Monday, March 21, 2011

Money is rarely an issue - build brand!

Many brands try to attract customers with sale, discounts and price cuts. Others say the reason people don´t buy their products is that they are too expensive.
But even if consumers are flocking to groupon and mid season sale - is money REALLY the reason?
Money is no strong driver for most human beings. Sure, we all want some extra dollar in our pockets, and some people find money immensely important, but for most of us, other factors outweight materialism.
Australian institute of management, AIM, asked people about what makes them like their job. Responses from 3400 private and public sector employees revealed that pay was ranked 10th on the list of factors keeping participants in their jobs. Other, more important, factors were job satisfaction, good relationships with co-workers, new and interesting challenges, feeling valued, training and development and flexible work arrangements. The main reason for leaving was "no career advancement".

Never settle for the 'top of mind' barrier when building a marketing strategy; there is always a deeper emotional reason behind the first thing people say. Everyone looks at the salary aspect when applying for a job, but that is rarely the true motivator - and the same goes with saying 'I can´t afford this product'. Of course they can - they just don´t want to spend their money on it, and they need arguments that go beyond 'cheap' to be attached.
You could of course say that results from a quantitative survey is as shallow, but it all depends on what you ask about and if other research indicates the same results.

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