“You are too expensive” If you hear this often, it may be due to the customer not seeing the value of your product or service.
What is Value?
In the most basic explanation, value is what the customer gets for what they pay; high value is excellent, low value is crap.
There is a saying “Price is what you pay, value is what you get.”
Value ties in with benefits, but can be found outside of the product or service, in something we call perceived value. Perceived value is why people will pay $700 for a Louis Vuitton wallet when a $12 Kmart one will do the same job.
How Can Value Help You?
If you are selling the same product as your competitor, the benefits of the product are the same no matter who the customer buys from, this is where you have to show them value for dealing with you.
To give you a real-life example, I recently dealt with Platypus Shoes at Chermside, this is the second time I have dealt with them, and both times they have been incredible in their customer service. The shoes I got would have been the same no matter where I went, but the value I see in shopping with them is their customer service, they are quick to help, and provide an enjoyable shopping experience. Next time I need some shoes, I will go straight to Platypus Chermside because of the perceived value.
Where Can You Add Value?
If you are continually getting told you are too expensive, have a look and see where you can add value for the customer, it could be faster service, a small ebook, even a voucher for a % off on their next purchase, these all increase value, and help you stand out.
Ash Klemm is the owner and head writer for AK Writing and in the middle of writing his first full-length novel.
Over 22 years of sales and marketing has helped Ash develop a unique and effective way to help businesses stand out, and increase sales.
When not throwing words at pages, Ash enjoys reading, going to the gym, spending time with his partner Jaz, or chilling out with his cat Bow.
To get in touch and see how Ash can help your business, email firstname.lastname@example.org