In the current business environment it is extremely important to stand apart from the crowd. You need to show your prospects why they should choose you… and not your competition. As I mentioned in my blog post on grabbing your prospects’ attention, your customers and prospects are showered daily with advertisements, brochures, newsletters, websites and other media that ask them to open their wallets. Not to mention that technology and the Internet has made it easier for new competition to enter your marketplace.
Here’s a rule of business: If you are competing on price, you will eventually lose. People don’t buy based on price… they buy based on value. If your product or service is “too expensive,” what they’re really saying is “your stuff costs more than I’m willing to pay for it.” It means that they feel like what they’re getting isn’t worth the price you’re selling it for. You must position your product so that the perceived value is greater than the price. So how do you do that?
Focus on wants, not just needs. Wants are especially important because people buy what they want… they don’t necessarily buy what they need. For example, people need to lose weight for health reasons. But what most people want from a weight-loss program is not health, but to look better, attract a significant other, receive compliments from people and gain confidence. You may need a car to commute to work, but you want to do it in a BMW. Those are all emotional wants versus objective needs.
Sell benefits, not features. When you talk about your business, make sure that you are focusing on selling the benefits and value of your product or service. It is especially important to speak to “how” and “why” people will benefit from your product, not just “what” they are buying.
Communication is key. Make sure that the way you communicate your product or service focuses on the value of your offerings. Focus on wants and benefits. Review the marketing copy on your website and brochures. Take the time to practice and rehearse an elevator pitch. Make sure that in all forms of communication that you are properly conveying the value of what you sell.
Exceed expectations. Go above and beyond what your customers anticipate. Imagine the value you bring to your clients if you exceed their expectations. It’s not only important to provide dynamic value for customers… prospects are just as critical. If people have a great experience with you then they’ll start sending referrals too! Remember, if you’re focusing on creating unique value, then price will be a no-brainer. Want to grow your business and achieve financial success?