Can sharing your company size boost sales?
Here's the question: Does the size of your company matter when you're selling products? Heck yeah, it does! But maybe not how you think.
If you're in the high-tech game, flaunt that your company is big and well-resourced. Think Google or Tesla vibes. On the flip side, if you're selling low-tech stuff like, let's say, hand-crafted soap, then play up the "small and passionate" angle. Your sales could depend on it!
What's the impact?
Research shows that 67.4% of folks prefer buying a drip coffee maker from a small company. Why? Because in our heads, small means "crafted with love," even if that's not always the case. But if you're selling a smart coffee maker, that number plummets to 34.3%. Suddenly, people want the reassurance of a big company, presumably one that has a lab filled with scientists in white coats and lots of zeroes on their R&D budget.
Why does this work? 🤔
Two words: Stereotypes & assumptions.
For low-tech items, we've got this romanticized image of a lone craftsman lovingly hand-stitching leather goods in a cozy workshop. On the other side, when we see high-tech, our minds go to SpaceX launching rockets or Apple announcing their next iPhone.
What to watch out for ⚠️
This ain't a one-size-fits-all approach. The magic wears off if people think your small team is unmotivated or that your big company is cutting corners on R&D.
How to play this game
Here's how to make the most out of this opportunity:
- Check Your Messaging: What are you telling people about your company? If you're small and low-tech, make sure to highlight how each product is a labor of love. If you're big and high-tech, then it's all about that R&D, baby.
- Employee Testimonials: For low-tech, share quotes from your passionate artisans. For high-tech, quote your engineers talking about the latest advancements they're excited about.
- Size Up the Competition: If you're small, emphasize that you're not mass-producing stuff. If you're big, remind customers that you've got resources your competitors can only dream of.
So, the next time you're sprucing up your website or whipping up an ad, remember this: It's not just the size of the boat; it's the motion of the ocean... of consumer psychology. Now go ride that wave. 🌊
Catch you next week for more marketing wisdom!
Want to learn more? 🤓
If you want to learn more about this topic, you can dig into the nerdy details in the original marketing study here.
Quote of the week 💬
"Big companies are like dinosaurs. Small companies are like birds. Only birds have a future."
- Peter Drucker