Don’t Wait For Consumers To Start Spending Money Again

Fast CompanyIn 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.

Advertisements

2 Comments

Filed under recession marketing

2 responses to “Don’t Wait For Consumers To Start Spending Money Again

  1. Pingback: THE SMALL BUSINESS BLOG » Blog Archive » Top 10 Home Business & Small Office Reads of 2009/06/08

  2. Proof Hyundai did the right thing regarding their assurance program: Sales are up in the U.S. while other automakers are flat. http://www.ajc.com/business/november-auto-sales-hyundai-221089.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s