Marketing utility is the value that your customers place on your product or service. There are five kinds of utility that can help your brand understand trends to predict spending habits.
1. Utility of Time
This is an all-important component of marketing. When is your service available? Will your product arrive quickly? Consumers do not want to have to navigate a complicated timeline for something that should not be complicated in the first place. Consumers want to have confidence in a product or service, so a brand should be mindful of inventory and delivery systems to account for that.
2. Utility of Place
Consider this the where of your product or service. What was once simplified by brick-and-mortar stores has become slightly more ambiguous in the world of e-commerce. In a digital market, your utility of place is reflected by how regularly companies can keep items in-stock and present an appropriate digital face.
3. Utility of Possession
Utility of possession reflects the relationship between possessions and purpose, such as driving a car off a lot or having a table delivered to a new home. A customer might get a new car for work or personal reasons. Conversely, a consumer may order a table for personal or business use. Once the consumer has possession of your brand, they can delegate its purpose.
4. Utility of Form
A consumer would much rather order a complete product in its form than one that needs to be assembled. Products such as technology and cars are much easier to justify purchasing than a 100-piece table that needs to be built. Consider the final form of your product and how you can make that more appealing or user-friendly to a consumer.
5. Utility of Information
In this case, information about a product is presented, such as reviews, product information, or shipping information. The more information that is made available to the consumer increases brand and product awareness, which can lead to a higher chance of sales.