News, Utility Marketing

Why You Need to Adopt Utility Marketing

We found ourselves in an environment (Nigeria) where business owners or marketers would rather say come and buy rather than communicating the benefits of their products. Many at time business owner and marketer are caught up in wanting to sell their product or services forgetting no one care about their product or services unless it (their products or services) has a problem it’s solving or a value it’s (products and services) adding.

It’s important to know that nothing brings about an increase in sales except you give your buyers reason(s) they should make a purchase. Therefore its high time business owners move their gaze from come and buy come and buy and start meeting the need of the buyer or customers by effectively communicating the importance (usefulness) of their products and service (utility).

The term utility is very crucial to marketing, it directly influences demand and price of product and services i.e. the more valuable or useful people find your products the higher the demand and the higher the cost of the product or service.

When you come to think about it, your marketing strategy determines what your target audience values, when you inform them of the value you have to offer or the benefit they get from your products or services and how conveniently they can get that value, then increasing your sales will not be difficult. The different types of utility make up a substantial part of the value you are offering.

                                              Why You Need To Adopt Utility

Below are some of the reasons you need to incorporate utility marking into your marketing strategy

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1. Purchase become seamless

When the product you offer at a location is close to and convenient for your customer then your product becomes more valuable to your audience than a product that a customer has to take time and spend money to purchase. If your potential buyer places a high value on convenience, this will be an effective marketing strategy you can incorporate in your digital marketing plan,  you just have to establish an easily-accessible retail location or you can make your delivery money. This type of value is called place utility,

2. It helps you determine the Right Form of Product

There is this common saying ‘your value is determined by what you are able to make of yourself’. This is also through with product, The more value you add to a product by creating it out its constituents the higher the price.

For instance, I could remember a brand I worked on, the raw material for the product cost #50 but after this same material has been made into different forms,  the seed form cost #100 the spiced form its cost #300, the granulated from its cost #300. and the same product is what some other sells #50

This type of utility marketing is called form utility, the more creative you get in processing your products the more market you have for that particular product.

It left to whether to offer a lower-value product at a lower price or have a higher- value products at a higher price.

3. Giving customers a sense of Possession or ownership

Making customers gain a benefit of the acquisition is another way utility is important in marketing, the more benefit attached to your product and services the more sales you are most likely to make.

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How do you achieve this let say a customer has decided to make a purchase you can give free delivery, give a discount, free installation service as the case may be.

Also, making a wide variety of products available in one place fall under this category of value.

This form of utility is called the “possession” utility and refers to the value a consumer receives from the services that help him take possession.

For marketing purposes,  you have to evaluate whether your target consumer values the usefulness of the utility services over the added cost you have to charge for providing them.

4. It helps you Offer Right Product at Right Time

Making a particular product available exactly when the customer wants to buy it adds substantial value and it helps you skyrocket sale. This aspect of product value is called the “time” utility, and the value depends on the product’s characteristics and the customer’s situation.

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