If you want your marketing to work, then you need to create the right type of marketing for the right type of purchaser. To get to know your customer, we are going to tell you about the one type of shopper you want to avoid at all costs.
Whether you’re a new business person, a recognized business holder, or an employee within a company, you must not undervalue the importance of customer preference. After all, which comes first, the chicken or the egg?
A business’s success depends on the revenue and the source of revenue is your customer. This victory is often measured by how fairly you persuade potential buyers to buy your products or services. You can only fulfill your buyer’s needs if you get to understand them to a certain degree that you can foresee their wants and surpass their unasked expectations.
There is nothing more horrifying than you losing customers. But, do you know why a customer chooses your competitor’s service over yours? The most obvious answer to this question is you treating different types of customers in the same way.
Each customer is unique with particular characteristics. Several studies reveal that more than 33% of consumers abandon a brand after one bad experience. So, you have to tailor your marketing approach to maximize gains and revenues. Strategically segment your customers at the start and handle them accordingly. You can positively bound your customers to stay loyal to your brand if you continue to do so.
Leaving One-size-fits-all Approach Behind
Why are companies adopting a customer-centric marketing approach? Why does the importance of customer preference matter to them?
It wasn’t too long ago when businesses left behind a one-size-fits-all marketing approach. Because they figured that their buyers were no longer showing loyalty on price or product but to them.
In actual fact, 86% of buyers are eager to pay more for a great customer experience. Hence, it comes as no surprise that customer experience is the number one priority.
Types of Customers
After a thorough study, we came to know that there are, in fact, two sorts of buyers: cost-conscious shoppers and bargain hunters.
Let’s learn about them in detail.
1- Cost-conscious Shoppers
Price shoppers are not into buying expensive items. They work diligently to compare product prices and focus on learning how much an item can cost. Such shoppers care less for brands and are more likely to switch providers if their need for the lowest price is fulfilled.
Those are the kind of shoppers you want to avoid at all costs. If you are a startup, consider marketing to the value shopper – the one who cares for a long term mutually beneficial relationship as the base.
But, if you truly want to focus on price shoppers as well. Below are some suggestions:
- Conduct a competitive analysis. You have to catch on to where they are lagging and try to fill in those holes.
- Once that’s achieved, it’s time to focus on your unique selling point. You have to win their hearts by telling them what makes you a better choice.
2- Bargain Hunters
A bargain-hunter is somebody who explorations for the lowermost price that is cheaper than usual. Would you prefer to serve a fickle buyer who’s more interested in saving his money? We leave the ball in your court.
There is a way to handle them too.
- If you have to propose a discount, you make them identify the value you are adding at the promotional price. This will make them linger for longer.
- To get to know your customer, you will have to modify your marketing strategy a bit. You can get in touch with them via a live chat or CS in the future if you want to turn those customers into potential buyers.
The Happy Customer Formula
You must have understood the importance of customer preference by now. We encourage you to treat each customer differently because all your customers are not equal. Just like all five fingers are not equal. Some customers add more value than others. And so, they should be treated in a better way.
So start today and produce a marketing plan on how you’re going to segment customer types. Bear in mind that personalization, exceptional customer service, and adding the highest value to the treatment are the key factors to filling your customers.
By The Way
Do you know that online retailers use price monitoring tools that permit tracking of competitors’ prices? You can help them get a deeper insight into the market situation to make price adjustments for their customers.
Price2Spy is the top online price monitoring tool for eCommerce. Would you like to have a similar app designed to help small to large brands? Your market will not only be small to large brands but distributors and manufacturers all across the globe.
