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Competing on Value, Not Price
If you’re selling diamonds, value is a set factor determined by the carat weight and brightness of the stone.
In most other areas, value can come from intangible factors, whether you are selling a product to a consumer, shares of your company or selling a job to a hiring prospect.
Added value can include anything from the image of your company to its great service and especially by the caring relationship customers will have with you as their contact. Making customers feel like your best friend, or one of your inner circle friends is a plus.
To accomplish this, you will have to know who will be using your product or service and how they will use it. It’s important to know what product or service you will be replacing and why. To compete on value, you need to understand how your competitor promotes, prices and sells its product or service.
Your value-driven proposal should include a promise that creates a benefit. It will help you focus on thinking about the customer and product delivery. Everyone in the company must know the promise, and it should be involved in everything from marketing materials to company culture to user experience.
To maintain the high value customers want, check in with them from time to time. Ask if they are getting what you promised. If there is a gap of some kind, it’s up to you to fix it. Your relationship with customers continues to create value over time. Remember that valued relationship was one of your value-driven selling points.