Archive for October, 2010|Monthly archive page

How Can a Marketer Help Reduce Financial Risk? – Buyers Remorse

In everyday life on October 25, 2010 at 1:09 pm

Hey guys,

With whats going on in the economy I figured I’d write an article on how to reduce financial risk in a small in a product, for any type of bsiness for that matter. Please read my other posts to understand some of the things I talk about.

How can a marketer reduce financial risk in a product?

There are a few ways a marketing expert or even a business owner can do that. Anyone who’s looking to make their business do better and feel more secure abut expanding can follow these simple ideas.

We’re aiming on reducing what I like to call ‘Buyers Remorse’. It’s when the consumer is very ‘ify’ or unsure on buying a product, or service, because after he will feel that the’s wasted his money and time, which in turn makes him not want to buy the product in the first place.

1. Warranty→ Guarantee. set up a satisfaction guarantee or a 90 day warranty. Herr’s potato chips has a statement on the back that says if you are dissatisfied with our product send it back and we will refund your price. Now, no one usually sends it back, but because they introduce the fact that they know there product is satisfactory then the consumer feels good and reduces ‘Buyer Remorse’
2. Brand Loyalty – A very key importance. Especially when dealing with a service for a concentration local community. Sometimes new business will partner with existing business who do something similar, but not exactly, so they can use their name or branding.
3. Testimonials – Also very important for a service.
4. Definition of Buyers Remorse – Post purchase dissonance.
5. Purchase decision process. Follow these steps, as if you were buying your own product.
– Stage 1- Problem recognition
– Stage 2- Information Research
– Stage 3- Alternative Evaluation
– Stage 4- Purchase Decision.
– Stage 5- Post Purchase Behavior

Would you buy your product?

If yes, how can you make it better, stay ahead, maximize profits.

If no, find out which step caused the problem and fix it. Remember that the first step in solving a problem is knowing the problem.

Enjoy 🙂 and comment,

See ya.