Why customers are willing to spend a premium on some brands but not others

Branding

Branding

Why customers are willing to spend a premium on some brands but not others

Why is ‘Colour-Pop’ and ‘Kylie Cosmetics’, makeup product’s produced in the same factory with nearly identical formulas, selling for entirely different prices? With a nearly identical liquid lipstick selling for $16.82 at Colour Pop and $40.13 at Kylie Cosmetics, the question is perplexing. The answer: Value beyond a product. The who behind what they do.

Getting started

When a small business first enters a market, its natural practice for them to focus on the ‘what they do’ to establish themselves and their financial stability. To get themselves out of the gates and in the race, they must first market what they are going to offer.

Becoming more than just your product

As a start-up, no-one is thinking about the homestretch. However, once a business establishes itself, to cut away from the clutter of competitors, that business must do more. To move away from what they do and become who they are.

But, how does a business make customers perceive their business as offering more than just their product? Their brand.

Creating a brand

To create value beyond the characteristics of a product, a company must add meaningful associations to their brand. This is mainly because consumers now use products as a means of self-expression; a way to communicate their lifestyle or identity through using a brand that speaks the same language. But this can be a challenging task!

The challenges of creating a brand’s personality

When a company decides to think about branding they often find themselves trying to maintain its current and reliable customer base while evolving to appeal to a new customer base (with a higher willingness to spend). Luxury brands are examples of companies who have orchestrated this process really well.

Nike

According to Forbes, Nike surpassed Louis Vuitton in the ranks of the most valuable apparel brand in the world in 2016. The industry embraced high-priced athleisure as a status symbol so, Nike evolved, successfully maintaining its range of lesser expensive footwear while expanding its offerings to a higher end of the price scale. Through shifting the focus of its advertising and innovation efforts to higher-spending audiences, Nike now produces shoes from around fifty U.S dollars to special edition shoes worth tens of thousands of dollars!

Clearly creating a brand that reflects aspects people strive for in their lives is a recipe to success. If a company’s brand captures the values of their ideal customers those customers can identify with the brand in a way that reassures them they are making the right choice.

Branding can be difficult but, your choice does not have to be so hard. Talk to us for help.

You’ve captured your audience’s attention, now what?

audience attention

You’ve captured your audience’s attention, now what?

If your toast lands on the floor, we all joke about the slightly questionable ‘fact’ that we can still eat it; as long as it’s picked up within five seconds! But, when it comes to capturing the attention of an internet user with written content, how long does that toast have until the public will no longer consume it?

The answer…2.7 seconds. 

The fact is, people, want you to capture their attention. But, it is still no secret that the internet’s buffet of information has created consumers with a fussy palate. At the same time, the internet is stuffing readers with ‘food for thought’; content curators are going hungry if they fail to engage before their shocking 2.7 seconds ‘used by date’.

So, how do we capture a reader’s attention?

The fact of the matter is, getting a reader to where you want them to be is no longer enough. Once a potential consumer has landed in a place where what you want them to read is accessible, you still need to – cue shock and horror –  make them want to read it. The way to do that? Professional copywriting.

So, without wasting another finite two point seven seconds of your time:

Here is a mixed bag of tricks that makes content hard to click away from:

  • Break it down – Use headings and subheadings/bullet points. We all scan-read these days and frankly, it’s unavoidable. Cater to scanning and provide clean content that makes them want to read on.
  • Use quotes and visuals –  Paragraphs should not be the only thing breaking down a text. Seduce skimmers into reading on by presenting clear, short points made exciting by visuals that break them down and back them up. People are on the internet for a reason; give them quick and easy answers!
  • ‘Flow’, not ‘office memo’ – Use a flowing body/tone in your piece. This means content should read and progress naturally, informing a reader without distracting them. Spelling and correct word use are important (because a reader can be distracted by this) but grammar isn’t as noticeable, within reason.
  • Subtle selling/relatability – Throughout your copy, gently remind people to do business with you. The effective copywriter gets the reader imagining themselves as a customer. But remember! Content creators have to sell themselves as well as what they are selling. Ensure you stay on brand and speak your reader’s language; use storytelling to get your message across. Don’t use too many buzzwords.
  • Inspire – Readers retain and respond best to information they feel a need to act upon. You want your reader to do something about what you are telling them? Call them to action. It gives everyone what they want.

Do you want to hold your audience’s attention beyond those 2.7 seconds? Talk to us for help with your content.  Just click here to book in.