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Value over Price

Choose Value Over Price to Gain a Competitive Advantage in the Marketplace.

Choose to add value over discounts when possible. Practically everyone I ask thinks the price is what customers are looking for. The truth is value is what they want. Why does not every person buy a Nissan Versa, or Chevy Spark? 

Because there are more factors than price. The number one thing people are looking for is a good value. By making your product offering better with more built-in value then you can keep more money on the sales you do make and the client brags about the great deal to thier friends.

One of the best methods you can consider is bundling. If you have a restaurant perhaps you do the math and it makes sense to give a free bottle of wine when 4 adults or more order food on the same ticket. The customer will do the math and see it is a way better deal to come to you and get the bottle of wine than going to your competitor. and only get 10% off coupon,when they order. The trick is figuring your cost, say your actuals show that you are only loosing in this example $8 per $100 spent vs. $10 per $100 with the 10% off meals sale. You sell the same bottle for $20 on your menu. The customer feels the value of $20 but you only had $8 in your expense. Plus the built in benefit of an increase in customer flow and possibly in retention.

Perhaps you can add value in a service. Let's say you have an oil and lube shop. You happen to be next to an ice cream shop. Perhaps, talk to the ice cream shop and have them give all your customers kids a free cone while in the shop. Mom and Dad do not want to be left out and they buy a cone or a larger treat. You get to be the oil and lube shop, every kid tells Mom and Dad to go to.

Take the same example. Offer free tire rotation. Many shops are going to check for brake problems by popping off the tires. Distribute coupons for a free tire rotation to get more customers in for the added value of the rotation. The shop already has the tires off for the brakes, so it is a matter of about 5 minutes additional labor to move the already removed tires to the opposite end of the car. It is essentially free for the shop, but a great value to the customer.

Think how you can add value to your offerings to differentiate your business, and customers will be beating down your door instead of your competitors. 

Would like to hear your value add offerings, simply reply to this blog. 




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