Creating Value Above The Price

Customers today have a lot to choose from. The market is vast in retailers, product assortment and decisions to be made. One way to help enhance what you are offering is by adding value to your service or product that goes above and beyond the price attached to it.

There are many ways to do this, but the most effective is to directly tell your consumers that they are getting more than what they are paying for. An example of this may be if you offer a service, such as a hair cut, and give a “complimentary” addition to that service, such as  a free blow dry or leave in conditioner treatment. When selling a product, you can offer “complimentary” gift wrapping on all items, or possibly a free gift with purchase of specific items. The key is to make sure your audience is aware that these extra incentives are not extra in cost, but simply part of their purchase. To help promote this and make it even more effective, you should attach a cost to this extra something so that your customers truly feel like they are getting something for free. By saying that something is “valued at $20” and yet they are getting it for complimentary with their purchase, they feel as if they really got a deal. While it may be about the price to you, it’s about the overall value to your customer. A client’s perspective needs to be that she got something for $50 when really it could have been $75. Remember that the overall value perceived is the overall value obtained by your client. No price tag can tell you otherwise.

When promoting value, be sure to make your complimentary incentives, gifts with purchase and more easily recognized by your customers. You can do this both verbally and in print. Make sure your sales team communicates these values to your customers, but also promote them in advertising and signage. Finally, keep your value priced items or services in place as long as you can. The marketplace is tough, so adding value to any purchase goes a long way these days!

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