What's your marketing guarantee?

Black Friday and Cyber Monday discounts are great for the shopper and create a much-needed sales boost for the retailers. But, on the downside, they’ve become an annual expectation, so many consumers hold off making full-price purchases in anticipation of a forthcoming discount.

Constant discounting or low pricing is a risky strategy. It squeezes profitability and doesn’t create loyalty. Customers that want the lowest price don’t stay with one provider. Instead, they switch as soon as there’s a better deal.

So, what can you do to hold your pricing and differentiate your business from the competition?

Offer a guarantee.

Create an assurance for your customers that makes it a no-brainer for them to buy your products or use your services. For example, two years ago, I chose to install a boiler that was £500 more expensive than the other model I was offered simply because of the 10-year warranty that came with it.

Guarantees may seem only relevant to product-based businesses, but every company can explore some form of a warranty as part of their marketing offering.

How to create your marketing guarantee

Follow this five-step process to form your guarantee:

  1. Competitor research – what are your competitors offering?
  2. Identify your strengths – what area of your business is a strong point?
  3. Focus on the results – what good things happen when customers use your products or services? Answer in specific detail and then guarantee that outcome.
  4. Choose a payback – create an attractive assurance that won’t cost you much but will have a high perceived value. For your guarantee to work, the retribution must be fast and easy for customers to get.
  5. Test and monitor – test and measure how well your guarantee is performing so you can tweak it if necessary.

A good guarantee must be:

  • unconditional,
  • easy to understand and communicate,
  • meaningful to the customer,
  • simple and painless to invoke and collect on.

A guarantee sets clear standards and expectations for your customers and builds their loyalty. So, what can you guarantee?

Straight Marketing
Tawny Bank, Maer Lane
Exmouth, Devon
EX8 2DE

01395 901116

info@straightmarketing.co.uk
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