What does your product or service say about your customers? Does show them to be mainstream? Does it show them to be a big spender? Does it put them firmly in the “cool kid” category? According to the latest report from Trendwatching.com, consumers are all about possessions or experiences that give them mana. They’ll hunt out and choose a product or service that gives them a one-up on their friends and peers. It’s called status seeking and apparently it’s what motivates many of our purchases.
Trendwatching.com says we all want to be noticed, admired and even envied. Buying the right products or doing the right things goes a long way in achieving this. Think the boat, the bach and the BMW; think “He with the most toys wins”.
Status seekers are all about having something that makes them stand out from the crowd – something special, something unique, something that expresses their personality and, preferably, something only they own. So how can your business give your customers a status to be proud of? How can your product or service elevate your customers up a peg or two?
Think about what you can offer that’s an exclusive to them. Can you personalise? Can you customise? Can you create a limited edition? Can you give your customers the chance to design their own version? Can you offer a VIP event or a pop up experience?
To give status seekers what they want, you need to offer them a product or service that they’ll want to talk about with friends. Something out of the ordinary.
A pop-up restaurant that’s only open for a limited time – with a limited amount of seats per night – will definitely tick the boxes for a status seeker. So will a shoe or piece of clothing they’ve designed themself. Or a car that boasts all the latest bells and whistles.
Trendwatching gave a few good examples of what businesses around the globe have been doing to harness this status-seeker demand. Game of Thrones author George R.R. Martin gave fans the chance to star in his next novel – if they gave US$20,000 to his chosen charity. Show us your status! Travel website Hotelied offers discounts on luxury accommodation – depending on how popular and influential you are. The website checks out your Facebook, Twitter and LinkedIn accounts to figure out your social clout before they decide on what holiday and accommodation deals you’ll get access to. That’s something you know their members will brag about (to their millions of social media “fans”, I guess).
Have a think about how you can make your product (or one of your products) or service more desirable. Do what you can to make it stand out from the crowd – and appeal to your status-seeking customers.
For help in identifying what this opportunity might be for your business, or for business coaching, contact Zac on firstname.lastname@example.org or 021 775 660.