Let’s face the facts: People don’t buy products or services, they buy value. Plain and simple.
For example, say you spend $100 on food at the grocery store and also spend $100 on food at a restaurant. You are spending the same amount of money at each place and purchasing the same item: food. However, at the grocery store you may have been able to buy enough food to prepare 6-12 meals, whereas at the restaurant you were only able to purchase 2-4 meals.
So, which is the better deal? Studies show that most individuals will say that it just depends on what they were wanting at the time of the purchase. Rather than focusing on what the price range is, consumers focus on what value they received from the product or service.
Value > Money
Most people don’t see something and say, “I am going to buy that just because!” Instead they think, “Wow. That is a really cool product. I bet if I buy that it will help me look much more sophisticated,” or “If I buy this new product, I think I could save 5 minutes on each product’s production time!” They buy products based upon the value that product will bring to them or their business.
The same thing goes in manufacturing. How can your product benefit your customers? With the rising competition in the B2B and B2C markets today, we must understand that nearly anyone can make the same product for the same price as (if not cheaper than) the competition. Therefore, you must focus on displaying why your product is better than the rest. Demonstrate (can you guess what I am going to say here?) your product’s value to your customers.
6 Quick Tips for Displaying Value
- Focus on the features
- Demonstrate the benefits
- Explain the product values (including the overall lifetime value)
- Clarify your business values and goals
- Tap into their emotions and tell a story
- Sell outcomes, not products
Once you shift your focus to clearly demonstrate the value, the end result is buyers who want to buy your product or service; you can stop working so hard trying to sell!
P.S. Make sure you are prepared for a culture change. One of the largest obstacles to overcome with letting your buyers buy (selling value) and not focusing solely on selling your product, is that it can only be achieved if this mindset is firmly embedded into the company’s culture and mission. Communicate this new way of thinking from the top of the business to the bottom.
Want to focus on how your buyers' habits are changing, but don’t know where to get started? Marketing Essentials can help you make the change today! If you want help demonstrating the value of your products and business online to your customers, give one of our marketing professionals a call at 419.629.0080 today and we would be happy to help you get started!