Tuesday, March 23rd, 2021
A question we all ask ourselves as customers is “how do I know that what I’m paying for is worth a lot more than my investment?”. As a brand, it’s your job to answer this question by offering massive value through your advertisement strategy.
You want your product/service to appear good value for money, so today’s post is going to walk you through how to do this in your marketing campaigns.
As mentioned above, you want to make sure you answer the customers burning question. How can you portray your product or service as good value for money? Firstly, by using the prospects language. You want to address their pain points, establish what they want to achieve and what results they want to see. You then need to decide upon how to convey these points in your ads.
One way we suggest you do this is to use the framing effect. This is when we look at not what is said, but how it is said. You want to find the relationship between context and information as it determines meaning. Let us give you an example. You can break down the cost of your product per day, or per use to make it seem more affordable and better value for money. What sounds better?
“Our skin cleanser is now just £354!”
“our skin cleanser costs just 90p to use each day”
You see the point here? Next time you’re writing about your product or service, break down the cost in any way you can. It appeals so much more to your customers if they can see the cost benefits.
They say you should never compare yourself to others, but in the marketing world, you should. Look at what your competitors are doing what their prices are and how they differ to yours. Can you beat their price? If so, tell people! If you can offer the same thing, if not better for a cheaper price, people will jump at the chance to buy your product if it seems better value. By comparing your prices to competitors, you instantly market your product as good, if not better, value for money.
It’s also worth noting that when comparing to competitors, it’s important to state your benefits too. Why should the consumer choose you over them? Sometimes, it’s not all about money.
Following on from our last point, marketing isn’t always about money. You need to make it clear to audiences what the benefits of your product or service are.
If your product is slightly more expensive than competitors, you need to state why. If customers recognise that they are paying more but getting way more in return, you’ll likely improve your conversion rates.
Another way you can make your product seem better value is by introducing a bonus to your deal, but always keeping it relevant to your main offer. Don’t sell your product and bonuses as a packaged price. You want the bonus to appear free.
For example, don’t tell customers that your main the product costs £200 and the two bonuses cost £50 each so your prospect must pay £300. You want to make it seem that your product costs £300 and the two bonuses are free (but worth £100).
The final way you can add value to your product or service is to remove any obstacles that may stand in front of your prospects. They need to be powerful and allow your customer to trust you. An example of this is money back guarantee. One way to take this even further is a longer money back guarantee. Its proven that having a longer money back guarantee results in less refunds. It reverses the risk for the customer as you are taking part in the risk. This is a way to frame money back guarantees in a positive way.
So, there you have it. 5 ways market your products as good value for money! Think about these techniques next time you start your marketing campaign.