Value as we discussed in the article Value-pricing strategy: “We’re not the cheapest but…”, is a matter of perception.
Value is complex as there are many criteria on which people assess it. These could be: convenience, visual or auditory appeal, risk management, price versus benefits, peer recognition, etc.
As a starter, try these simple strategies to add value to your product…
People perceive value in a product that is multi-purposed. Display a comprehensive list of benefits that solve a range of problems.
What better proof that your product offers value than customers raving about it! Choose credible sources and vary testimonials to cover the different benefits of your product.
Create and promote your brand. People perceive more value in a branded product such as ‘Nike’ or a seminar with the ‘Guru of Guerrilla Marketing’ than in an unknown brand or identity
Choose colours and type of package that make your product look more valuable. For example, a simple bottle of salad dressing wrapped in cellophane and with a satin ribbon becomes a gourmet item.
Sell your product at a higher price than your competitors. People usually associate higher-priced product with better quality.
Add bonus products with their retail recommended prices so customers can calculate the added value of your product.
7- Affiliate program
Offer a financial reward for referrals so people can make money from your product. From an expense, your product becomes a source of income.
A strong guarantee such as ‘100% satisfaction guarantee’ increases the perceived value of your product. It eliminates the risk of potential psychological stress caused by post-purchase remorse or dissatisfaction.
Publicise your association with a well-known personality or your professional organisation. These affiliations increase your credibility and the perceived value of your product.
10- After-sales service
People perceive value in excellent customer support. Provide an online database of FAQs (Frequently Asked Questions) and contact details as samples of your commitment to after-sales service.
Let customers evaluate competing products and discover that you offer more VALUE.