Every business will offer either a product or service for people to buy. One of the most crucial things to focus on is the value that your product/service provides. What does this mean? In essence, it refers to the quality of your offering and how much it benefits the people buying it. So, if you provide an excellent value service, then people will get a lot out of it, and it will be well worth the money.
Following on from this, here are a few reasons you really need to focus on value over everything else:
Attracts more customers
It’s a simple equation; great products/service attract more customers. You won’t get anywhere with a product/service that’s of very little value. It’s hard to drive people to a business when they’re not getting a lot for their money. But, when you provide excellent value, then people are more encouraged to come and see what you’re offering. It becomes a key marketing point for your company as well; you focus on the value in all the marketing material, and it grabs the attention of consumers and moves them towards your business.
Allows you to increase the price of your product/service
When you provide something that’s incredibly valuable, it allows you to charge more money for it. I recently listened to something that talked about how you can 10x your business, and start making more money by selling things for higher prices. One of the key points was that the value of your product lets you be more competitive. You can afford to charge more than other businesses as what you offer is more valuable and of better quality. This is how companies like Apple get away with outrageous pricing – the value of their product/service is exceptionally high!
Time to checkmate your business rivals. Source
Lets you compete with the big boys
It’s tough for a small business to go head-to-head with one of the bigger companies in their field. But, when you focus on the value of your product/service, you can be a lot more competitive – and not just in the sense of charging more money. Here, you can turn people away from bigger companies by showing that your product is more valuable and provides them with more benefits. It’s often hard for a big company to match your value, which is why they usually end up buying any small businesses that threaten them!
Retain more customers
Alongside gaining more customers, you will retain more when your products or services are valuable. Again, it’s just plain common sense; if someone knows they get a lot out of a product/service, then they’ll keep coming back for more. Your customer base continues to grow as a lot of people stay and even more join the party.
To put it simply; you need to focus on the value of your product/service at all times. If you can put something out there that’s top-quality and gives people the most value for money, then you’ll see all the benefits listed above.
[…] Some goals may not be executed perfectly and it’s good practice to tell yourself that no one’s perfect and neither is life. Keep your eyes on the prize and don’t stop pushing through even if one goal fails or a door closes on you that you didn’t expect to. These things happen but it’s important to keep your other goals in the forefront of your mind so that you don’t lose sight of where you’re heading. […]