If you want a customer to become price insensitive towards your product or service, you have to build trust. The fastest and most direct way to create this necessary trust is to understand your customer’s problem. Yet, one of the challenges in actually obtaining this understanding is to be able to determine what these problems are even when the customer isn’t fully aware of them. A customer’s perception of a problem and the reality of what that problem actually is are two different things.
A customer may believe that one of their current problems is being able to get groceries during the COVID-19 crisis, as an example. However, if we were to look at where they actually spend their money, we can paint a different picture. If a hypothetical group of surveyed customers says that their main expense and main concern is on groceries but, they spend more money on takeout—we have to prioritize their spending habits. How people spend their money and why they save their money is a better indicator of the problems and concerns that are truly important to them.
If you are able to determine what your customer’s spending habits are, showcase how these spending habits reflect their real problems, and then market stories related to that problem without overtly promoting the specific solution that you provide—you create a winning formula to generate trust. Combine your customer’s spending habits with what they are sharing online and you can start optimizing your branding and marketing strategies.
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