Tag: Characteristics of specialty product

The specialty product is one of the types of consumer products - others are convenience, shopping, and unsought products. Let's understand what the specialty products are in detail. What is a Specialty Product? A specialty product is a specific type of consumer product that has distinctive features and functionality with a remarkable brand image in consumers' minds or the market. Specialty products are mostly qualitative and have higher prices. These products target specific categories of customers i.e. higher income customers. Often consumers do not mind paying premium prices for such products. These products are offered only at specific outlets and they best match a specific type of consumer needs, tastes, and preferences. Examples of specialty goods may include specific brands of cars, expensive suits, high-end mobiles, branded watches, bags, photographic equipment, etc. These products are developed in keeping in mind the expectation of higher-class people. Consumers associated with specialty products are very loyal to the brand, they will not make a purchase if their brand is not available. https://www.youtube.com/watch?v=6vGCv2UOd40 They can even go even miles away just to purchase their favorite brand's products. These products just do not give people the benefits of the products but also provide status and image in their society. Characteristics of Specialty Product Buyers consider these goods unique and qualitative and they do not mind making a great effort on buying those goods. The followings are the main features: Unique Features - Specialty products have unique features which are not available in other brands which is what makes them special products to people. Higher Prices - Specialty goods are of higher prices. These are not necessary products people usually buy them to fulfill their wishes. These products have very higher prices than convenience and shopping goods. Infrequently Purchased - Shopping product is less frequently purchased than convenience product. And, specialty product is even less frequently purchased than shopping products. Qualitative - Along with unique features these products are also very qualitative. As such they are considered luxury products. Offer Status - Speciality products offer high status to people. Brand Loyalty - Consumers that use specialty goods are usually loyal to their brand. They do not compare the products with other brands. They are regular buyers of their favorite brands. 10 Examples of Specialty Products Let's put some examples of specialty products. Luxury cars (e.g., Rolls Royce, Bugatti) High-end designer handbags (e.g., Hermès Birkin, Louis Vuitton) Exclusive jewelry (e.g., Cartier, Tiffany & Co.) Limited-edition sneakers (e.g., Nike Air Yeezy) High-end branded watches (e.g., Rolex, Patek Philippe) Premium smartphones (e.g., Vertu, iPhone Pro Max) Custom-made furniture Rare collectibles (e.g., vintage stamps or old coins) Original artwork by renowned artists (e.g., Picasso, Van Gogh) Gourmet food items (e.g., truffle-based products, aged wines) Convenience Products Vs. Shopping Products Vs. Specialty Products Convenience products are those products consumers purchase and use on a regular basis. Examples include - rice, milk, vegetables, and other normal products that are necessary for everyday use. Consumers do not spend their time and effort evaluating these products. Convenience products have lower prices and are designed to meet basic needs. Shopping products are those products consumers purchase less frequently than convenience goods. While purchasing these products consumers compare different products in terms of price, quality, design, brand name, durability, etc. before making a purchase decision. These goods have higher prices than convenience goods. Also Read: What is Augmented Product? Specialty products are very higher priced products. There is a higher involvement of consumers in purchasing. These products are qualitative as well we have higher prices. These are developed to fulfill the specific desire of specific consumer groups and they are even ready to pay higher prices for such products. Compared to convenience and shopping products, specialty product has more loyal customers. Strategies for Promoting Specialty Products In regard to specialty goods, the major marketing considerations considered. Use the following strategies to promote these specialty products: Emphasize Product Uniqueness and Quality Highlight the distinctive features and superior quality that make the product special. Use marketing materials to showcase craftsmanship, exclusivity, and premium materials. Consumers of specialty products value uniqueness, so demonstrating how your product stands out reinforces its appeal and justifies its high price point, fostering brand loyalty. Related: What is Shopping Product? Leverage Exclusive Distribution Channels Limit the availability of the product to select retail outlets, flagship stores, or exclusive online platforms. This exclusivity adds to the product's allure and enhances its perceived value. By carefully choosing distributors and locations, you can target the right audience while maintaining a premium brand image, ensuring that the product retains its specialty appeal. Create Personalized Customer Experiences Offer tailored services such as customizations, personal consultations, and VIP treatment to create a luxurious buying experience. Specialty product consumers appreciate personalized attention that reflects the exclusivity of the product. This strategy not only enhances customer satisfaction but also builds a strong emotional connection with the brand. Utilize Limited-Edition Releases Introduce limited-edition versions of the product to capitalize on scarcity and exclusivity. Use this strategy to create urgency and drive demand among collectors or enthusiasts. Promoting limited availability through targeted marketing campaigns encourages buyers to act quickly, reinforcing the premium and exclusive nature of the product. Also Read: What is Actual Product? Partner with Influencers and Ambassadors Collaborate with celebrities, industry leaders, or influencers whose lifestyle aligns with your brand's luxury image. Their endorsement can significantly enhance the product's desirability and credibility. By associating your specialty product with influential figures, you can reach affluent target audiences and reinforce the product's aspirational appeal. Focus on Brand Heritage and Storytelling Highlight the brand's history, legacy, and values through storytelling in advertisements, social media, and other promotional materials. Consumers are often drawn to the story behind specialty products, such as artisanal techniques or cultural significance. Sharing the brand's journey builds trust and emotional resonance, making the product more compelling. Enhance Customer Relationships through After-Sales Services Provide exceptional after-sales services such as maintenance, warranties, or exclusive memberships. These services reinforce the product’s premium nature and demonstrate your commitment to customer satisfaction. Building long-term relationships through superior support ensures customer loyalty and positive word-of-mouth, crucial for the success of specialty products. Read Next: What is Unsought Product?

Tag: Characteristics of specialty product

Specialty Products – Definition, Features, Promoting Strategies, and Examples

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