Creating An Irresistible Product Benefits

Creating An Irresistible Product Benefits

Did you buy a car with air conditioning just because it had air conditioning - or because it would keep you cool and comfortable on hot days? Did you buy a minivan simply because it had anti-lock brakes and airbags - or because it was safer for you and your family?
Do see where I'm going with all this?
People perceive value in a product that is multi-purposed and delivers many benefits. A FEATURE is one of the components or functions of your product. A BENEFIT is a way in which your product improves the life of the user.
In other words, a benefit is an answer to the question, "What's in it for ME?"
Benefits are not "quality and service" or "cheapest." They are the answer to questions like: "Why should I keep reading?" or "How will buying this make MY life better?" Or the #1 question on every consumer's mind:
People don't want shampoo - they want clean, great-looking hair. So shampoo companies have made their fortunes by stressing how their shampoo solves the problem of unmanageable hair, giving people shiny, healthy-looking locks.
By offering benefits instead of features, you will create a higher perceived value, which will translate into MORE SALES.
And that's a HUGE benefit for you! Irresistible Price
Consumers, like companies, have their eye of the bottom line. That makes the right price a key element in your irresistible offer. So let's take a moment and look at the four main pricing policies/strategies.
Premium Pricing - Used when a product is considered unique and where a substantial competitive advantage exists. Premium pricing is associated with luxury brands like Louis Vuitton, Jaguar, and Rolex.
Price Skimming - In this instance, a high price is set because you have a substantial competitive advantage, but know that the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price inevitably falls due to increased supply. This technique was employed in the 1970's by watchmakers who created digital timepieces and offered the unique product at a premium price. As other digital manufacturers entered the market, other marketing strategies and pricing approaches were implemented to keep the original watches competitive.
Penetration Pricing - Charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. This approach was used by France Telecom and Sky TV.
Economy Pricing - This is a no-frills low price. The cost of marketing and manufacture are kept at a minimum. Supermarkets often have economy brands for soups, spaghetti, etc.
In the minds of some consumers "Quality costs." Considering selling your product or service at a higher price than your competitors. People usually associate higher-priced product with better quality.
Those are the "big four," but there are other important approaches to pricing that can be very helpful in developing an irresistible price:
Psychological Pricing - This approach is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. A wonderful example of this is demonstrated in the consumer's response to 99 cents versus one dollar. Although only a penny separates the price points, the psychological impact is huge
Product Line Pricing - Where there is a range of product or services, a scale of prices reflects the scale of benefits offered by the products. For example, a car wash service could offer a basic wash for 10 Euros, a
wash and wax for 15, and a deluxe package with wash, wax, and super-buffering for 20 Euros
Optional Product Pricing - Companies will attempt to increase the amount customer spend once they start to buy. Optional "extras" increase the overall price of the product or service. For example, airlines will charge for optional extras such as guaranteeing a window seat or reserving a row of seats next to each other
Captive Product Pricing - Where products have complements, companies will charge a premium price where the consumer is captured. For example a razor manufacturer will charge a low price and recoup its margin (and more) from the sale of the only design of blades which fit the razor
Product Bundle Pricing - Here sellers combine several products in the same package. This also serves to move old stock. Videos and CDs are often sold using the bundle approach
Promotional Pricing - Pricing to promote a product is a very common application. There are many examples of promotional pricing including approaches such as BOGOF (Buy One Get One Free)
Geographical Pricing - Geographical pricing is evident where there are variations in price in different parts of the world. One example of this would be where shipping costs increase price
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