4 steps to sell your product at a premium...in a price sensitive market!
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4 steps to sell your product at a premium...in a price sensitive market!

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It is always a difficult task to introduce a new product into a market. The job gets tougher if the target market is price sensitive and incredibly tough, when you want to sell your product at a......

It is always a difficult task to introduce a new product into a market. The job gets tougher if the target market is price sensitive and incredibly tough, when you want to sell your product at a premium.

This PPT talks about 4 simple but effective(and self-experienced on field!) steps on how one can introduce a premium product in a price sensitive market.

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  • 1. 4 steps towards selling your product on a premium....in a price sensitive market! Tapish Panwar https://www.facebook.com/UnlearningMarketing www.unlearningmarketing.blogspot.com
  • 2. Price Sensitivity • The degree to which the price of a product affects consumers purchasing behaviours. • A market which has a high order of price sensitive customers • “Raise the price and lose your sale” markets Price Sensitive Market
  • 3. Why a product with premium? • Improved product offering – At one or multiple levels of product Core Benefit (Enhanced) Basic Product (Improved) Expected Product (Expectations raised and met) Augmented Product (Relevance & Advantage) Potential Product (Realistic and Imaginable)
  • 4. Step 1. Create an EARLY buzz • Create enough buzz in the market even before the product finds place in the counters/shelves • Do not over-do the promotion that might create false and unreasonably high expectations • Ensure tight promotions wrapped succinctly around the key benefit and brand promise
  • 5. Step 2. Ensure user interaction with product • Consumers must be invited and encouraged to touch/feel/experience the product to identify on their own the positive difference in product • It is imperative to urge consumers who have experienced the product, to talk about it in shows, meets, events, adverts, campaigns etc • Do not hesitate to invoke comparison with existing competition in the market
  • 6. Step 3. Create Brand Advocates • Award loyalists and turn them into advocates • Give enough and effective channels to brand advocates to show their advocacy • Allow some (not all!) brand advocates to morph into brand ambassadors ▫ This helps in creating a dream around the brand as well as create an inspiration for fence-sitters
  • 7. Step 4. Create aspiration for your product • Take the focus away from price to brand promise (Quality/Safety/Comfort/Reliability/Self-esteem) • Introduce brand ambassadors that are relevant as well as inspiring for the intended TG • Demonstrate a benchmark to be met for being a consumer(virtual elite consumer group) and make it possible for non-consumers to achieve it
  • 8. Finally, to make a premium product successful in a price-sensitive market • Communicate aptly ▫ Promotion/Message/Feedback • Justify the premium ▫ Quality/Service/Benefits • Reward the early adopters • Fence-sitters to users; Users to loyalists; Loyalists to Brand Advocates
  • 9. THANK YOU https://www.facebook.com/UnlearningMarketing www.unlearningmarketing.blogspot.com