The value in one’s product or service must be defined and is almost always defined in the customers’ terms. It is a matter of perception. If the customer perceives that your product or service has value, that perception will result in a purchase. Customer value can also come from having used the product consistently with satisfactory results.
Customer value in its most basic form is simply the difference between the benefit received from a product and the cost associated with that product. It is noteworthy that today’s consumers are much more educated and informed due to the power of the Internet. As such, they will tend to buy products that they consider to be worth the cost necessary to obtain said product. Consumers tend to know exactly what they want to buy and will not waste time on inappropriate products.
It is important to have something unique that is not available anywhere else. This will make your product be perceived as very profitable. Therefore, a higher price would be favorable. In their quest to communicate information about products and services, sales professionals often exaggerate and overlook customer needs. Consequently, the solution presented becomes inadequate and of little value to the customer.
Slashing the price or changing it too often will erode the value of your products. To maintain customer value, avoid volatile price changes and accept costs. Clearly demonstrating that the benefits of your products far outweigh the costs associated with the product will do wonders for winning customers. Think of a time when you purchased a product and found a completely valuable ad that solved a need you had. Strive to bring this same feeling of satisfaction to your customers and you will be rewarded for doing so.
As always, a satisfied customer is a happy customer and will be loyal.
