Is Your Product “Worth It” in Your Customer’s Eyes?

Is Your Product “Worth It” in Your Customer’s Eyes?

Is Your Product “Worth It” in Your Customer’s Eyes?

ProductWhether you are selling a brand, product, or a service, the most important part of the sales cycle is the customer, and probably the ultimate goal for most business owners. What happens though, when your customers think or perceived your product as too expensive? You might think that lowering your prices, or increasing your marketing will do the trick, but this could just result in losing your customers’ interest or worse, losing the sale.

The best approach in this situation, one that should be considered from the beginning, is to elevate the value of your product or service, and brand. When a customer overlooks the price of a product or service, because of the benefits that impact them specifically, it is called perceived value.

This “value” varies between customers because everyone has different values and cultures. This technique helps to enhance the value of your product and make it worth so much in the eyes of others that the price will not matter. For example, luxury goods such as Cartier, Louis Vuitton, Prada or Rolex managed their brands equity and perceived value to command a high price tag, and they rarely have to offer discounts for their products.

Here are 4 free and simple ways to add value to your product or service:

Target Customer Values

This may be a no-brainer, but you cannot increase the value of your product, without knowing your customers’ values. With this being said, you must be familiar with your customers either through email marketing, surveys, analytics, or social media presence. Take a deep dive into their demographics and learn about their cultural, social, purchase habits and personal values and how they impact your product. From here, tweak your product’s values to match the values of your customers. For example, if your customers are environmental advocates, your marketing messages should be crafted to emphasize the value around this area.

Benefits Sell, Not Features

When a customer is deciding whether to buy a product or not, they care about how it benefits them. Sometimes this could be emotional satisfaction, in other words, a brand could be an extension of their image and satisfy their needs. For example, I always wanted to own an Audi because my friends have them, and I wanted one too! By advertising only the features of your product or service, you seldom catch anyone’s eye. It is important to remember to focus on what the customer will gain from the product, as well as how it will impact their families, or the environment.

Provide Giveaways

Most people love freebies and giveaways. If there appears to be more with your product – it’ll be worth the price! Adding freebies, trial offers, free ebooks, or bonuses with your product or service can hype up the value. For example, try adding in a sample of another product, or creative packaged promotions. If customers think that they’re getting more, they will overlook the price.

Maintain a Positive Image

Peer reviews are more powerful than sales pitch. Customers enjoy hearing success stories and what other customers are saying about your product or services. Include them in your social media, website, or YouTube. When customers can relate on a personal level and see that others have used the products and enjoyed them, it pushes them to buy. If your customers love your products, they would want their friends to know about it. Turn your customers into your advocates by creating incentives for them when they brag about you.

Remember that the basic formula for customer value is Benefits – Cost = Customer Value – so make sure your products’ value & benefits are perceived to be “worth” more than the cost, to keep customers happy and your business growing.

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