Every customer is looking to get a good deal. For any purchase we make, we want to be reassured that our money went to good use. That we got a good value.
Creating value for your customers is a complex thing. It goes much deeper than selling a good product at a good price. Value is a sort of intangible concept because it can be so differently perceived depending on the customer. For example, my definition of value is probably different than your definition of value.
With that said, there are still common practices that have proven effective at creating value. Check out these six ways to create value for your customers.
Smart pricing. Pricing is an art form. I could endlessly expound upon the intricacies of price, but today we just want to examine its explicit effect on value. It’s important to understand that a cheap price does not directly indicate that a product or service is valuable. In fact, it may have the opposite effect. People pay more for brand names instead of generics because of a perceived value. Pricing your product too low can actively devalue it in the mind of the customer. Keep in mind how important smart pricing is if you’re ever going to discount a product. If your product is on the more expensive side, and is successfully perceived as a good value by your audience, then a 50% discount is going to feel like a steal.
Loyalty programs. Loyalty programs are all about value. They work so well because they keep customers spending, even though they’re saving and being rewarded. A well-thought-out loyalty program ensures that the customer feels as if they’re getting an enhanced value out of every purchase they make with your business.
Bundle your products. A great way to create value is to bundle. If you have seperate products or services that pair well together, you can bundle them at a more affordable price. By offering a complete package at a reduced cost, you incentivize the customer to spend even more money, while still feeling like they got a good value out of the deal.
Go the extra mile. Creating an additional value can really drive home the sentiment that the customer is getting a great deal. For example you could offer a cheaper product included with the purchase of a more expensive one, marketed as a “Free Bonus!” Another strategy could be to demonstrate your confidence in your product’s value by offering a lifetime warranty.
Show off your product’s value. Creating value doesn’t always require you to come up with some sort of added value or promotion. Sometimes, the best strategy is to look inward, to examine what makes your product or service so particularly valuable. What does your product do that your competitors don’t? Do you use higher quality materials? Are you getting that message across to your customers effectively enough? Find your differentiating factor and show it off.
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How does your business create value for its customers? Sound off in the comments!