(Part 2 of 7 part series)
“A” is for Affordable
Over the next 6 blogs we will be working our way through the A.C.T.I.V.E. Marketing concept highlighting the six elements that make up an effective living-breathing branding campaign capable of maneuvering the economic roller coaster today’s entrepreneurs face in the consumer marketplace.
A small business owner faces a list of struggles every day just to stay in business. Without the deep resources large corporations have, small businesses find themselves working hard to generate revenue and make a profit. Affordability becomes the ultimate determinant in the small business environment when it comes to purchasing decisions.
Affordable does not necessarily mean the cheap. There are other factors to be considered when affordability is a headlining concern. Value is one component that speaks directly to price. Just because something is cheap does not mean it has value. It is important to understand that not everyone views “value” the same way…which speaks to the “Targeted” component of the A.C.T.I.V.E. Marketing solution to be discussed in Part 4 of this campaign.
The True Cost of Cheap
Let’s talk a little about the true cost of “cheap.” Purchasing decisions are made based on specific expectations…right? If I am considering spending my hard earned money on a product or service I expect that purchase to meet or exceed my expectations. The “value” I assigned to the purchase is reflected in expected satisfaction I will receive as a result of my purchase. If the purchase did not meet my expectations it is not considered valuable to me.
When considering the savings advantage of buying on price it is important to qualify and quantify what the expectations are before the purchase. The tradeoff on price often is reflected in quality and/or service. In order to sell low, sacrifices need to be made somewhere within the production lifecycle to bring the product or service to market at the lowest price possible. If expectations are not high, cheap may be justified. But…if expectations are high, chances are the cheapest route is not always the best. Some expectations that may play a big part in purchasing decisions include:
- Brand loyalty
- Dealer attitude
- Serviceability (does the intended purchase actually fill a need)
- Proximity (how far are you willing to drive to get it)
- Peer pressure (or peer review)
- Knowledgeable Sales and Service staff
- Available inventory (do they have the make/ model/ color that you want)
What’s the Alternative to Cheap?
Small business entrepreneurs can save money without buying cheap! There are many ways that small business owners can save money while still maintaining expectations. Creativity is the key. Following is a list of just some of the ways:
- Sponsorships for events
- Vendor Negotiations
- Strategic partnering
- Strategic hiring
- Guerilla marketing
- Bulk buying
The key to affordability is creative thinking and flexibility. There are many ways to reaching your desired goals. It only takes strategic planning and perseverance. Click here to read just some of the creative ways small businesses have saved money.
DAVNA Enterprises specializes in building strategic Marketing programs that are A.C.T.I.V.E. For more information or to receive a copy of a full report on building a campaign for your company email firstname.lastname@example.org with the subject line “ACTIVE Marketing Campaign Report”. We will gladly send the reports out to you free of charge.
To view Part 1 of the A.C.T.I.V.E. Series click here.
DAVNA Enterprises, LLC is a Florida based firm specializing in the development and implementation of strategic operational, marketing and business development programs locally and internationally. Whether a new business starting out or an existing firm seeking increased market exposure, rebranding or repositioning, DAVNA brings more than 35 years of experience and the expertise needed to successfully develop and execute strategies designed to achieve your ultimate goals. For more information visit www.davna.com or email email@example.com