*The contents of this blog have been updated in January 2021
Are you proactively communicating the value of your business? One of the fundamental ways to attract new and repeat customers is to communicate the unique value of your products or services.
Communicate YOUR Value
When an individual is determining whether or not to purchase, rent or lease a product or service, the most important element to communicate is the strong value of your product or service. Simply put, your customers must believe that they are receiving a sufficient level of value in the exchange of your product or service for their money. If you don’t effectively communicate the value of your products or services, what differentiates you from your competitors? Also, what motivates a client or customer to patronize your business or organization over your competitors?
The Fundamentals Of Communicating Value
There are many experts and consultants who promote different formulas for communicating value to your clients. However, there is a basic, fundamental formula for promoting value. Many immediately assume that it is as simple as offering the lowest price for a product or service, and while that may be true in some cases, it is not the only way. Besides offering and advertising your low prices, you must also consider what special and unique features your business offers in comparison to your competitors.
When assessing the value of your products it is important to ask yourself and maybe even your customers some questions about exactly what it is that you offer. Are you sure that your customers or clients aren’t seeking a broader value? Are they interested in and willing to pay more for a certain feature or set of features? Are they interested in strong support options, or a satisfaction guarantee? Are the options for purchasing and delivering the product or service easy and convenient? It is therefore important to understand who your customers are and how they assess and measure value. In another of our blogs we discussed assessing the value of your products.
Focus On Facts
To start, make a list of your products and services and determine what differentiates you from your competitors. If your prices or rates are higher than your competition, but you offer more value through added features and support, it is vital that you communicate to customers or clients why your product or service is a better value with the inclusion of these extras. If your prices or rates are lower than your competitors, it is important to primarily focus on the price differential. Either way, it is important to focus on facts and the points of difference between you and your competitors, not vague promises.
Sincerity Is Key
It is incredibly important to note that no amount of marketing or customer communications can truly hide the fact that a business or organization is not truly committed to customer value. If your business or organization is not fully committed to maximizing the value of your products or services, customers will leave and not return, ultimately leading to the failure of your business or organization. It is also important to note that the best marketing efforts in the world won’t cover up an avalanche of negative customer reviews or poor word-of-mouth among consumers. If your business or organization is struggling with these issues, we recommend taking steps to address them before launching a new marketing campaign.
~Photo by Ylanite Koppens from Pexels