Finding the perfect way to increase sales is an art. Many business owners worry about raising their rates. However, if you want your product to stand out in the market, you will need to have “extra” things in whatever you are doing so that your customer recognize your business and your offer as more superior compared to your competitors.
You need to understand how to utilize emotional, social, and philosophical values, so as to increase your sales. By showing your potential customers just how valuable your products are to them, you can successfully market your products for a higher price.
The trick is that successful business owners know that their customers come to them looking for a benefit, rather than just a physical product. Creating products or services that give buyers more benefit, or value, is key to long-term success and boosting your product value in the marketplace. Understanding how you can improve the value of what you sell beyond simply using better materials or lowering your price will help keep you a leader in your marketplace.
Tips on How to Boost Your Product Value
One of the simplest ways to improve the value of what you sell is to improve its quality. This can mean using better materials or manufacturing that leads to a longer-lasting product. You need to add more value to your products and services is to offer better quality than your competitors at the same price or different at a reasonable price.
You might add more features that provide more benefits. A consultant who offers a service can improve his value by increasing his knowledge through certification or attending a workshop so he can offer his customers more advice and ideas. Meet with your staff, survey your customers, and talk to your vendors and suppliers about how you can improve your quality, then assess the cost/benefit ratio to determine how to do so. Quality is how your customers perceive the value of your products and service.
Increase Customer Service
Your product is more valuable to customers if they can use it meets there necessary needs. Options include offering expanded customer support hours or free customer support; assigning a customer support representative to large customers; providing detailed frequently asked questions, or FAQ, area on your website; or extending your warrant.y
Furthermore, customers are greatly impacted by the warmth, friendliness, cheerfulness and helpfulness of customer service representatives. Many companies are using customer service as a primary source of competitive advantage in a fast changing marketplace.
Provide Added Value
If you sell something that’s similar to your competition, look into increasing the value of your product with added-value marketing. For example, provide a free training session for new customers, publish a customer newsletter or create a library of articles for customers at your website. You can also improve the packaging or design. Look for cross-promotions you can create with other businesses.
A fitness center might offer its customers a monthly packet of coupons good for discounts from a local sporting goods store, health food restaurant, massage therapist, and tennis coach. Those businesses would all promote the fitness center, which would give their customers a discount or free trial membership.
If you want to stand out as a person or as a producer, you have to “plus” whatever you are doing so that your customer perceives you and your offering as being superior to that of your competitors.
Understanding Emotional Value and Benefit
One great way to increase the value of your product is to make your customers understand the emotional value of your product (versus buying a possibly cheaper one). Consumers want to buy things that will affect them positively and you can explain that your product will do just that.
Create a strong value proposition by focusing on the benefits of the product or service. Place an emphasis in the marketing with a message that describes everything the consumer will get.
This form of emotional value helps consumers realize that they would much rather have a product that makes them feel better or happier, rather than a cheaper option that doesn’t necessarily emote this feeling. For example, potential customers will more than likely buy the mattress that promotes a happier lifestyle because of better sleep, versus the mattress that simply details how firm or comfortable it is.
What is your product’s emotional benefit to your customer? Find one or two and place that front and center in your emails, ads, and website.
Understand What Motivates Your Customers to Buy
Invest time to learn what motivates your customers (or prospects). Take the time to know their needs, challenges, concerns, and fears. Serve them first, and your interests will be served in turn.
As you learn about your customers, you are also investing time to better educate your customers to help move them farther down the sales funnel at the same time. People buy because they have some pain, or need. Understand your customer’s need, solve that need, and you’ll have a much better chance of making a sale.
If you want to ensure that customers buy from you again and again and that they tell others about you, over-delivering is critical. It does not mean that you have to do something “big” that causes you to lose money. It can be something small to you, but maybe big for the customer. Over-delivering can be accomplished in different ways. Two ways to do that is to provide an unexpectedly pleasant experience, and a product that wows.
When delivering great service to customers, don’t think of it as a short-term transaction. Instead, make a long-term investment in your customers, and build up the opportunity for repeat business.
Customers new and old should get the same experience, no matter how big or small your business is. Consistency can be one of the most crucial elements of service for your customers. If you commit to serving your customers and prospects (beyond just selling to them) not only will you realize how to boost sales, obtain repeat business and happier customers; you will also achieve a less erratic sales process.
Try to find ways to simplify the methods of how your customers can use your products and services, so as to increase the convenience of purchasing and using your product or service. Today’s consumers expect a smooth, seamless sales process, so any point where they have to give added effort, such as contacting customer support or even waiting in a checkout line, is a point of friction. To attract convenience-oriented consumers, you have to eliminate friction and make it as easy as possible to do business with your company.
There are many strategies to reduce friction and increase convenience such as providing multiple payment options including debit/credit-card processing, PayPal, Apple Pay and even the old relics of cash and checks. If someone can’t use their preferred method to pay, they may go elsewhere.
Above all, creativity and consistency are important factors in boosting the value of your product in the market. Because, just one idea for benefiting customers in a way that no one is currently offering can be the spark you need to change your success story.