Educating Consumers
Are you stimulating consumption…
…or leaving it to chance?
Scott Aughtmon in his book, Survive and Prosper in a Recession http://www.RecessionSolution.com, interviewed a host of business growth/development experts and shares their wisdom with you.
One tip that hit a chord with me came from Alex Mandossian http://www.alexmandossian.com who says “If you teach your customers to ‘consume’ more, more often, you’ll literally double your business without acquiring a single new customer!”
He cites Prell and Pantene shampoos that include directions for using their products, Arm & Hammer’s reminder that their baking soda freshens drains and restaurant menus that make wine suggestions for each of its entrees.
The same can be said for services. Let’s say that you’re in the business of training call center workers. There are two realities that every call center faces – high employee turnover and the human tendency to return to old habits in times of stress. If you’re not selling ongoing training and coaching to help your customers deal with these issues, you’re not serving your customers well and you’re leaving a ton of money on the table.
None of us, neither Scott, Alex nor I, are suggesting that you recommend consumption that isn’t in your customers’ best interests. That’s a short-sighted strategy with long-term failure written into its DNA. Buyers can tell when we genuinely care about them and when we’re trying to take advantage of them. Find legitimate ways for your customers to consume more, then share those ideas with them.
It’s counter-intuitive, but educating customers on how to consume our offerings is essential to a great customer experience. Couple this tip with premium prices based on the value you provide and you’ll enjoy significantly higher sales and profits with a lot less work.
To discover how you can break the bonds of industry pricing call Dale at 314-707-3771.
Tags: counter-intuitive pricing, price management, Pricing, pricing for profit, pricing for profitability, pricing management, pricing strategies, pricing strategy, strategic pricing, value pricing, value-based pricing
