The purpose of marketing is bringing in revenue, but often those running the department might overlook targets markets that still have the potential of earning a company handsome profits. Even low-income households in America could contribute to a brand’s growth when done right. There are certain mindsets that corporates need to overlook and treat this demographic as an equally important player in the economy.
The first step is steering clear of stereotypes perpetuated by movies and series we see on television. While there is some truth to the lives of those portrayed, it is a single narrative that cannot be used to judge an entire population. The step forward is to undertake research on the said demographic and base marketing efforts on credible data and not what we perceive a people to be. A tax lawyer Montreal holds in high regard wishing to expand would be losing a potential client base if they chose to actively overlook certain people on the assumption that they would not be able to “afford” them.
A person is earning less than $30,000, though to a limited degree, still has purchasing power. Therefore, a brand should focus on portraying themselves as a valuable add-on for the long haul. Contrary to perceptions, those in the lower income bracket pay more attention to is value and not necessarily the price of a product or service. A study by the Harvard Reviews revealed that a person would buy into what you’re offering if it leads to advancements in their social, economic status.
Another angle that businesses should take when marketing their products is to offer value back. Therefore, consider parting different products or services that you have and provide a value pack. The ideal place to market these offers is online where those in the low-income bracket are more likely to click on a pop up add if they perceive it to be a good deal.
Ultimately, even with these marketing tips, it is in fulfilling the needs of this demographic that turns them into brand loyalists. They too value quality and need to see that your business is giving them similar benefits to someone who can afford a high-end brand. An example is of a company settling organic produce. Though the price is likely to be higher than their favorite takeout, assuring them it is quality food and that they stand to be more productive in their already busy lives will have people making dietary changes. That is especially so for someone who’s made several hospital visits and is looking to make a saving.
As a takeaway, marketers should steer clear of making assumptions about those in the lower income bracket and their ability to purchase their goods or services. With clear messaging as to how your organization adds value to their life and a justification of the cost, even low-income earners can prove to be beneficial to your profit margins.