How to Create Value for Your Product or ServiceGive your prospective customers so many reasons to purchase from you, they couldn't possibly think of going elsewhere.
Give your prospective customers so many reasons to purchase from you, they couldn't possibly think of going elsewhere.
You may think your lack of business is competition but, In reality, it's you. You have not created enough value.
I don't usually concern myself with competing businesses. That focuses attention on the wrong target. Your business focus should be on what you do for your customers. You aim at where you want to hit – not where you don't.
I'm not saying to be unaware of what others are doing because you can always learn what they are doing right or wrong.
What I am saying is; don't worry about them. Make the difference between who you are and who they are huge. Everyone does something a little bit different. Make your difference a big one. Create a category of one - so there is no competition.
Competing as another “me too" is where many people don't get it.
When you begin thinking in a different way, you begin to position yourself, your service or your company as a category of one.The hardest part is - you have to THINK different. That's the larger, caps, bold, italic and underlined kind of thinking.
If I were to pass “My wisdom of the ages" on to my dearest, most deserving protégé, I would whisper in their ear ……"People want more value".
Many business people don't fully understand “Value".Some say; "It really, all comes down to price - Right?"Nope.
Why do you think many people want buy a Lexus over a Focus and a Rolex over a Timex?It's not about price. It's all about VALUE.
Whether you're buying a multi-million dollar home or, a 50 cent candy bar – you want more Value. You want your money's worth - and maybe a little more.
When you feel it was a little better than a good trade – “value traded for value received" – you are well satisfied.
Even if two companies competed head to head with the exact pricing, there are a number of ways the scales can be tipped in their favor?
One only has to offer more perceived value. They can be subtle or overt differences. It can be as simple as one salesperson or website being liked or trusted more than another or, it could have been different payment terms or, a guarantee one side made that the other didn't think of writing down.
And, as we see often on the web, it could be a free giveaway, a bonus or, an E-book. Many of us have seen and tried “Free Samples" in the local Costco store.
Or, received mouthwash, creams, panty hose, toothpaste or, soap in our mailboxes. (I gave the pantyhose to my wife and kept the rest.) Hey, baker's have been doing it for millennia.
In marketing it's called “Sampling" and it's a big part of some corporate budgets.
The very first thing a customer wants to know before they will invest any of their time paying attention to what you have to sell is: Is this for me? and What will I get?
Samples are great for giving a taste of what's to come.At the same time you must, somehow, attract the attention of who you are selling to.
An efficient way of doing that is to not only identify them but let them know, very quickly, what they will get at the same time. You can do this by giving a “verbal free sample" or, value offer.
Here are a few examples of different markets and value offers:Golfers will easily shave 4 to 5 strokes off their game with this secret technique…(We've called out to the golfers in the audience and let them know what they could get – something we know they all want.
They are drawn in by their curiosity in your offer of a “secret technique" – which, they would all want to know.)
Wine Lovers! Fill your collection with world class wines at wholesale prices.(Again, here we've identified the audience and what many of them desire – VALUE that's meaningful)
Selling a home? Here are 5 inexpensive tips to increase your “curb appeal".(Identify the audience and what they get. “Curb Appeal" to a home-seller means a quicker sale and more $$)Here is the secret every marketing professional knows.
Every person lives to increase their life. More or better food, clothing, shelter and health. They want to increase their value, their fortunes, their attractiveness, their ability to give more and have greater abundance and fulfillment in their life. That's it!
All you need to understand, is whatyour product or service does for someone and let them know in as many ways as you can.
Value and Value-AddedWhen defining what, exactly your customer gets, you need to be able to describe it in terms of value because the only reason a person parts with their money is for the perceived returned value.
It becomes exceedingly more difficult in a competitive world to keep your product or service from becoming a commodity where price is the only consideration. That is, unless you understand Value and “Value-Added".
The basic values are Price, Quality and Delivery. Consequently, as soon as someone else adds more value to their offer, the scales start tipping in their favor.
The secret is to identify and understand all of the different aspects of value your customer gets.
Value-added is what Chef Emeril would call BAM!To help explain, here's an example of 2 different company messages about quality.
Company A:“Our promise of unparalleled quality is demonstrated by our continuous employee training to standards unheard of in our market – and, at no additional expense to our customer. All of our employees go through sixteen hours of training and testing before being allowed to interact with customers, along with ongoing weekly meetings and critiques, thereby, assuring our customers service is never compromised.
Company B: "Quality is Job One"If you were the customer and read the Company A versus Company B, which would be more attractive? The first company statement is also an example of “value-added".
This company not only stated their own standards were above the market standards – and at no additional cost! But, defined exactly what that meant, as well as, adding “before being allowed to interact with customers – and further topped that with “along with ongoing weekly meetings and critiques – assuring our customers service is never compromised."Wow! They really do mean it. Does all that come with a cherry on top???
And the all the other company has to say is“Quality is Job One"…………?? Blah, Blah, Blah.
If these two company's were competing closely on price, who would you give your business to? In your mind is there any other choice? Wouldn't you even go a little out of your way to do business with a Company A kind of company?That's a category of ONE. The idea is to give, give, give! And then, continually find ways to give some more! Customers Want More Value!
Talk about the things your customers GET - Not what you have to sell. When the value is obvious, it's so much easier to do business and get loyal customers and referrals.
The bottom line:When you come right down to it, think of what the value of a customer is? What is the “lifetime" value of your customers? Meaning; what would they spend over the years with you if you kept them happy? What would you be willing to pay to get one of these customers? What would you pay to keep one? Even if you add a little expense over what the competition is offering, it is usually well worth it. You always get more by giving more.-
After 30 years as a designer and creative director Dennis Kunkler believes you cannot market intelligently without, first, answering three simple questions. Learn the secrets in the E-Book at www.BrandLikeAPro.com.Download it free now - after some brief editing, it will be $19.95.Contact: dennis@positionedtosell.com or at 413-786-9911
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