With thousands of products launching and competing with each other every day, having a successful new product is proving a lot more difficult than ever. This problem has led hundreds of companies to carry out researches running into thousands and even millions of dollars to study consumer behaviour, understand what makes people tick, and to figure out how to convert prospects into customers.
But despite millions of dollars being poured into these diverse market researches, many companies still fall short of a real solution to their customer acquisition problems.
What then makes consumers stay loyal to a brand? Why do people look forward to using a particular product or service? Why do consumers ignore some certain brands? And how can you launch a successful product?
While there are several customer acquisition strategies ranging from engaging the customers, to price cuts, and several others, one particular factor always stands out and puts consumers on their toes whenever they see a favourite brand.
Before we get into this Keystone solution, it’s important we talk about how our habits hold a strong control over our lives and actions.
What Are Habits?
Habits are largely choices that we consciously make at some point, then stop thinking about but continue doing. When we do something that’s already an established habit, what we experience is our brain saving us the effort of trying to consciously carry out that action. The brain regularly tries to look for ways to help us reduce the thought process.
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How Then Do Habits Relate To Driving Product Sales And Brand Acceptance?
Habits create neurological cravings. The feeling a smoker has before quickly reaching for a cigarette, the feeling an obese person has before munching up a snack, and so on. Cravings drive the habit loop, and keeps us constantly doing what we never even think of doing; especially when we’re trying to quit that unconscious behaviour.
To determine how a prospect can be turned into a loyal customer that’d also defend your brand, product, or service anywhere they are, you need to understand the full habit process, and how to use its end result to keep customers restless whenever your brand is brought to the fore.
How Are Habits Formed?
For a habit to be successfully formed, three factors must concurrently happen. There must be a trigger, a routine, and a reward!
A trigger is an initiative or motivating factor. It could be an event, a smartphone vibrating with a new message, or a person seeing something, which subsequently leads to you doing something. For example, seeing an image of a child with a candy bar could trigger a feeling in some people to buy one. Eating the candy would then finally create a sense of relief (reward!).
This process, is how the habit loop works, and as the experience begins to get scarcer, you anticipate the reward more, and eventually, a craving is formed.
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So What’s The One Thing That Will Keep Customers Coming Back?
Rewards will keep customers coming back for your products and services every single time; especially when they’re instant gratifications. If people know the end result of using a particular product is to gain a form of reward, they’d more likely keep using that product after the first few trials.
If the reward is really good and gets more difficult to attain, a craving would slowly build up, and it would drive the individual’s desire to always use your product.
An example is an e-commerce store that offers you a 10% discount plus free shipping on your next order only if you place it within two weeks from your current order. Now, this portrays an instantly gratifying experience. As long as you know that you have a deadline to gain this mouth-watery reward, you’d not just place another order, but would more likely re-visit the website to purchase items because of the instant gratification you stand to gain.
Some rewards could come in social forms. For instance, purchasing and using an IPhone in a high school in Nigeria gives you a higher social status. Since people know how expensive it is, they instantly respect you more, and you also feel great every time you have to take the phone out of your pocket in class or around the school. This purchase experience gives you a form of social reward.
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To Sum It Up
Just like the craving for a tingling mouth reminds you to brush your teeth, understanding habits and mastering the art of building cravings for your brand through rewards would get your revenues racing through the ceilings.
The moment thousands of prospects or customers start to anticipate the reward your product or service offers before using it, you can then be darn sure you’ve struck gold.
What are your thoughts about this one thing you need to make a successful product? Please let me know by leaving a comment below.
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Thanks for this great information
Thank you for reading, John.
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