In the June issue of Fast Company, Sean Maloney, Intel’s chief sales and marketing officer, is quoted saying that their job “is to give [the audience] something so wonderful that they’ll spend money again.”
This is a great philosophy for any business for any time, but especially in a recession. Instead of waiting for customers to buy your product, what reason are you giving your audience to want to buy your product?
Hyundai is a great example of creating demand. Earlier this year, to encourage people to spend money on their cars, Hyundai launched the Assurance program. This is a program that states if you lose your job within the 12 months after you purchase your car, Hyundai will take it back without damaging your credit.
Many car companies copied that program, so Hyundai recently upped the ante. Now in addition to the Assurance program, Hyundai is giving $650 a month for six months to people who buy their CUVs. And if they lose their job they can return the car and keep the money. To people on the fence about buying a new car, that qualifies as “something so wonderful”.
Apple is another great example at a lower price point. Look at its iPhone apps. Does anyone really need an application called Pee Monkey? (Yes, there is such an app.) Probably not, but people are defining “wonderful” in record numbers helped by the low price point.
So what can you do to your product or service to make it irresistible?
- Could you improve the warranty that goes along with your service making it risk-free?
- Could you provide add-on services to make the offer enticing?
- Can you find a way for your product to save people money?
- How does your product make people’s lives easier, better, etc.?
Sometimes creating this “wonderful” simply requires educating your audience on all things your product can do.
This week take a look at your products and services and determine how to make your product or service so “wonderful that [people] will start spending money again.”
Please share what you come up with to make your product wonderful.