It is absolutely vital to determine what feature or benefit your product or service MUST have, in order to gain a commercially viable number of customers. Generally referred to as the determining factor, this information is hard discover unless you ask your potential customers why they didn’t buy your product or service.
What is the cupholder equivalent for your product?
In 2007, the number of cupholders a car had really mattered to the customer. According to PricewaterhouseCoopers, the number of cupholders in a car was a more important factor than fuel efficiency. Despite being patented in 1953, it took gradually changing social and economic trends to make the humble cupholder both needed and to become a measure of social status.
The cupholder analogy can be applied to services too. From my experience it is possible to double online sales, just by offering the customer the ability to pay by instalments or monthly. This is particularly the case for prices over £100.
What has changed for your customers?
Take some time to consider what social and economic factors have changed for your customers. What product features or benefits might matter more to them now?
The pandemic and lockdowns have obviously had a huge impact on social and economic behaviour, but also consider the trends that would have occurred anyway. For example, could your product or service be made more environmentally friendly, trialled and then purchased or be purchased via other forms of payment?
The world’s your oyster if you get it right
To sum up, the determining factor for your business is very specific to your industry. Ask your professional association for their thoughts, if you have one. However, the best way is to reach out to your ‘nearly customers’ and ask them. Third party platforms like Survey Monkey make it easy to ask the questions, You don’t require the customer to have opted in to receive emails as you are not trying to sell or promote anything. Make it as painless as possible for your nearly customers to provide you with the information you need. Incentivise them to respond with a vouchers or prize draw.
I would loved to but I just don’t have time
We understand, that is the main reason we, as a marketing agency, exist. We can carry out any size or type of marketing task for you. We are live on zoom every working day at 2.00pm. Drop in with a coffee and we can give you a quote for any work you would like us to do, there and then.
If you would like to discover more about the rise of the cupholder then you should find this article from The Atlantic a good read.