What do you do when you have a product that you believe in and wish to take it to market at a good price? In today’s world trust and attention are the two basic building blocks in the market. Before people trust you, they have to have an emotional experience with your product or service and experience comes from being generous with your prospects.
What I just stated above is something I have learned over my career . However fifteen or so years ago I didn’t know it. I learned it in the trenches of trial and error.
Case in point: I had finished school, got a job as an Accounts Assistant, later transitioned into Marketing and Sales-actually I was Head of the Department at Leather Industries Uganda. As you and I know very few people buy leather because it is a luxury just like Diamonds. My team sold Leather to prospects many of whom had never had an emotional experience with leather-we called it the hard sale! Needless to state, it did not work. We had to go back to the drawing Board to cultivate trust and attention.
Along the way we learned a few things regarding cultivating trust and attention. They helped my team to make millions in sales selling Leather. I still use them to day;
Be generous to the right group of people: As I stated above, “Before people trust you, they have to have an emotional experience with your product or service and experience comes from being generous with your prospects” When you are selling ideas you can give them away and gain more but if you are selling Leather if you give away lots of samples you go broke. So how did we build trust and attention? We divided our market into two: the people that had already experienced leather (many of these were from China, Italy and Turkey), the second group was those willing to experience leather to whom we gave a few samples. Which people already have an emotional experience with your product or service? Who do you need to give samples?
Tell the right story to the right people at the right time: Our overseas Clients in Turkey, China and Italy valued semi-processed Leather a.k.a Wet-Blue, they liked it delivered to them within less than 90 days and they valued the process we used. So once we got an agreement with them, we would fly them over to Uganda to see how the leather was made, we learned how to deal with different cultures and also made sure our clearance was faster. What do your prospects value? After you find it you go ahead and tell a story that is anticipated, emotional and relevant. When you do this consistently you will be able to gain loyalty. Loyalty merges where there’s a match between what the brand distinctively offers and what the consumer personally values.
Price is a Story: Most Companies or Entrepreneurs struggle with price. Some of them are greedy so they price highly with little value justification. Others are ignorant so they price it low with high value given out. There are many pricing models as they are business models but there some fundamentals in pricing;
- Charge a price higher than what it cost you to make it- your pricing should have margins.
- Pick the right niche and they will pay what its worth: It is not about how much they have in the bank, it’s about how much they are willing to invest in getting your solution.
- If you are generous with the right prospects before making a sale, you don’t have to be scared to charge the right price.
- If you are not proud of your solution, no one deserves to pay you for it.
Remember there is a difference about being technically good and communicating that goodness. Do both and increase trust and attention you get.
Credit: Sudesh Kaka.