Recently a client was exploring ways to have people see the value of her services. We came up with some ideas for conveying value. These can be applied to products and services of a solo entrepreneur and an organization that is much bigger. See what you can use in your own company.
Idea 1: It starts with you. When you and your employees understand and believe in the value of your products and services this will naturally come out when talking to potential customers. Is everyone excited about what you offer? Enthusiasm goes a long way in conveying value.
Idea 2: What’s unique? Even big box stores compete on price, store layout, location, parking, etc. In today’s competitive market you must offer something that is unique. The unique quality has to be something your customer wants. Think about why your best customers buy your products and services; if you don’t know, ask them.
Idea 3: Price. There are many books written on the subject of price. Make sure your price reflects the value of your products and services. If you decide to be the low cost leader, you may have lots of business with a perception in the market of being cheap. If your price is on the high side, the perception may be it is something really special, but may be at a cost of fewer customers who can afford to take advantage of your services. My experience has been, as I have raised my prices, I attract clients who end up staying with me longer.
Idea 4: Put yourself in front of your market. You can’t sell if people don’t know you exist. When you’ve identified who your ideal client or customer is, think about where they are. Take it one step further, where is your customer and when are they most likely to be thinking about taking advantage of your service? An example, women who just got a spa treatment are more likely to purchase high end personal care products.
Idea 5: Ask. Research and ask your market what they want and what they value. Products and services are about fulfilling a need. Sometimes you can also create or point out a need to your market and then show how you fill that need.
Idea 6: Persistence. I’ve seen too many people give up too quickly. If something isn’t selling, rather than give up, find out why. You may have to adjust a product or service. You may need to adjust how you talk about it. You may need to adjust who you’re marketing to. Throwing in the towel too quickly can leave you with little opportunity and even less hope.
How do you convey value? What are your customers saying about you and your products? What has your own research shown? Leave your comments below if you have any additional ideas we can all learn from.
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