@EleosTheofilusG
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[Never lower your price, add value.
~ Grant Cardone.]
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Value vs. Price
What are the most important distinctions between value and price? The price tag is what someone will pay for a product or service. The value is what a consumer perceives as the benefits they will get from it.
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When salespeople mention how a product is lightweight due to the material, how durable an item is and less likely to break, or how stains won’t set due to the premium fabric finish, those are all value statements. Those products and services give the buyer something easier to lift or lighter to wear, something that lasts longer or looks new longer. If those qualities are important to a potential customer, they will buy it. Customer perception of a product's value is everything.
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How do customers perceive value vs. price? Many shoppers and poor salespeople equate price with value. They believe falsely that getting a low price means it is a great value. But as anyone who has ever purchased based solely on an extremely low price or has purchased something they didn’t need just because it was cheap will tell you, they feel like they wasted their money.
.
.
.
That’s because they realize as soon as they get it home, that the product wasn’t worth what they paid for it.
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.
.
And what makes value distinct from the price in customers' minds? The value will always be personal and different for everyone. For example, a father may purchase a security system with extra features because he hopes it will give him peace of mind when he is traveling away from his family. A baker may purchase a high-priced flour for their rustic bread because they value the results they consistently get from using it versus the cheaper alternatives.
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That’s why it is so important to look at selling value over price as a truly personalized approach to increasing customer service but also profit.
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Based on my true experiences, I felt that when I was giving value to my clients, customers, and partners, they tended to trust me and bought more from me, and even referred me to their friends and families, without me asking for their reference, they were happy with the after-sales service that I gave to them because I knew that we need to build a good relationship with our existing customers, once you are trusted you can sell anything to them without them asking for the price, they bought your personalities, not your products and services.
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Believe it or not, when you argue with your customers over the price of your services and products, you are not solving anything, you just got another potential loss of a source of income, and they can give you a bad recommendation or bad reviews and even blacklist you if you are a supplier, it will hurt you in long time game, pay it forward by selling value.
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ET-ers, how would you add value for the benefit of your customers so that they will buy your products at whatever price you are selling them?
.
.
.
#ETThoughts
#Value
#Price
#Product
#Service
~ Grant Cardone.]
.
.
.
Value vs. Price
What are the most important distinctions between value and price? The price tag is what someone will pay for a product or service. The value is what a consumer perceives as the benefits they will get from it.
.
.
.
When salespeople mention how a product is lightweight due to the material, how durable an item is and less likely to break, or how stains won’t set due to the premium fabric finish, those are all value statements. Those products and services give the buyer something easier to lift or lighter to wear, something that lasts longer or looks new longer. If those qualities are important to a potential customer, they will buy it. Customer perception of a product's value is everything.
.
.
.
How do customers perceive value vs. price? Many shoppers and poor salespeople equate price with value. They believe falsely that getting a low price means it is a great value. But as anyone who has ever purchased based solely on an extremely low price or has purchased something they didn’t need just because it was cheap will tell you, they feel like they wasted their money.
.
.
.
That’s because they realize as soon as they get it home, that the product wasn’t worth what they paid for it.
.
.
.
And what makes value distinct from the price in customers' minds? The value will always be personal and different for everyone. For example, a father may purchase a security system with extra features because he hopes it will give him peace of mind when he is traveling away from his family. A baker may purchase a high-priced flour for their rustic bread because they value the results they consistently get from using it versus the cheaper alternatives.
.
.
.
That’s why it is so important to look at selling value over price as a truly personalized approach to increasing customer service but also profit.
.
.
.
Based on my true experiences, I felt that when I was giving value to my clients, customers, and partners, they tended to trust me and bought more from me, and even referred me to their friends and families, without me asking for their reference, they were happy with the after-sales service that I gave to them because I knew that we need to build a good relationship with our existing customers, once you are trusted you can sell anything to them without them asking for the price, they bought your personalities, not your products and services.
.
Believe it or not, when you argue with your customers over the price of your services and products, you are not solving anything, you just got another potential loss of a source of income, and they can give you a bad recommendation or bad reviews and even blacklist you if you are a supplier, it will hurt you in long time game, pay it forward by selling value.
.
ET-ers, how would you add value for the benefit of your customers so that they will buy your products at whatever price you are selling them?
.
.
.
#ETThoughts
#Value
#Price
#Product
#Service