Entrepreneur Resources Your source for small business information
Companies like to believe that their products are the best. From their perspective, everything about them is perfect.
But this type of attitude is a great example of complacency. Firms believe that their products are significantly better than they actually are.
The trick here is to figure out what your audience is willing to pay for what you sell. That’s the real value of your products, regardless of what they cost to produce or the materials that go into making them.
Companies, therefore, need to work to figure out what their products are actually worth in their consumer’s eyes with the help of conjoint analysis marketing and other tools. They then need to ask, “how much could my product be worth under the right circumstances?”
What consumers are willing to pay for a phone from Apple is different from any other make. Some brands can command a premium, while others can’t.
Naturally, the trick is to increase the value of the products you sell. You want to make as much money from them as you can.
To do this, you’ll want to do the following:
Target Your Customers’ Values
First, start off by targeting what your customers value. Ask what it is that they really want from your products and whether you’re aligning with their goals. If you’re not matching up to their expectations, they won’t want to do business with you, or they won’t pay as much for the products and services that you offer.
To find out more about them, delve into your audience’s demographics. Find out about their cultural and social beliefs and whether you reflect them adequately. Keep tweaking your products and messaging until you portray something that hits the mark.
Sell Benefits, Not Features
Next, make sure you’re selling benefits, not features. Most customers don’t really care about how technologically advanced a product is. All they want to know is whether it can solve their problems.
That’s where selling benefits come in. You don’t want all your marketing to be about how your product is slightly better than a rival’s. That will only appeal to 10 per cent of customers. Instead, you want to sell the solutions it offers. Tell people what your product can do and get them hyper-interested in how it can improve their lives.
Offer Giveaways
It can be challenging to convince people to part with their cash. After all, they work hard for it. They want to keep as much of it as possible.
Therefore, offer giveaways and samples. Provide your customers with examples of what your product can do so they buy more.
Usually, customers only find out just how great a product is after using it a couple of times. Once they understand it and the value it offers, they are much more likely to pay for it.
Be Positive
Lastly, make sure that your product has a positive image. Continually share success stories from customers saying how great it is. Make sure that you focus on how it enhances their lifestyle and makes their lives better.
