More hassle

“Thanks for the memory.”

marketing hassle

Banked Hassle

Banked Hassle is another element which we will not go too much into here, but is basically the perceived negative or positive baggage the prospect brings when entering the buying journey. This baggage originates either from personal previous experience of your company or learnt perception from any other source. It manifests either as another entry on the balance sheet or disproportionate attention to another item on the balance sheet. Typical example: a general mistrust of car salesman.

A simple summary of Banked Hassle: Mr Jones.

1. Mr Jones thinks about a possible product purchase, the initial spark!

2. He then considers the options for purchase: Google clicking, telephone enquiries, asking friends, reading advertisements.

3. Mr Jones makes a visit to the point-of-sale.

4. He then makes a purchase and becomes a customer.

5. Mr Jones now has experience of the product and your company.

6. Mr Jones becomes a prospect again, ready for a repeat purchase – but he now also has the experience of your company to help him with his next purchasing decision.

Getting down to the bones of your company – as perceived by your potential customers – is really what the Hassle Factor Analysis is all about.

It’s the total benefits of your company and products weighed against the cost and hassle of purchasing: not just from you but also from the industry generally.

The Hassle Factor Analysis should also be broken down into separate purchasing stages. Each stage reflecting the base buying experience your prospect will travel before becoming – not only a repeat customer – but someone who eagerly recommends your company to others.

A ‘switched on’ marketeer will apply the Hassle Factor, breaking it down into the purchasing journey components outlined above, taking each segment of the buying process and listing the benefits and costs experienced by your prospect through to the eventual sale.

Once you’ve done all that – as I know you will because you’re switched on – then you can compare your results against the competition. Now we’re getting somewhere.

You should now have some real variables to play with. Reducing the ‘cost’ of purchase to your potential customer will show some real benefits. And the amazing thing is that it doesn’t necessarily need to cost a whole bunch of money.

Too many companies immediately perceive price as being the main cost to a prospect – far and beyond any other. Others analyse into oblivion.

The strength of a Hassle Factor Analysis is its simplicity. It attempts to connect with the relatively uncomplicated process of buying and allows you to discover that bad parking might be the reason for low sales rather than a secret hiding somewhere within Google Analytics.

How powerful the Hassle Factor can be is demonstrated by the large number of companies that spend a fortune on advertising and social media – only to find their sales go down! In legal terms, advertising is defined as an ‘invitation to treat’. It is an invitation to consider the product, to experience the company.

In other words, the process of advertising a product is an open ended proposition that can turn on the very company that created it. This is because all they have done is encourage more people to suffer the bad experience on offer.

Publicizing a negative Hassle Factor Balance Sheet is stupid but common.

Lesson:

Get the hassle factor in your favour
before reducing prices or spending good money on advertising.

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