It is said that many startups fail because they’ve failed to create a product that customers really need. However, developing an essential product isn’t the only key to succeed in your business. That’s because today’s consumers aren’t only looking for useful products, but also for something that’s cost-efficient, high-quality, and will make their lives easier. In other words, they want an experience that they can only get from using your product.
Considering that, it means that the “nonessential” product you sell can be made into something your customers can’t live without. Start off by acquiring professional commercial photography services so you can aesthetically present your products on your website and social media pages. That’s the first step to catching your market’s attention. But how are you going to convince them to purchase your product?
1. Design Your Packaging Beautifully
This is tricky because beauty is both subjective and objective, but the proper way to determine if you’re designing your packaging right is by knowing what your market wants to see. As you define your target market, you also find out their tastes in art and design, in addition to their demographics and psychographics. Thus, you’d gain a clear idea of the packaging design they want based on their data.
2. Enhance Its Usefulness
A good example of enhancing a product’s usefulness is what Starbucks does. When customers walk into their shop, buying a coffee isn’t their only intention, but also to meet friends, hang out, study, or work. Use this as an inspiration to devise a way in increasing your product’s or service’s usefulness. Considering Starbucks’ strategy, the additional usefulness isn’t applied directly to the product, but to the shop; hence, for example, if you run an online store, post blogs and other engaging content on your website as well, so that your customers can stay on it to browse your content other than making a purchase.
3. Price it Competitively
Affordability is most probably your goal as you set your products’ prices, but a competitive rate rather than an affordable one is what will actually drive more business.
To price a product competitively, first measure your costs. These include your utilities, rent, and equipment (if you run a brick-and-mortar store), or web design and maintenance fees (for e-commerce). And of course, don’t forget to consider the production costs.
Next, find out your competitors’ prices, including their discounts, and how they perform over time. You have to take your time because it’s critical to analyze your competitors’ prices for at least a whole year.
Once you’re ready to set your own prices, consider a rate below the market value, but make it a goal to earn a profit, because lowering prices too much can even cost you instead of the opposite. You can also offer discounts on your grand opening day or week, ensuring once again that you’ll earn a profit.
4. Provide Helpful Insight About Your Product
Since your product is nonessential, spreading helpful insight about it can entice a purchase from your customers. If you’ve developed something that’s fairly new to the market, publish articles on your website about its function and benefits. For example, if you’re selling fashionable jewelry, share how wearing your product can complete an outfit, boost self-confidence, and make self-love attainable. Therefore, when the customers who buy your product experience improved self-esteem, they will deem your product partly responsible for it.
By employing these smart strategies, your customers will not just need your product, but swear by it as well, despite it being a luxury rather than an authentic necessity. Moving forward, continue finding ways to make your target customers’ lives better through your amazing products.