Savvy Strategy to Reel in the Wise Shopper

A longstanding trend holds that no matter how big their budget is people still want to be perceived as “savvy shoppers” or “wise investors.” A recent article discussed how the super rich don’t want to be unsympathetic as to what is happening in the world right now and definitely don’t want to be made an example of in the media, so they have become more discreet in their spending habits. For the über-rich, the desired perception as a savvy shopper may be a matter of fiscal self-image during these times. For those of us running a business, it is an economic imperative to have a successful 2009.

Customers are extending the buying process by getting quotes from many companies and comparison shopping like never before. Here are four strategies to reel in those wise shoppers while still keeping true to your company’s brand:

1. Don’t put your company on the sale rack. Price is important, but value should be sold to ensure your company is not cast into the commodity bin of your customer’s mind. Relying on fly-by-night promotional techniques leaves a lasting impression that only price differentiates you from your competitors. List the things your company does well and turn this into a key marketing piece to be included with proposals. Develop marketing pieces outlining project/product success you’ve had which tell a story of the added value your company brings to the table.

2. Know Your Customers. What services are your customers using? How much are they spending? When are they using your services and why? By knowing this, you can turn a good customer into a great customer. Use knowledge you have on each of your customers to build your database. When you know exactly who your customers are and why they use your company, you can better anticipate their needs as well as better cater your services to them.

3. Get Personal. Once you have a database rich in customer knowledge, you are ready to really target each customer individually. Using database marketing, there are endless possibilities to reach out to customers. More than just personalization, variable-data marketing offers a way to address specific customer needs. Text, images, and graphics can be tailored to individual customers and can be delivered via printed mail, e-mail, or customized Web pages. Because this type of marketing is data-driven, your company can collect and accurately measure results. More importantly, data compiled with each successive customer contact allows you to further improve the relevancy of your marketing messages over time.

4. Make the relationship with your company simple. Make the message simple to compare while making the relationship with your company crucial. Recently, I decided to switch banks. This included opening new accounts, ordering checks, changing my direct deposit, changing online bill pay, closing my old accounts, setting up a rewards account, as well as countless other things. This can take a lot of time without the right person making it simple for you. It takes a lot to get someone to convert, but once you do, make sure they never go back. Make the buying process simple for your prospects and they will be more likely to make the switch.

In closing, hard times often call for smart shopping but that doesn’t mean your brand should suffer. By keeping attune to your customers’ needs and growing personal rapport with your clients, you can maintain strong business relations. By preserving high quality standards and establishing easy working relationships, you capture those savvy shoppers for 2009 success.