Written by Jimmy Mallet.
As a consumer, you’ve probably already made this objection to a vendor during a discussion “- You’re too expensive!”.
If this is the case, the seller will not have much to answer except claiming the benefits of its product or service. This will sometimes work, but in most cases, you will stay with your first impression.
So what is the “Waaa” effect ? Well this is when you have this little back step, you fall back in your chair, your eyes opened wide and there is a “waaa” coming from your throat.
At this point the “cost” of a product transformed to “value”. And almost nothing will convince you that the product is too expensive, because the perceived value has become more important, and morevover this perception comes from you, not the seller. You are convinced that the benefit of purchasing is bigger than the purchasing price.
As a marketing professional, you are a key element in creating that value. It is imperative to understand the consumer and its the environment, understand what influences their buying decision and how to create this value.
Then it will be necessary to focus your marketing messages about the value a product or service will provide rather than the technical aspect, which will project the client in the purchase.
Put yourself in this situation, how often did you feel the “waaa” effect looking at a new flat screen, a fashion cloth, the great design of a new car? You do not think about the price at that time. You imagine you are driving or that the new screen is right in the middle of your living room.
The most difficult step will probably be to convince your wife to finalize the purchase. But remember that your arguments have no effect if the perception of “cost” for her is too high. She will have to have the “Waaa” effect also !