What’s The Story Behind That Product?
Posted on Tue, Jul 13, 2010
Increase the Perceived Value by Sharing the Why of The Buy
Have you ever gone to a store, looked at a piece of merchandise, and not bought it because you thought it might be an inferior product? That just happened to me. I was shopping at a store in the Boston area that is known for everyday bargains. It is the type of store that people rarely go to for a specific item. It’s the type of store that you end up buying a bunch of stuff that you never knew you needed. Their prices are extremely low and their advertising slogan is “don’t you just love a bargain?”
I affectionately refer to this store as an old fashioned five and dime store on steroids. They sell lots of party products, kitchen items, gift items, books, packaged foods, cosmetics and probably another thousand categories. It is a chain of 20 plus stores that is not necessarily the neatest and most organized, but no one really expects it to be either. You get the feeling you are getting a great deal on everything you buy.
One of the reasons for some of the great values that they offer is that many of the time dated products will have closer expiration dates, which is perfectly OK as long as you aware of that. The majority of the items are not this way. What I am saying is you are looking for reasons why something might be such a great deal. That was the case with me. Let me explain.
Again, remember I went into the store not looking for anything in particular and just killing some time. I did, however, have a shopping cart which I was filling up with a bunch of useless items I had to buy. Then I came to the men’s personal item area and picked up a can of shaving cream and noticed a razor from Gillette. I had never heard of this type of razor; it was a Fusion ProGlide Power Razor that was only $8.99 which seemed cheap enough to make me buy it. BUT where I had never heard of this razor, I was afraid that it might be a discontinued item that Gillette had experimented with, didn’t work out, and were dumping the balance of the products into this discount store. That was OK because I go through a lot of razors since I travel so much and I have a tendency of leaving them somewhere. So, I figured since I probably wouldn’t be able to get the blades for this in the future, I would purchase the 8-pack of blades. I was a bit surprised that the 8-pack of blades sold for $26.99, but I happened to need a razor so I bought it. I want you to know I did have buyer’s remorse because I felt I had bought a discontinued product. The reason why I felt that way is because these razors and blades were thrown into a bin. Then two things happened to me.
First, I used the razor. It was the most unbelievable shave I have ever received and with a bald head this is an area I am expert at. I am still believing and questioning why they would be discontinuing such a great razor.
Then, I went to CVS to pick up a prescription where right there in front of me was this beautiful display on an end cap announcing the newest and greatest razor by Gillette, the Fusion ProGlide Power Razor. It was selling for $12.99 and the blades were $29.99. It is not a huge discount, but it is still a substantial discount, especially on a brand new product. Here is the interesting part. I happened to ask the cashier, who I believed was some type of manager or assistant, how those new Power Glide Razors were selling? Her comment was “we keep them in stock”.
I will go as far as saying that CVS is doing a far superior job on selling these products than the store that is known for lower prices. There is an old expression that says “its worth is what it looks like it’s worth”. CVS increased the perceived value of the product by featuring it, signing it and supporting it with professionally prepared displays by the vendor. The discount store didn’t even have a hand written 3 x 5 card saying “new product” or “great buy”. It got so bad that even though I purchased the item, I actually considered returning it.
Are you doing the same thing in your store? Are you making it easier for the customer to understand the products you are selling? I was at an airport shop the other day that sold art by the artist, BRITTO. The products were posters, framed art, t-shirts and ceramic pieces. It was OK, however, the value of those products skyrocketed when I saw the artist pictured with various world leaders, including President Clinton and an announcement that he was selected to create a new stamp for the United Nations. That’s credibility! That’s the story behind the product. Share the story and you will increase the value of your products. Try it, it works!
