Ever since the recession in 2009 we have seen a shift toward value. Everyone wants a bargain or a deal and paying full price is the thing of the stone ages.
With the exception of high-end industries, you are probably feeling the effects of this value driven economy on your business.
Depending on your target audience and demographic, value is different for most people, but there is usually a monetary component or relationship between the product or service and the price. The good news is that there are ways to create value or perceived value without always lowering the price, although when in a competitive market sometimes dollar for dollar pricing will ultimately influence purchase decisions.
Here are some things you can do for customers to create value or perceived value without lowering price:
1.Convenience – This one is pretty obvious, but its a huge one. Think about your customer or target customer and always assume they are very busy. What about your selling process is appealing to busy people who may sometimes choose convenience over price. Convenience saves customers time and money and can win you initial and repeat business.
2.Security – There is an element of fear when making a purchase for many people, especially with more expensive items. You can remove the fear by offering warranties, guarantees, lenient exchange policies etc. You really cant put a price on piece of mind, and offering security can win you business.
3.Incentive – Offer volume discounts when people buy more or spend more. If you can ship 20 of something instead of one, you are saving money and you can pass that savings on to your customer. When you can sell more you can order more from suppliers and lower your price points, so its a win, win. Volume discounts and orders can win you sales and be a game changer for your business.
Interestingly enough you can think of these three things as CSI, which might just be a good way to remember them.
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VOICE, VENUE, VICTORY!