Ways To Increase Product Value Without Increasing Price

When marketing and selling a product or service it is important to develop enough value to the customer to trump the cost. If it is presented the right way the cost should just be an after thought. People will buy goods out of necessity but also if they are convinced that it will be beneficial to them and it is a good opportunity to do so at that time. In the sales process you first need to find the customers’ needs to determine how to offer them what you are selling. If they feel that you are not listening to them or that you have no regard for their specific situation they will shut you down and lose interest. There are many ways to demonstrate a products value to a potential buyer and there is no one way to go about this.

Demonstrating Longevity:

One approach to show the value of your product is to prove the ongoing return it will provide. Being able to demonstrate how a product will have an ongoing benefit is a great way to convince someone that it will be a worthwhile purchase. If you believe that purchasing something will have an ongoing return and continue to pay off, it will end up paying for itself. A quality product will not have to be replaced unlike a cheaper version that may need to be replaced in a short period of time. Just because the item is built to last doesn’t mean it has to be expensive, it just means it was engineered to its best.

Demonstrating Utility:

In the open market a product or service will have a competitive market value that will be weighed in considering its purchase. This can be overshadowed by demonstrating the added or perceived value it has to the potential customer. This is different that the sticker price associated to the type of item. The perceived value to the customer is what will convince them it is a worthwhile purchase. In many cases buyers are unaware of the cost of the item they are wanting to acquire. If they see value that will satisfy their need, they will also be satisfied with its cost. Perceived value can be manipulated in many ways, through marketing, keeping its cost high, branding, endorsements, all of these tactics help to raise the value of an item.

Boosting Confidence:

Promising results through testimonials and guarantees gives confidence to the buyer that they are investigating a quality product. Using famous athletes and movie stars is a common way companies add value and allure to their goods. If the rich and famous endorse it, then others will desire it as well.

Providing replacements and warrantees also establishes trust and confidence in your products. When someone knows they can replace the item if it ever breaks at no cost they will obviously be more willing to purchase it. Many times lifetime warrantees are offered demonstrating the quality design and build of the item being sold.

Another hook is offering free trials and samples. Allowing the customer to get hands on is a great way to demonstrate your product. This is done frequently with software, which will offer a free limited edition at no cost. Once the customer starts using the software and implements it into their everyday life it becomes invaluable to them. It will be much more of a headache to start all over finding new software and transferring the data between the two. By this point you almost need to buy the full version out of necessity and cost becomes an easily made sacrifice.

To conclude the value of your item is not simply determined by its sticker price. That price is arbitrary and can be adjusted through the principles mentioned above. Acknowledging that there is a difference between market value and perceived value is the first step toward increasing your products value without adjusting its cost.

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Nick Quinlan works as a marketing analyst whose primary responsibilities are to find ways to increase leads and sales. Another service he recommends using is adding on travel incentives such as those provided by Get Up & Go! You can find more about him on Google+.

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