How to attract cash-rich customers to your food or drink products
Research shows that people on a higher income have a lower propensity to spend than those on lower incomes. Just because they have the money, doesn’t mean that they are likely to spend it on your product. So how can you tap into this lucrative audience & get them buying into your brand
Be clear about your product benefits
People don’t just want to know about product features they want to understand the benefit of that feature and how this will meet their wants & needs. People want good reasons to buy and they need to be easily understood. For example, The Foraging Fox Beetroot Ketchup is a healthier, more natural alternative to other ketchups.
Think long-term benefits
These consumers are not impulsive and need to see the long term benefit of buying something and have a good reason for buying it more than once. Price is not so much of a barrier for buying a product but how the product will consistently deliver is crucial, thereby giving the consumer a feeling of ‘value for money’ and encourage loyalty and repeat purchase.
A lifestyle choice
Quality, ethical, environmentally friendly – these are the elements that are important to this group of consumers. The product must fit in with their lifestyle choices. So promote awards, communicate that you donate some of your profits to charity and highlight how your packaging is recyclable. For example, Three Little Pigs Chorizo – is an award-winning chorizo sausage, where the pigs are reared ethically and as free-range as possible in Yorkshire countryside – this is communicated throughout – on their packaging, website and all other marketing materials, helping consumers to make choices that fit in with their values.
Personal Sales Experience
Often these types of consumers are incredibly busy people – cash rich & time poor. The buying experience needs to be as simple as possible. Have knowledgeable staff selling your products that can talk informatively about your products. If they are buying online have a facility that enables questions to be answered as quickly as possible. Be active on social media and share information which will aid the buying process.
So by understanding the wants & needs of your target market, you can communicate the benefits of your product, create a genuine interest and ultimately sales.
For more information on how to target different groups of consumers, just drop us a line at [email protected] or call Jo on 0772 3351884.