To discover the reasons why consumers are inclined to buy and thus generate successful marketing strategies, it is important to know how products are classified.
Although there are many ways to classify product categories, there are four types that are closely related to buyers' consumption habits and needs, and therefore very useful for getting the most out of our marketing. Taking advantage of their differences to get more sales and strengthen your brand before consumers.
Buying habits, price, and competition mark the different types of products. These three characteristics of a product make it easier for marketers to make decisions regarding the type of strategy to follow, with each of them to respond to the buyer's needs.
To choose one marketing strategy or another that suits the needs of your customers and to be able to establish the dedicated budget and scope, it is significant to study what goes through the minds of consumers and their purchasing behavior. For example, it is not the same to buy convenience products than insurance or make donations to charitable causes.
The 4 types of products
Based on the consumer shopping experience, we can establish these four categories of products:
1. Convenience products
2. Comparison products
3. Conviction products
4. Unsought products
Each of these categories is characterized by having a diversity of products according to the habits of buyers, their prices and some shared characteristics. Knowing them well favors the use of appropriate sales strategies.
Convenience products
Convenience products are those that customers buy regularly and therefore do not require much thought.
In general, when a buyer has picked his favorite brand in this type of product, he remains faithful. Unless compelling reasons appear, they usually do not change their choice: attractive brand advertising, substantial price improvement or ease of purchase.
In this category we find products such as bath gel, cellulose, chocolate or milk.
To successfully market a convenience product, we must take into account that most consumers are inclined towards one product or another impulsively. The accessibility of these products, the shopping experience and the attractive presentation are smart ways to market them.
In addition, these types of products are not often high-priced, so discounts and promotions would not be a decisive strategy when considering one form of marketing or another. Changing the habits and customs of a satisfied customer by offering them a better price does not typically have an effect.
Brand recognition strategies are a determining factor in convenience products. Implementing massive awareness campaigns is very necessary.
Comparison Products
As its name suggests, comparison products require careful thought by customers to choose the one that best suits their needs, interests, and budgets.
They tend to be more expensive than convenience products. However, they have a very wide price range and include a vast diversity. Clothing, decorative objects, cars, and even houses are part of this type of product.
Contrary to convenience shopping, which occurs regularly and repeatedly, comparison products, such as clothing, are purchased seasonally, once a year. Consumers do not usually change their car or home repeatedly, given the cost of this type of product. In addition, they require a process of evaluation, information, and comparison between the different possibilities that exist in the market.
To sell a comparison product, we must invest in marketing strategies that reinforce the value of the product and the benefits that its purchase will represent over those of the competition.
The price is decisive in these types of products. Customers appreciate promotions, discounts and sales, which cause attraction to the brand.
Conviction products
We refer to conviction goods when we talk about products that customers search for independently and that, in general, are only offered by a specific brand. This occurs in those products that have the best quality or that are exclusive in their market niche. This type of product has no competition, and its buyers do not compare or look for alternatives.
Apple-branded products are a great example for this type of category. Its users of this brand are usually convinced of its technology and do not consider other options on the market. They have a brand and product loyalty that lasts over time, as well as an unsubstantiated perception of the quality of their products.
For its commercialization, it is not necessary to build large campaigns to convince buyers of the value of the products. They generally know it and actively seek to consume the brand's products.
Instead, these companies must constantly innovate, optimize their products, and improve their features to ensure that consumers remain expectant and loyal to the brand.
Unsought products
There is a type of product that, contrary to convenience and conviction products, consumers have no interest in buying. For example, electric batteries, insurance, or fire extinguishers.
We typically buy these products strictly out of necessity or for safety or foresight, so no type of advertising can make us want to buy them, unless they are reminders about the usefulness and headaches that your purchase can save us, such as the strategy of a funeral company that warns us of the cost of unexpected funeral services.
Now you can fit your product or service into one of these categories. Do your research and try to understand your customers' motivations and behavior to inspire your next marketing campaign.
At PGR, we accompany our clients in all phases of their marketing plan. Contact us, and we will help you identify those strategies that can capture the attention and interest of your potential customers.
