While hanging onto shiny new objects may be the death trap for racoons, it’s just the opposite for brands. Brands like shiny new objects because customers do, too.
Price, convenience, quality, variety and even good customer service is not enough to keep customers hanging on anymore. When a brand meets basic expectations, customers easily let go and move on in search of the shiny new object that sparks their interest, enthusiasm and fulfills their passion. However, when a brand offers the unexpected, customers often latch on and won’t let go; no matter how great competitors’ offers or incentives become.
But in a market where customer expectations run high, just what makes for a shiny object that keeps customers connected until the very end?
We know its not the clever ads, free content and rotating digital banners that chase consumers around the web. And we know its not reputation or how many likes your last Facebook post got over your competitors’ posts. One thing that does shine and shines bright is value. Extra value you can’t get anywhere else, even if it does not have a great monetary value, often gets consumers to latch on hard and long.
Just like the racoons, we consumers go for the shiniest value for most of what we choose and buy, luxury products excluded. We do silly things like drive in circles until we find the store that gives us more than we expected. Something as small as a free coffee with a gas tank refill, or the tenth carwash for free, or a free cookie with a deli sandwich purchase can do it. Value works for consumer purchases and business purchases, alike.
In the often cut-throat B2B market, the pressure is on to do more with less, and so purchasers seek greater value than the products they buy.
Negotiations for business contracts, whether it be for SaaS, ERP systems, paper supplies, printers or medical devices, are no longer just about price. They are about “what else can you give me” more often than not. And when asked, most suppliers negotiate and add in a few perks to close the deal. The key, however, is to offer that shiny new object, or maybe two or three, before they ask.
Here are a few ideas:
- Rewards for Quantity: It’s nothing new to offer something for free in exchange for volume of purchases. So if you’re not doing this right now, find a way to do it. And soon. You can do this in any industry and it works. Consider your own purchases. You’re still with a specific airline or hotel brand, as you know you’ll get rewarded for volume with free stays or flights.
- Consulting or Tech Support at No Extra Cost: While tech support and training is a good revenue stream for many industries, it’s also something you can afford to offer for free, at some level, to those customers who impact your bottom line the most. Find ways to chunk out your training or support offerings into modules you can give away as added value for VIP customers without ruining your revenue streams.
- Offer Your Experts: Every brand has experts who are industry-leading in one way or another. Who are yours? And how can you offer their expertise to customers as part of an added value program?
Whatever you do, don’t fall into the trap of promoting the dull objects that have lost their appeal. And likely won’t be appealing again.
Essentially, there are many forms of shiny objects that attract customers and/or keep customers. It’s really all about understanding your customers, what matters most to them and what you have to offer that shines far brighter than offerings from others in your space.