Business Leaders are responsible for offering awesome products and services for customers to buy. So how does your revenue stream look these days? Is it revealing that you might need to “beef up” your offerings?
Sometimes when businesses aren’t making enough sales, they drop their prices. If you’re being tempted to drop your prices – don’t! All experts will tell you it is a lethal practice. Why? There will always be someone out there who will deliver similar offerings to yours at a lower price. So what’s the solutions? Add value to your offerings!
OK, so I’d like to repeat what I just said. What you offer to the marketplace is of value, don’t de-value your offerings by presenting them at rock bottom prices! If you do, potential customers will see them as less valuable. Really, this is one of those perception things!
Please remember we over-simplify in this blog so we can help many different types of Business Leaders understand and apply Business Strategies and Tips. Well, adding value to your offering is all about giving your customers more than they had expected for the price you are charging. HOWEVER, it must be something that they perceive as valuable – not just something you decided to give them that is totally irrelevant.
Hair Salon: Not only do we style your hair, we teach you the techniques and show you how to use the products we do, so you can get the same look – every day.
Chiropractor or Therapeutic Body-worker: Being shown some exercises after your treatment to help you keep strong and/or flexible between appointments.
Retail: Free Scarf when you purchase a winter jacket.
Authors: A link in the back of your book to take your readers to something relevant and free online. It could also be a DVD included with the book.
Doll Makers: Adding an outfit or accessory when a doll is purchased.
Car Dealerships: 1 Free detailing service after the purchase of a new vehicle.
Improvement Entrepreneurs: Bonusing a recording, writing, or additional program offering, or a live session that is relevant to what they just decided to purchase.
NOTE: Adding Value is not the same as offering discounts!
Now it’s time for a test: What industry really nailed “addingvalue to their service” to the point that we now take it for granted? Clue: they figured this one out and we have been experiencing it since we were children… no, not lollipops from Doctors or banks (that’s just a feel good). Dentists are the best at this and have stayed consistent with this strategy. When we go for a visit we expect a toothbrush and paste or floss. Dentists add value to a dental visit by gifting us something relevant to our purchase with them… and now, it’s just become an expectation that you will have value added when you go for a visit?
Let’s think about YOUR Ideal Customer… you already know who they are, what they are challenged with, and what type of assistance they want, right? Well, go a step further. What is something that they would really appreciate (or value)? What is something that would appropriately compliment what they purchased from you? What is something you know they will utilize? What is something that makes them think,”Wow, they get me!”? That thing, whatever it is, is the thing which will add value and help you gain a loyal customer and probably several referrals too 🙂 Sit with this one for a bit so you can really nail it – just like the dentists did!!!
Now that your creative juices are flowing, what is it that you think would be a great value added to any type of offering or your own offerings 🙂 Please feel free to share in the comment section and let’s see how we can all help each other out!
It can be all different this year…if you plan to deliver different results in 2013!
If you or your business needs rescuing on this particular topic
or any other Business Strategies we have been discussing,
please reach out to Maggie (262) 716.7750 FYI: I’m in the Central Time Zone