Shalom.
How to Create the Value of Your Product and Services
Here’re a few ideas you can do that:
1. 1. Put a value on premiums/freebies that you will include in an offer, but stay careful do not to bloat the value. As people can see that. Place the values on premiums that are quite reasonable.
2. 2. Ensure you sell resulting advantages of using your service or product rather than features. But you need to be careful. Keep in mind that the benefits you will emphasize should be very important to the prospect. Suppose they’re not, then they are not benefits.
3. 3. Have third-party people or experts give their comments on the product and service. Listen, there is the reason that over 50% of the air time of many infomercials are customer testimonials. People who would like to hear credible and unbiased options on the product and service.
4. 4. Possibly, provide one trial run of the product and service to your prospect so that they will feel their benefits themselves.
5. 5. Try and implement the mechanism for telling the “whole story” about the product and service. You may do this by using the recorded phone messages, video or audio CDs and tapes, or long-form letters, and content-laden sites.
Whenever you take the time to build perceived benefits of the product and service or give proof that these benefits exist, then your sales will increase dramatically so look over the products or services and ask, “How I can use such tactics to increase perceived benefits in using my product and service.”The concept of value-added selling is the popular one for many years. Actually, I have many friends who claim they’re inventors of a concept known as value-added selling.
The real issue is that in the market place today where a lot of products or services are seen as the commodity, an ability to add a little value to the product and service is the absolute necessity. There’s not any doubt that in absence of the value-added components any product and service is driven down to the bottom line – price. Because when you are selling price you cannot sell high margin sales & that is where the profitability and long-term growth or sales success resides. Let us take a look at some ways you may add value to the product and service doesn’t matter what you are selling. Many times people will argue by saying that you do not understand, as my product is very different, and my service is also different. The truth is everything will have the value-added. Thus, let us take a close look at some specific ways you may do that.
· - Bundling & packaging. I am not just talking about the way your service and product actually looks, I am talking about putting together all desirable packages, buying levels, and a series of some added benefits, which are important in the value and are much more valuable than a product itself.
· - Providing some expert advice and a tremendous level of professionalism. Plenty of consulting organizations, medical professionals, and accounting firms are paid a tidy sum for the level of advice they provide. But, as the sales professional, to provide value, you just have to understand that you need to provide a level of advice, which is a bit higher, sophisticated, and much more valuable than your competition. What it means is a higher level of sophistication, understanding, and wisdom about what it’s that you do.
· - Frequent programs. It is tied in the concept that more somebody buys from you more valuable service, costing, benefits as well as related items that they receive. It’s like the frequent flyer that miles with the airline. People who fly thousands of miles out of the way to stay at one particular airline just because they like to build up miles!
· - Service levels. It’s possible to differentiate yourself by not just providing a higher level of the service but also adding different service levels based on someone’s size, the amount of the purchase, and frequency. For instance, you might want to have the gold or silver, or platinum levels of the service that many people qualify for, and are also keen to pay for, or receive whenever they do business with you.
· - Recognition & reward levels. It is a bit different from the frequent buyer programs in that with the particular concept behind the value-added you give recognition to the clients or the customers based on the ability to use your product and service, maximize the potential, buy some levels from you, and more. What it means is they themselves will be recognized for being an outstanding customer. Many years before we included the Hall of Fame in our newsletter and had many clients interested in appearing or becoming part of the Hall of Fame. It is a fantastic way you can use good relationships & goodwill.
· - Transition & education. As the new customers come to the stream with your business or organization, you might have to provide action and transition teams that will help them to utilize your products and services that you want to sell them. By the same token, the more education that they have about those products and services more capable they will be in utilizing them.
· - Dedicated personnel. It works very well if you have the technical product and service and one that needs support. It’s not difficult to know that more somebody is familiar with other person’s products, account, equipment, machinery, a way of doing the business, far it is easier to do the business with that firm. In such a scenario, you just assign the dedicated account people for handling the customer’s accounts personally.
· - Qualitative preference. This is based on the level of purchase, interaction, or involvement, you give a higher quality of the products, maybe the sophisticated level of the service, dedicated fax lines, phone lines, dedicated personnel, or like, it gives them the higher opportunity to get treated better than run of a mill consumer happens to be. Also, you can use it for the introductory customers as the value-added component.
· - Insider information. It is common when the people are selling their information since it relates to the bonds, stocks, financial information and anything related to the information and time-specific data. Using such a process that you might want to consider the regular newsletter (printed or electronic) that updates the customers on a regular basis since it relates to important information they need to have.
· - The speed of the service and delivery. One important way of differentiating yourself is guaranteed some type of faster or on-time delivery. It is known & accepted that in-time delivery is a key component in charging full and maximum pricing. It’s the component since it relates to offering value-added products and services.
These ways to add a little value can be applied in your daily sales activity. There’s a little doubt that this requires innovation, creativity, and willingness to work for your competition. However, the sad truth is supposed you continue in selling a way you have, the price may continue to rule & I guarantee that you will have the competitor that can take these ideas & put this in the proper place. The price that you charge for the product and service is the important business decision that you make. The setting price that is very high or very low - at best – will limit the business growth. This can also cause some serious problems for the sales and the cash flow.
Suppose you are starting a business, then carefully consider your costing strategy before you even start. Established your businesses will improve profitability through regular costing reviews. Whenever setting the prices you should ensure that sales and price levels that you set may allow your business to get profitable. You should take a note of where the product and service stand while compared with the competition.
The guide shows how you can build a pricing strategy or how to work on your pricing and costs to ensure your business is highly profitable. It looks at the different costing tactics & changing your rates.
· Covering fixed & variable costs
· Difference between the cost and the value
· How to build a pricing strategy
· Cost and value-based pricing
· Raising and lowering prices
· Different cost tactics
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