is the staff knowledgable?
• Does the company stand behind their product with a warranty?
• Is this company the best place to get this service?
• Do I feel good about supporting this company?

If you're still unsure about how important this aspect of marketing is then consider this: If you are looking at two identical products at the same price - who do you go with? Have you ever paid more money for a product or service because you like the company or owner. Everyday, people choose to pay more or shop exclusively with brands because they like the company as well as the product (examples: Macy's, Nike, Pepsi, Budweiser and Apple). If it works for them - it can work for you too!

Go Beyond Your Field

While you are educating customers about your business and your company (in ways that solve their problems) think about also educating them in related subjects. For example: If your business is selling appliances, it would be helpful if you understood home construction or remodel budgeting. Something as simple as providing referral business information or a pamphlet discussing related topics will continue to establish trust with your customer. You aren't directly selling them anything by offering this information so this solidifies that you are trustworthy and have their best interests at heart. Imagine how often they will think of your business when talking to their friends and family as well.

Conclusion

Is is often said that knowledge is power - think of educating your customer as a marketing strategy that empowers your customer. The more they know, the more power they have to make a decision and buy...as well as share what a helpful expert you are!

Should I hide my prices?

Pricing your product or service can be a tricky task for any business owner but once you do decide on that magic number - you have to put on your marketing hat and decide when to show it and when not to.

Reasons you might want to 'HIDE' your prices from initial 'investigators'...
• You want to build an initial strong desire and demonstrate affordability - this is where your marketing is focused on the features of your product or service to dazzle a prospective buyer with everything they'll enjoy from the purchase.
• You want to show how the personal value of the product or service is greater than just the price value - this is where your marketing is focused on the emotional value of the sale and addresses the needs your potential customer has.
• You want to change the potential client's perception of the price - sometimes referred to as 'price conditioning.' - it can be tough but price conditioning is an art companies like Audi, Tiffany and Co. and Ethan Allen have mastered. Customers of these businesses believe that the special nuances of products purchased from them are WORTH the additional cost. It's still a car, a diamond ring and a chair that does the same things as the ones you could get at Kia, Kmart or Walmart but their customers want to pay more because their perception of the price in terms of value is different.

Situations when you should NOT hide your prices...
• If your price is a competitive advantage - For example, if you are cheaper than your competitors, or you have a special offer that can make even the quick-glancer recognize it as a good price, then you might want to do the opposite and make your price more prominent.
• If your price is low enough that it could be considered an 'impulse buy', then you might want to leave it on display as normal.
• If you are unsure what to do - when in doubt, it is always better to show your prices or a price range than to make the mistake of hiding them because you haven't done your research.

Why you want to be careful at playing too much 'keep-away'...
It should be mentioned that hiding your price can be as simple as offering a new client special, a trial period or making a person click to another screen to see the price. In these cases - you are not eliminating the price from view entirely. However, we have come across several businesses who refuse to put any pricing on their websites or marketing.

We want to warn that this can be dangerous because people like to shop before they buy. If you aren't even willing to show a price range - people might overlook you because your competitor does show prices. You are also making it more work for a potential customer to buy from you because they have to contact you to even discern if they can afford you. Shoppers (on every level) want life to be easier - not complicated, and they definately don't want to spend extra time and energy if it isn't worth it.

So..."Should you hide your prices or not?"
There is no right or wrong answer but here's the real questions you should answer first:
• What do my competitors do?
• Why is it important to hide/show my prices?
• What would my customer want?
• What would I want if I was a customer?

Online vs Traditional Advertising Methods

As the saying goes, "Nothing changes if nothing changes." However, if everything out there is changing except you - you can be you're getting left behind. The growth of online information technology has changed the landscape of business marketing. The internet has replaced or vastly altered traditional advertising mediums such as magazines, newspaper, radio and television. All of these once "print only" mediums have online versions. With a good strategy and market awareness; businesses can utilize the internet to achieve effective and cost efficient marketing. Below are a few comparisons drawn between online and traditional advertising.

Online Advertising is Targeted

Instead of wasting time and effort (as well as lots of money) to send out mass mailings and junk mail with low return on investment, businesses can allocate their money smarter and more efficiently with online advertising by targeting specific audiences who are actually searching for your business, product or service.

Tracking and Conversion

Here’s the big question - How many people have been exposed to your ads? It’s very difficult to measure the effectiveness of direct mail, newspaper and TV advertisements. Online advertising however, empowers businesses with powerful tracking tools that can measure the smallest details such as impressions, conversions and Return on Investment.

Entry-level and Ongoing Fees

Yellow page ads or a magazine ad placement can be very costly. Internet advertising has yet again empowered the users to control their budget by allowing various bidding methods and low initial fees. Due to the targeted nature of online advertising and the ability to track the effectiveness of ads, making instant adjustments to campaigns is much cheaper than non internet advertising mediums.

Internet Gives Businesses Control

The biggest advantage of Internet advertising is that it is the most powerful communication tool available. It can reach households and other businesses via computers, mobile phones and tablets. Rather than allocating your efforts on finding different mediums for various regions and audiences; you can focus on what you do best and let your clients come and find you by setting up targeted campaigns.

Better Branding

Any form of advertising helps in improving the branding, but online advertising stands a notch higher in effectiveness. Internet advertising can expose a small business to potential customers all over the world. When used for the right products and in the right way, it has the potential to reach more customers for less money than any other form of advertising.
Online advertising is a powerful tool for businesses to have in their marketing strategy to effectively get the word out and achieve their marketing goals.