The answer is value.
Many times when we think of value we think of price. However, value does not necessarily mean price. Consumers want to know they are getting value for their money, but value means different things to different people. There are people to whom exclusivity, scarcity, uniqueness, timeliness, or good service are much more important than price.
Value is one of the primary emotional triggers that makes people want to buy. When consumers purchase your products they do so because they consider the product has value to them. The idea of what that value is differs from customer to customer and differs according to the situation. For example:
If my water pipe springs a leak, the value to me is that the plumber can be there in 20 minutes. Or I may be trying to find the perfect gift and finding something that will have value to the person who is receiving the gift also has value to me.
In those instances, price is not the foremost thing on my mind.
When determining if you have created value you should be asking yourself the following questions:
- WHY should consumers buy my products or services?
- WHY should the media promote my products or services?
- WHAT is the story that will drive interest?
- HOW is the value of the product or service perceived in the minds of potential buyers and the media?
And if your answer to the question of why potential buyers should buy your product is, “We are a family business that sells high quality products.” You are already in deep trouble.
Why should consumers value your product? Because you have:
Clearly and concisely provided the information they need to recognize the value of your product and form a perception of value. The products and services are packaged and promoted well. The staff transfers the perception of quality and value of the product or service to the customer.
Knowing the audience you are targeting is also important when creating value. If you know what customers want you can deliver the information that is important to them.
Write down three things you want consumers to know about your products. Put them in order of importance and ask yourself:
- Do the points adequately convey a sense of value?
- Does this information provide a benefit to the customer?
- Are the points easy to read and absorb in a short amount of time?
- Is the meaning clear, even to people who do not know anything about your product?
Then ensure that everyone who works in the business knows these value propositions.
A tip of the glass from me to you