What’s your marketing guarantee?

Marketing Tips from Straight Marketing

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?