Charging more for what you do
Beauty is in the eye of the perceiver
How to look more beautiful to add value
It is so important to consider the value of what you do, deliver or make from the point of view of your customers. Perceived value is a client or customer’s opinion of a product’s value to him or her. It is subjective to them. It may have little or nothing to do with the product’s market price. It depends on the product’s ability to satisfy his or her needs or requirements. Their view of value may not be the same as yours. This is why getting right to their viewpoint is part of your market research and an ongoing aspect of your marketing and sales to review.
The understanding of client viewpoint is a challenge to some business owners, however long they have been in business. We know this from working with all kinds of business owners in The Real Business Club Marketing and Sales for Business Owners we are delivering will be delivering in the coming months in Reading and Hounslow.
Here are some tips and thoughts on how to increase perceived value. If you are in a crowded market place all of things might help you stand out
It may be that you don’t change the product or service at all but you simply change the “packaging” – either in the words, the images associated with it or the “feel”.
For instance even though you may not change a food product at all you may describe the dining experience in a more luxurious, more “upmarket”, way that appeals. Like with all food presentation – diners may even think it just tastes better!! You may style the menu’s better or change the mood in the lighting – all would add to someone’s perception of their experience.
Add tiers and add value
If what you offer has more than one choice there can be multiple price points.
If you listen to your customers and truly understand their needs, there are often ways you can add tremendous value to their lives/ outcomes. This may even require little work at all on your part.
Adding a useful feature to one version of a product or service or defining the benefits of what you do more clearly or in a more targeted way. Creating a premium option can make it possible to both increase value and charge more.
Remember though – don’t be a con artist – the authenticity of quality and service still matters!
Increase the price – be bold and hold your nerve
It may sound silly, but increasing your price can affect people’s perceived value. Your prices should be commensurate with the value you are providing, resist underselling yourself – your skill or knowledge of ability to get results for them.
The fact is that people often evaluate the quality of a product based on how much it costs.
Think about how you feel if a product says “premium” but also “affordable prices”. Do these things match in the perceptions of your customers?
In our workshops business owners often go away more confident in their pricing and more able to “hold their nerve”. They go away having thought about and rehearsed why what they do is “the best in class” and worth every penny!
Would it help your business if you could charge more for what you do?
If you have read this and think “How would I do that?” or “Where do I start? ” then The Real Business Club can help!
Our marketing and sales coaching is ideal for being objective, listening and helping you clarify what you can do. If you want to be clearer why not call Isabel King, a coach who has worked with 1000’s of business owners. 01189 680813
Want to improve your business finances as well?
If you want to build your business and reduce your stress levels then talk to us!
We get alongside business owners and their staff, take the fear and pain out and release owners to do what they want to do.
Contact Dawn Edwards on 01189 680813. Dawn leads our team delivering common sense clever finance services to businesses.