When was the last time you made a good buy? A bargain even? And most importantly, what made it feel like a good buy to you?
Generally, a good buy is when we get a lot of value (real of perceived) for our money. A bargain is when we get the value (real of perceived) at a lower price than we normally would. I made a great bargain the other week when I ordered a Givenchy bag from https://www.vestiairecollective.com/.
Let’s talk about what made this buy a good one – and learn how customers think.
I do love the look of this bag. Apart from black, this is my favorite color. That is the first factor of a good buy. Something a customer purely likes. In 2020, with endless options – we never (ok, almost never) need to buy things we don’t like.
I had an every day bag that I was using before that was too small – meaning that there was a pain point involved for me: my previous option wasn’t optimal. Once you understand what pain points your customers have, you can communicate their desired solution. Vestriaire is very good at measuring their objects and has fantastic filtering opportunity and I was looking for specific features. A good filtering makes the buying process smooth for the customers.
The original price of this bag in new condition was about 9000 SEK. Would I buy it new? No. Even if a perceived value of a Givenchy bag could be 9000 SEK (I love the brand and understand others paying the full price) I am one of those who rather makes a second hand bargain and gives more money to charity. Plus, I think that we overproduce things when there are so many cool second hand options. A good buy is one that supports a customer’s values, beliefs and ideologies.
But let’s stay on the price discussion and play with an idea that I could – and would – purchase this bag full price and that I was browsing the internet for this exact model. In this particular case: getting a mint condition option for 2100 SEK was a tremendous value for money! This was not even a perceived value, this was a real deal. The equation “the condition of an item vs the price” made this buy attractive and would even if I didn’t like the bag. Why? Because I would be able to sell it for more money that I bought it for. (which I’m never going to do, look at this beauty!)
The value (real or imagined) lies also – at least partly – in the brand itself. I dare to say that a bag that expensive will last a few years. I trust that Givenchy (or any other brand in the same spectrum) wouldn’t release a half ass quality product. Sure, you would get even better quality and a hand made bag for that kind of money at the local leather tailor (is this the right title?) but… one who has never been attracted by a brand may throw the first stone. Buying a certain brand (full price, sale, vintage, younameit) makes you a part of a tribe:
“we who buy at Vestiraire Collective”
“we who buy Givenchy”
Customers want to belong to a context. They want to get value for their money. They want to get their pain point fixed. They want more things. Interesting in getting to know that? I have a webinar on Tuesday Sep 1st about just that: “What customers want”. In Swedish 17.30 and in English 7PM. It’s free and you are welcome to sign up at https://www.magdalenabibik.com/webinar/
If you miss it, or if you are reading this after Sep 1st, there will be replays in the Future Legend members area. I can’t wait to talk more about what a good buy is.