How do you establish value?
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?
Corey Smith is the president of Tribute Media a web development firm providing high performing, industry specific websites. He is a businessman, writer, technology fanatic, graphic designer and web developer. His greatest passion is teaching, consulting and speaking.
You can find him on Twitter, FaceBook, FriendFeed, and LinkedIn.
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