Price Customers: How to Win and Keep Them
Understanding the Price Customers is essential for developing a suitable business model that makes you money and an amazing brand experience that makes them happy.
Ben Mukoma
1/31/20231 min read
Winning with Price Customers
Price customers are not poor customers. They just want a good deal. They care about the cost - a lot - and want to make sure they are getting good value for what they are paying.
Here are some key items to have in mind:
Visual Identity: Keep your visual identity simple. Look 'common' not luxurious. You can be minimalist.
Brand Messaging: Don't have hidden fees - have honest prices. Make it easy to compare your products with your competitors' prices. Yes, show them how you stack up against the competition.
Brand Imagery: Have attention-grabbing images. Show the low price and great value in your images.
Brand Culture: Focus on savings and affordability. Foster a culture of frugality and budget-consciousness. Always seek to cut costs in the organization.
Brand Tone of Voice: Be transparent and honest. At times you might be tempted to sound 'salesy'. Don't. Be clear and informative.
Product Quality: Be affordable over fancy. Don't add features they don't need. Make sure it is the best value for the money they want to spend.
Brand Experience: Be clear, honest, and straightforward. Do not have any fine print.
How to Win Trust: Emphasize the low price and value for money at the price. Provide clear and transparent information about the product.
Brand Awareness: Be price competitive. Show how you compare and make it clear that you are the best value for money.
Competitive Advantage: Keep your products at a low cost and deliver the best value at that price.
With these elements of low cost and value at that price taken care of, you will, no doubt, win and keep their trust.
Not all your customers will be price customers. Some may be convenience customers, relationship customers, or even value customers. Look at the respective strategies and see which customers you would like to build a business for. Stay consistent in your delivery and you will attract more of the same type of customers.
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