Recent studies have noticed a growing trend among millennials. Rather than engaging in rampant consumerism they seem to be favoring minimalism. Theories abound as to why this trend is so pervasive. Whether it's a response to the economy, staggering student loans or the difficulty of obtaining a high paying job post graduation, a number of millennials live in small spaces and carefully watch their spending. So, as a business owner how do you convince them to part with their hard earned dollars? Keep reading to learn some tips and how using our new inventory management solution can help!
One way is by providing an indispensable product or service. If they have to have what it is you sell, they will buy it out of necessity. That works for the basics, but even among the staples the largest profit comes from the premium version.
That leads us to the next part of our answer. Convincing them that what you sell is significantly better than the alternatives and therefore worth the extra expense. Everyone loves to get a good deal. There is just something very rewarding about feeling as though you got more for your money. If you can market your product or service in a way that makes it seem like it is worth more than what you are charging for it, people will be more inclined to buy it.
What if your product or service is very similar to other offerings that can be obtained at a lower cost? At some point you can't lower your price without losing your profit margin. How do you differentiate your product in a way that makes it more appealing? One low cost way is by providing superior customer service. For more tips on providing value through your level of service read our previous blog on the subject.
If you sell a tangible product, another way to set it apart from the competition is by using creative packaging. You've heard the expression "don't judge a book by its cover," but you probably still do it anyway. If the outer wrapping is dull, you assume that inside probably isn't very exciting either. By packaging your product in a creative, enticing manner you're telling your customers that it worthy of the extra attention and must be special in some way. At the very least, you're attracting their attention and encouraging them to consider your product.
Our last tip is the use of creative naming. Most of us love a good joke or pun. We all appreciate things that generate positive associations or bring up fond memories. Put that positivity to work for you. Coming up with a funny or nostalgic name can pay big dividends. Tying your product to something from pop culture can have a similar effect. There's the burrito at the popular fast food chain that is reminiscent of a popular sitcom from the 80's. Recently, I saw a skort that was named for a character from a hugely popular series of books. The skort itself was straight cut and very plain. The only difference between it and the others in the catalog was its creative name. It made me laugh so I showed it to two other members of my household. My millennial daughter was so amused she took a picture and texted it to her friends. Great marketing at its finest. Thanks to group chat that skort has now reached the attention of countless people.
Don't Keep Doing Things the Same Old Way | Try a New Inventory Management Solution Today!
Running a small business is challenging. Growing and remaining successful is even harder. Stockpile can help. Using our new inventory management solution makes tracking inventory easy, whether you have one location or dozens. With Stockpile you'll always know what you have, and where you have it. Thanks to areas and locations you can be very specific about where items are stored. Overstock costs you money. Out of stock situations can be even more costly. If you use Stockpile you can keep your finger on the pulse of your inventory so that you always have a clear picture. Generate the reports that you need quickly and easily. Want to check your inventory without coming in the office? Stockpile is mobile compatible so you can see your inventory anytime from anywhere. Try Stockpile today!
