Simply speaking, demand. If a product is not selling well, there is a reason. Perhaps you overestimated its demand, have it overpriced or are selling in the wrong market.
If demand isn’t up to par, don’t fret, there are many ways to create it. Firstly embrace the concept of your product or service, why it is unique and how this can be conveyed to a customer. It’s key to connect with your consumer, make them feel a need for your product or service. Why do your goods make their life better?
Successful business people keenly understand the value of creating demand through emotion. Perception is powerful.
Many companies embrace the important concept of creating a sense of belonging and loyalty through exclusivity. Gyms offer incentives, special classes and access to exclusive services or equipments to keep members paying top dollar.
Member only clubs like Costco or business associations allow it’s members to purchase their goods or utilize services. You get benefits including discounts on the products found in the store as well as discounts on everything from credit cards to business services to healthcare plans.
Restricting access, through limiting number of customers eligible or setting a standard, thereby creates demand for services or goods by limiting them through exclusivity and driving up the price.
Incentives are a great way to get new consumers for your business. Enticing offers for new members or customers or for shoppers who buy before a certain date, in larger quantity or are purchasing from a certain location only, also create an air of exclusivity.
Anything that is denied to someone else becomes exclusive to another. And typically things that are exclusive, demand a higher value.
A company can also limit the quantity produced, creating a ‘limited edition’ concept, when item X sells out, it will never be available again. This leads many consumers to believe they are getting something that others will never be able to buy in the future, justifying the high purchase price as an investment.
Though simply limiting an item to finite quantity doesn’t necessarily increase it’s monetary value, it does create demand for something where there otherwise might not have been as much of one.
Pay attention the next time an ad comes on your television. Undoubtably there will be an ‘exclusive offer’ only available if you call in the next 20 minutes. These ads do in fact sell product, not merely because of the deal itself, but because of human nature. Consumers enjoy feeling like they have gotten a better deal than someone else.
Another great way to increase product demand is to offer something your market values. Product development and research is the usual process companies use to develop or enhance product offerings. For retail businesses, this often means taking research from focus groups or customer surveys, to the manufacturers and asking for particular design features and benefits. Over time, iterations of existing products will have greater demand if you enhance them in ways that customers want.
Whether the customer wants the best deal, is loyal to a certain brand or feels a personal connection with the product or service because it make their life better, tapping into your market’s emotion will create product demand and keep the consumer coming back to purchase more.