During a recent business meeting, a speaker delivered an ‘eight minutes of value’ presentation. He spoke about the perception of value and value-add. These areas are often the point of difference and where a potential customer will make the purchase decision. Most businesses and busy people forget to check their target audience perception of value and value-adds regularly, which is counterproductive to increasing sales and profit, and building good professional relationships.
Let’s begin by explaining each area.
Perception of value is due primarily to psychological triggers. For example, people may be willing to pay more if the product is easier to buy, arrives more quickly, brings the buyer prestige, or is supported by excellent service. Consumers may also be willing to pay more if goods are from socially responsible companies. Also, consumers are reportedly attracted to prices with a nine in them, and quite often offering a bronze, silver and gold service (gold service being premium and mostly overpriced), the silver service will sell more than bronze and gold.
The following infographic illustrates the psychology of value perception:
Image source: Hubspot
Next, value-add. Adding value to your core service or product creates a reason for your customers to be talking about you, remembering you, and returning. There are numerous opportunities you can add value. Suggestions could include: how you confirm an appointment, what you add to a purchase, a little something extra the buyer wasn’t expecting, or a genuine follow-up call. You could send and share information for free or outsource services to offer your client a full-service solution. Most importantly, it has to be useable, make the customer feel special, and it must be original.
When offering something extra, remember it needs to have relevance for your target market. Finally, never underestimate the value of free resources. Branded PDF’s, calendar’s, gifts or checklists showcase your expertise, encourage consumers to find out more, and increase brand awareness as your resources will feature your logo and details.
What methods do you use when demonstrating the value of your range of services and products to your prospective clients and customers? How can you create a more memorable experience for your target public? Please share in the comments.