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.
Specialty 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.
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 specialty goods unique and qualitative and they do not mind making a great effort on buying those goods. The followings are the main features of specialty products.
- 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.
Examples of Specialty Products
Let’s put some examples of specialty products.
- Luxury cars (Rolls Royce, Lamborghini)
- Designer clothes
- High-priced orthographic equipment
- Branded watches
- Branded mobiles
- Famous paintings
- Old coins
- Fancy foods, etc.
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.
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.
Marketing Considerations For Specialty Products
In regard to specialty products, the major marketing considerations would be the following.
- The marketing emphasis for specialty products should be on maintaining the uniqueness and quality features so that consumers stay loyal.
- As consumers do not mind making a great effort and spending time and huge money markets can use fewer retail outlets.
- Retailers and manufacturers are interdependent on specialty products and the success of one is closely tied to the success of the other. In this scenario, both should promote the product extensively.
- Marketers should focus on continuous improvement of products, customer contact, and improving channels.