The second biggest cardinal sin I see eCommerce professionals make is this: focusing on a price point instead of unique selling propositions. If your only goal is to have the lowest-priced product, you’ll quickly spiral into a price war. I’ve seen it happen to countless brands and I want to help you avoid this trap. By creating a unique selling proposition (USP) for your eCommerce product you can offer your customers an increased sense of value, satisfaction, and confidence in your company. Become aware of the dangers of focusing solely on a price point by listening to this episode of Marketing for eCommerce.
Only using a price point = confining yourself to being a commodity
The most dangerous aspect of focusing only on your product’s price point is that your product is limited to being a commodity. Instead of transforming into an entire brand you limit the product to only providing a solution to a simple problem. But if you take the time to develop a powerful USP, it will answer one main question: Why should consumers choose YOU?
Crafting a USP that’s tied to your company’s core values and goals will allow you to do 4 things, in addition to sell more product:
- Protect profits
- Be aggressive in pricing and neutralize competition
- Give people a reason to choose your product
- Create a community
To discover my best tips for writing a USP that will guide your company and product towards future success be sure to listen to this episode.
Make people aware of the true “cost of cheap” through a value proposition
A value proposition makes people aware of the true cost of things that are cheap. Cheaper is always more expensive in the long run. If you demonstrate to your consumers the value of paying more for your product, saving them from headache and heartache down the line, you’ll become the company they turn to time after time.
Add stickiness to your brand through irresistible offers and unique safety propositions.
Bundling your products together is a powerful way to add value to the offer without cutting into your profits. If you solve multiple problems for the consumer in one sale, they’ll remember your brand fondly. Don’t forget to be creative in naming your bundles! Think of it as a chance to refine your brand and give your products a higher level of credibility. Those are ways you can make your bundle into an “irresistible offer.”
Safety propositions, or money-back guarantees, can be so much more than bland text on a webpage. Inject your brand’s creative energy into this copy in a way that makes people appreciative of choosing your company. If you give them a quality product with a confidence-building satisfaction guarantee, you’ve earned a customer for life.
Every customer wants to be part of a community – here’s how to make them choose YOUR community
There are 3 main ways to grow a business: get more customers, get those customers to spend more money on their first purchase (which is the exact OPPOSITE of focusing on a price point), and get those customers to return for more purchases. How do you achieve that third end goal? By creating a unique experience proposition.
Focusing on a price-based approach to marketing isn’t sustainable. But, creating a community of consumers and brand advocates that believe in the power of your product is. Give your consumers a reason to keep coming back through developing your unique selling proposition and you’re on your way to success in eCommerce. Don’t miss all the details, be sure to listen to this episode.
Outline of This Episode
- [0:31] I introduce the topic for this episode, the 2nd deadly marketing sin for eCommerce
- [1:25] The dangers of selling on price instead of propositions
- [3:11] Unique selling proposition
- [4:46] Unique value proposition
- [7:55] Make an irresistible offer
- [8:55] Unique experience proposition
- [10:22] Unique safety proposition
- [14:51] Start creating these propositions ASAP for better sales success
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