Friday, June 4, 2021

Maximize Profits from Minimalists

Some people aggressively limit their consumption. This tendency could be called voluntary simplicity, reduced consumption, anti-consumption, or inconspicuous minimalism. Well at least those are the names researchers at University of Wisconsin-Green Bay, Villanova University, and University of Southampton used when advising you how to sell to the minimalists.
     Here’s my version of the four types, using what those researchers and work by others has discovered:
     Consumers who engage in voluntary simplicity decide that by devoting less attention to acquiring material objects, they’ve more money and time to expend on meaningful experiences. Their objectives are not to deprive themselves of creature comforts or avoid responsibilities to others, but rather to continually assess how best to allocate their resources in ways which develop enduring self-worth.
     Attract this category of prospective shoppers by adding to each offering the opportunity to learn something new. A subtheme motivation is to learn skills which will enable them to depend less on others, simplifying social relationships.
     Reduced consumption may originate from the consumer’s economic constraints. Because it’s less central to the self than voluntary simplicity, reduced consumption has a shorter life. When the economic situation improves, so might materialism. Further, those engaging in reduced consumption regularly splurge for special occasions, such as celebrating a birthday or finally landing a job.
     Having this in mind, maintain with these prospective customers a desire to up their purchasing quantity in the future. For now, accentuate the utility of offerings, presenting part of that utility as an ability to add on to an acquisition later rather than needing to replace it. Pruned-down appliances with optional upgrades are an example.
     The purchase habits of anti-consumption consumers are harder to change than are those for the other three types. But those habits are also highly predictable. These people have chosen to boycott specific item types or brands they consider to be immoral. Their disgust with these is deeply felt and broadly announced. By listening, you’ll discover how to avoid stepping on their toes as you propose alternative brands and items.
     Inconspicuous minimalism is the arena of consumers who avoid pretentious indicators when purchasing luxury products. Because this category goes for luxury, they’ll generally have ample funds and be willing to spend. Just be sure to show them a selection of items carrying secret handshake indicators. The Coach handbag revealing a subtle logo along with the high design quality of Coach is an example.

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Keep It Simple, Whatever That Means! 

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