If price isn’t the determining factor in the purchase of something, but just a contributing factor, can we say that there is one, single, determining factor?

I believe that the answer to this is a resounding “yes.”

I think that one, determining factor is the value that a consumer places on a product or service. Value is the culmination of product, price, place and promotion. Value is the worth the customer places on a product as compared to the cost. When I say cost here, I don’t necessarily mean monetary cost. I mean cost in terms of time, effort, money and energy. I mean cost in terms of what it actually takes for you to buy something.

How do you increase the value of the product you sell? How do you establish a greater worth to your “commodity?”

Is it by adding more, differentiated products?

I don’t think so, I think that it is about providing the best customer experience.

So, how do you conduct business so that people are willing to pay more for the experience you provide?

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Corey Smith is the Vice President of Innovation at Fisher’s Document Systems where he maintains a blog on business and technology.

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