How do you set the Right Price for your Product or Service?

Do you think in terms of product’s materials, manufacturing costs, or your hourly time.

Perhaps there is another way.

• Decide on the price, based on its perceived value.
  
• Then Focus your Marketing on showing your customers this Unique Value. 

Define the Value of Your Offer

2 ways to define the value of your product or service?

• Value = how you makes things faster, saves people money or time, prevents hassles, or solves problems.
• Not only how you do these things. But how you do it differently, from other products on the market.

• Define what sets your product apart and how you uniquely solve your customer's problems,
• Create a UVP – Unique Value Proposition. 

• Draft your unique value proposition as a simple sentence that makes a promise to the customer.
• Tell them exactly how using your product and services, improve their lives. 

With this statement in hand, you’re ready to start demonstrating your product’s unique value.

Guidelines for showcasing your product/service unique value.

• Focus on Benefits, Not Features.

Our natural inclination is to discuss the product in terms of its features.

After all, the features are what you’ve been developing, what you’re most proud of, and what sets it apart. 

• Focus on how the features translate into benefits for the user.

For example, if a software program puts all of a user’s social media feeds into a single news feed. This is a great feature, however:

• You can go one step further and add that it saves the user time checking each individual feed.
• And it helps the customer see trends so they can make the right marketing decisions. 

Know the Competition:

It’s essential that you know the competition and their products well.

• Your customers may have experience using a competitor’s product.
• You need to explain how yours is different.

When you decide on your product or service:  identify your unique strength. Why a customer chooses you.

Why You. Why Now:                   

If your pricing undercuts the competition, this will likely help you sell more. 

• But Your Selling Point Should Not be Price. 
• Any competitor with the resources to offer a lower-priced product will beat yours.

Highlighting your uniqueness reduces the dependency on a price war for sales. 

Ask Your Customers, why they love you:

Your product’s value isn’t up to you. It’s up to your customers. 

• What have your customers told you about your services or products?
• What do they love about buying from you?

• Why do your customers switch from a competitor to you?
• Why do they buy repeatedly from you?
• Why do they tell their friends about you?

Open up a dialog with your customers - get feedback.

It will reveal your product’s unique value.

No More Cheesy Sales Process:

Once you know how to explain your product’s unique value, the sales process becomes much smoother.

• Show your customer how your products or services resolve their problem.
• They can then decide if it matches their needs.

Your role is to showcase the transformation your product/services will have on your customer's life.

With that focus, you hardly have to sell at all.

• List your product & services so you get seen by more people <<< 70+ Online Listing Directories >>>
• Tackle the Online Search Engine Optimisation and put your business on page 1 of Google  <<< SEO >>>

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