HOW TO OFFER GREAT VALUE WITHOUT DEVALUING YOUR OFFER
You’ve all seen the sales pitches…
This Product/Service/Course/Book… normally <insert exorbitant price>, now only <seriously low price> PLUS you get <a whole heap of FREE stuff> PLUS if you book before <insert date> you get… wait for it…<steak knives>!
I don’t know about you, but these kind of “sales pitches” tend to put ME off buying. I start to doubt the value of the offering. I begin to question the validity of the provider. I usually wonder if there is a hidden agenda.
Often though, there’s no hidden agenda at all. The business has just forgotten what their ideal customer really wants, and in a panic throws everything into the ring… just in case! This doesn’t help the customer and it cheapens something that may, in fact, be fantastic value.
So how can we offer great value without resorting to such tactics? Here are some suggestions.
1. Know your customer
Create ideal customer profiles or avatars. Understand your customers’ needs and key problems and explain to them how you can help. Keep your ideal customer in mind when you prepare your marketing materials and speak in a language they will understand. That’s really all that’s needed. If they love you and like your “thing”, AND it solves their problem, they will probably buy!
2. Take some time to get your pricing right
Finding the right price can be quite tricky (and is a whole topic in itself)! Choose a market pricing model rather a cost-plus calculation… this means you choose your positioning (e.g. “cheap and cheerful”, “affordable and awesome” or “luxurious and super special”) and research similar options already in the marketplace. Then price somewhere in that ballpark. Of course, you’ll need to check you are making a good profit too.
Once you have set your pricing, be confident in it!
3. Avoid discounting
See #2! Sure, there are OK times to discount – to clear old stock, to introduce a new product or service, or to bring in some desperately needed cash. However, if you regularly reduce your prices, you train your customers to wait until your “thing” is on sale. This undermines your value and can seriously hurt your profitability. It can also annoy your customers who paid full price… not something you want!
4. Bundle it Up!
Can a small, inexpensive item be sold together with a more premium product?
Can you include a digital product you’ve created?
Can you provide a service that you enjoy doing and takes you minimal time, but is highly sought after by your customers, as part of a bigger package?
Look for opportunities to add something that is of low cost to you and high value to your customers, and charge a small premium.
5. Make an exchange
If you’re giving away something for free (e.g. a giveaway, competition, eBook etc), ensure you always get something back in return. It could be as simple as an email address. Other possibilities include testimonials, publicity or media exposure, reviews, referral business or bartering. These are usually low-cost for your customer to provide, so they’ll normally oblige – but you need to ask!
Above all, believe in yourself!
Sometimes we forget exactly how valuable we are. We compare ourselves with people who appear better, smarter, or more successful than we are feeling.
Please remember, your offer is of INCREDIBLE value to your customers – after all, it’s something only YOU can provide.
PS. If you ever find yourself tempted to devalue your offering by “giving away steak knives”, come here for some support… we’ll tell you how awesome you are!
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About Cath Connell
Cath Connell from Wholehearted Marketing is the Marketing Demystifier, providing mentoring, training and hands-on support to help small business owners overcome their fear of marketing and build the skills they need to achieve success. She is particularly passionate about helping others tap into their Purpose and use their business as a platform for change.