Just by assembling IKEA furniture, people tend to place a disproportionate value on what they built. If customers have that bias just from assembling a Kvartal track system or Bestå TV Wall Unit, how much bigger is the marketing leader’s cognitive bias for our products?
A lot has been written recently on how the perception of value rather than a formularized multiple of “cost” can help guide your pricing decisions. If you can honestly get the customer to perceive a higher value for your product than a simple markup on cost, it permits you a higher ROMI and a greater ACPO.
This is the time of year we, as human beings, tend to be most acutely focused on discovering and fulfilling the unmet needs of those around us. What gift can I get my daughter? What charity needs help? And what can I do differently in the coming year?
Customers take a mental journey through our marketing when considering whether to purchase our products, and it is all too easy for marketers to overlook that journey. You wouldn’t expect to take off in an airplane from an office parking lot, so why expect customers to buy before they really understand your product?
Marketing can save the world because it is the marketers who create stories that get audiences to act. The stories that get people to change behavior. To wear Nikes instead of generic shoes. To spend more for an iPhone. To take their valuable time to attend a webinar.
Choose your heroes wisely. I used to be in a marketing leadership group, and any time we got into a discussion, someone invariably brought up how Steve Jobs did things. I’ve seen this in marketing pitch meetings, as well.