3 Ways To Increase the Perceived Value of Your Products or Services
by Arina Smith Services 07 November 2018
As a business owner, it’s important that you’re able to sell your products or services at a good profit margin. But in order to do this, your customer base has to view your products or services as being worth a certain amount of money. The setting of this price point involves a lot of different variables, including what people perceive the value of your product or service to be. So to help your business bring in even more money and find more financial success, here are three ways you can increase the perceived value of your products or services and, in turn, charge more for them on a regular basis.
Know How To Balance Your Value Propositions:
The value of your products or services is primarily based off of what your unique value propositions are as a business. For example, some unique value propositions companies might have could include exceeding certain safety standards, having very fast shipping, or offering amazing customer service. But to truly maximize on these things, you have to be able to balance your unique value proposition with your ultimate costs for providing that value. According to Karl Stark and Bill Stewart, contributors to Inc.com, this means trying to minimize how much you’re paying to fulfill these unique value propositions while getting the maximum return on your investment in the form of being highly valued by your target market. If you can strike this fine balance, you’ll be able to have a great reputation with your consumers while making a lot of profit off your sales.
Make Certain Things More Exclusive:
To increase the perceived value of the products or services you sell as part of your business, one thing you might want to try is making your products or services more exclusive. According to Alex Birkett, a contributor to ConversionXL.com, people love exclusivity and the idea that they have something that very few other people have been given access to. By making your product or service more scarce, which means you would be supplying less of it to your target market, those within your target market might be willing to pay more for whatever your business is offering. So although you might be making less of your product or service, you might now be able to sell it for a lot more than you were previously.
Show What Goes Into Making Your Product Or Service:
Another great way to increase the perceived value or your product or service, according to Edin Sabanovic, a contributor to CrazyEgg.com, is to show the type of craftsmanship that goes into creating your product or service. If people are able to see just how labor intensive or detail-oriented you have to be to give them the finished product that they’re buying, the value of that finished product could seem much more expensive and valuable to your target market.
If you want your customer base to view your business as being of a higher perceived value than they currently do, consider using the tips mentioned above to help you learn how you can make this happen for your organization.