226: Maximizing Your Invention’s Perceived Value Through Marketing

With Valentin Radu, CEO & Founder of Omniconvert

Hosted by Kevin Mako, President of MAKO Design + Invent

Valentin Radu, CEO and Founder of Omniconvert, wrote the book on Customer Lifetime Value – literally. He has collaborated with an extensive range of direct-to-consumer eCommerce brands to elevate their marketing strategies, which informed his development of “The CLV Revolution,” a guidebook dedicated to revolutionizing customer value optimization for eCommerce businesses. Today, Valentin will divulge the core frameworks of his guidebook salient to today’s inventors, startups, and small manufacturers. He will detail how to differentiate between profit and perceived value – emphasizing the importance of centring your marketing efforts on the solution your product offers – and share strategies for boosting the price customers are prepared to pay for your latest invention.

Here are the key takeaways from the episode:

• Nail down the unit economics before you begin developing marketing approaches.
• The core formula to use is customer lifetime value divided by customer acquisition cost.
• What is the difference between defining profit and perceived value?
• Customer research is a vital step to take before spending money on marketing.
• Try to maximize the sales up front! This requires great brand and product messaging.
• When you buy a product, you are buying the progress or life improvement that the product affords.
• People don’t buy products for the features; they buy them for the solutions they provide.
• Why would the customer pay you a premium, and what progress does the customer get as a result?
• It is better to focus on the pain point, as people are more inclined to shell out money to solve these issues.
• Based on your marketing approach, you can increase the price people are willing to pay for your product without changing any features.
• Harvard Business Review states that most buying decisions are based on emotional decisions, not logic.
• Use features and technology to validate your claims regarding how you are improving your customer’s life.
• The CLV Revolution methodically goes through the entire 10-step customer valuation process.

Valentin Radu Links:

LinkedIn | Omniconvert | The CLV Revolution

The Product Startup Podcast Links:

www.ProductStartup.com

Instagram | LinkedIn | Facebook Page | Facebook Group | Pinterest | Twitter | YouTube

MAKO Design + Invent Links:

www.makodesign.com

YouTube | Instagram | LinkedIn | Facebook | Pinterest | Twitter

Kevin Mako Links:

Instagram | LinkedIn | Quora | Facebook | Twitter

Producer: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to the above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories.