Marketing research has divided consumers into three groups, with approximate percentages for each:
- Tightwads = 25%
- Spendthrifts = 15%
- The average consumer = 60%
The trouble is, how can you tell which type of customers you have?
In part, we create the customer we have. This might sound strange, but it has everything to do with our marketing tactics.
For example, if we worry about the “price-sensitive” tightwads all the time, we will tend to price our products lower than their potential real value. However, if we aim our offers at spendthrifts, our prices might seem too high in relation to those of our competitors.
Aim for the Average
Since the average consumer makes up the lion’s share of the consumer market, it’s safest to aim for them. The spendthrifts, not caring about price, will probably become happy customers as well, giving you 75% of the market interested in your niche.
It might be tougher to lure the tightwads, but if you clearly show the real value of all your products in your marketing materials, chances are they will actually open their wallets as well.
There are a number of marketing techniques that will work well no matter which type of customer you have. When in doubt, trot them out to see what a difference they make to your conversion rate – that is, the number of people who buy your offer.
Appeal to emotions such as desire, need and pain points – problems they have that they really need a solution to.
Facts, Figures and Statistics
Your marketing material should contain enough facts, figures and statistics to fill your prospective purchaser with confidence that your product is the “real deal” and will do what it says. It will solve their problems, make their life better, and do all this at a reasonable price.
Features and Benefits
Most sales letters focus on features, but they start to read like laundry lists after a while. You can sell well if you include the benefits of those features, and emphasize the benefits in relation to the niche you are working in.
For example, if you are selling cars, leather seats offer different benefits to different consumers. If you are selling a sports car, leather seats are stylish, sexy and sporty. If you are selling SUVs to a soccer mom, leather seats are durable and easy to clean no matter how muddy your kids are when you drive them home after every game.
As you can see from the wording in the last paragraph, benefits can often create an image in your mind of what life will be like once you buy the item. The sports car purchaser will feel really attractive and “cool”. The mom will feel her life will be a lot easier and she is making an intelligent long-term buying decision that will help her whole family.
Keep Gender in Mind
Studies have shown that up to 90% of purchasing decisions are made by women, even for typically “male” items like men’s clothing, toiletries and cars. The items need to appeal to men but need to pass muster with the savvy female shopper as well.
Offer Guarantees, Easy Returns and Free Delivery
All shoppers love an extra little perk. Guarantees and no-questions-asked returns make it as easy as possible for people to do business with you. Free shipping could be the tipping point in your favor. And free delivery over a certain dollar purchase, such as $49, will increase the value of every customer at your site looking for a good deal.
Aim to sell well to the average customer, and even the tightwads and especially the spendthrifts will be happy to buy as well.