Greetings All,
It used to be that only certain professions and businesses had to really listen closely with empathy to their client’s needs. Retail businesses in more prosperous times weren’t in the business of playing counselor, coach, or advocate. Well, that’s all changed as consumers around the country are struggling with a bad economy and recession, which causing them to change their previously unquestioning consumer mentality to one of careful frugality.
In an environment like this, the only way to customize your marketing and business strategies is to listening and pay close attention to your customer’s needs and try to meet them.
Many of the issues that customers are going to face nowadays are the same: reduced income, increased expenses, and solutions that don’t meet their immediate needs.
From business theories, we learned, consumer demand is comprised of three components: Income level, Personal Preference, and Price.
In regarding to the customer’s falling income levels, there is not much thing a business can do with it. But there are some things that can be done with pricing; however, downward pricing sometime can create a risk to the bottom line profitability of the business (you need to be carefully working out the value toward balance of price, product quality, and the benefits of the purchase). So the only other way to influence consumer demand is through the preference.
Let’s say offline retailer business, especially those big players – to phase out choices that aren’t in wide demand and to cater to mass tastes, they must carry inventory; due to so many uncertainties and conditions, sometime they need to store lots of inventories for in case.
That’s where online businesses can have an edge in this economy as they can offer the choice without necessarily inventorying it. For example, many marketers are through DataFeedr solution to help them deliver the products and services to meet their consumer needs.
DataFeedr creator Eric and Stefan (Niche Content Package) are smart online marketers, they understand their customer base and help them solve some problems that need addressed. They are creating value in terms of benefits to their customers.
Combine product cost, quality and price, the solution they are offering is way over and above what customers expected, which increased the perceived value from their customers.
Info products, on the other hand, are a great way to provide high-quality, low-cost offers that demonstrate a high-perceived value.
What I mean is that if you can pay attention and listen to your customers who are having difficulty finding a particular solution that can only be bought online, you can offer it and raise the demand for their services by using this strategy.
Yes, people will have less to spend and become more frugal, but this doesn’t mean that consumers will naturally gravitate to the cheapest choice. In fact, value becomes more important as the length of the recession is anyone’s guess.
Let’s back to info products, the reason for why they are demonstrate a high-perceived value is that it takes not that much time and money to create it, and through the magic of the Internet, they can be duplicated and delivered endlessly. Like Online Profiting Handbook, Private Label Rights Products or Super Affiliate Handbook etc.
The manufacturing cost for produce info products is quite low, and thus, you can bundle many of them into one offer to create high-value packages without any additional costs on your part. And, you can also deliver them instantly over the Internet, something that triggers instant satisfaction with your customers.
While you can market anything you want over the Internet, some market niches lend themselves well to this media, but not every product suited to the Internet.
If you can provide high quality, low cost, and quick delivery, then the Internet can be a great boon in down times. You can just focus on products and services where you can manipulate the perceived value so that demand can remain constant or even increase during tough times. On the Internet, for the next few years at least, value is king and a key strategy for Internet and offline marketing too.
A purchase that lasts longer is of better value than a great product that crashes, breaks, or looks worn a few months down the line. Consumers are becoming more sophisticated on buying not only things that solve their personal problems and preferences, but they are now demanding that they stand up to the test of time. If you can meet both of these needs, you will have clients for life, long after this recession is over.
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Here are the latest post, if you haven’t check them out, you shall do it now because they can help you do better on your online marketing effort.
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* How to Import Your Blog Feed to Your Facebook Page
Till next time .. 
Cheers!
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