4 steps towards selling your product on a premium....in a price sensitive market!

Tapish Panwar

https://www.facebook.com/UnlearningMarketing

www.unlearningmarketing.blogspot.com

Price Sensitivity•The degree to which the price of a

product affects consumers purchasing behaviours.

•A market which has a high order of price sensitive customers

•“Raise the price and lose your sale” markets

Price Sensitive Market

Why a product with premium?

•Improved product offering – At one or multiple levels of product

Core Benefit (Enhanced)

Basic Product(Improved)Expected Product(Expectations raised and met)

Augmented Product(Relevance & Advantage)

Potential Product(Realistic and Imaginable)

Step 1. Create an EARLY buzz•Create enough buzz in the market even

before the product finds place in the counters/shelves

•Do not over-do the promotion that might create false and unreasonably high expectations

•Ensure tight promotions wrapped succinctly around the key benefit and brand promise

Step 2. Ensure user interaction with product

•Consumers must be invited and encouraged to touch/feel/experience the product to identify on their own the positive difference in product

• It is imperative to urge consumers who have experienced the product, to talk about it in shows, meets, events, adverts, campaigns etc

•Do not hesitate to invoke comparison with existing competition in the market

Step 3. Create Brand Advocates•Award loyalists and turn them into

advocates

•Give enough and effective channels to brand advocates to show their advocacy

•Allow some (not all!) brand advocates to morph into brand ambassadors ▫This helps in creating a dream around the

brand as well as create an inspiration for fence-sitters

Step 4. Create aspiration for your product•Take the focus away from price to brand promise

(Quality/Safety/Comfort/Reliability/Self-esteem)

• Introduce brand ambassadors that are relevant as well as inspiring for the intended TG

•Demonstrate a benchmark to be met for being a consumer(virtual elite consumer group) and make it possible for non-consumers to achieve it

Finally, to make a premium product successful in a price-sensitive market

•Communicate aptly▫Promotion/Message/Feedback

•Justify the premium▫Quality/Service/Benefits

•Reward the early adopters• Fence-sitters to users; Users to loyalists;

Loyalists to Brand Advocates

THANK YOU

https://www.facebook.com/UnlearningMarketing

www.unlearningmarketing.blogspot.com