Selling Value Over Price
The most successful businesses are able to increase their profits by selling their product or service with value over price. Here are some important actions to be successful:
1. Be different. In order to provide value, you must be able to offer something your competitors don’t. From a better product or service to having the best training or specialized employees, differentiation is key to providing additional value to your customers.
2. Profile your customer. You want to ensure you are bringing the best qualified customer in the door. To do this make sure your marketing efforts are geared to the proper target market. If your business has interaction with the customers before entering your location, make sure proper questions are being asked at that time to pre-qualify your customer.
3. Do not devalue your product or service. Giving too large of discounts or trying to undercut the price of competitors devalues your brand. This creates a cheap reputation to your business. A lot of customers that purchase solely on price do not stay long term customers. They continually are shopping around for the best price.
4. Provide top-notch customer service. Customer service creates a tremendous amount of value to your brand. Having personalized experiences for your customers creates a connection with that customer to your business. This should be a cohesive experience from initial contact with the customer and continue after the sale.
Following these basic procedures and implementing them into your business will not only build your brand, but increase revenue and improve your customer retention.
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