When it comes to the value of your products or services, perception is everything. This is because value is tied in to meaning, and the same product can mean different things to different people. Values are subjective, not objective, and it’s all based on perception. Luckily there are things you can do to influence that perception…and increase your product or service’s value in the process.
|GET PEOPLE TO PAY MORE FOR YOUR PRODUCTS
If you can convince people that your product is worth more than an apparently identical offering from a competitor, many will happily pay more for yours. How? Here are 5 ideas:
- Change its name. Make sure your product’s name sounds appealing, descriptive and exclusive. For example, if I was selling “Vanilla Scented Candles,” changing the product name to “Heavenly French Vanilla Scented Candles” might add some panache.
- Upgrade its packaging. Does your product’s packaging say “luxury” or “cheap”? Packaging is one of the first things that separates $20 scented candles from those being sold at the local dollar store. For service businesses, “packaging” can be conveyed in other ways, such as how the service provider dresses or the website is designed.
- Change its pricing frame of reference. You can compare the price of your product to more expensive alternatives (such as a home manicure kit versus a professional manicure) or an irrelevant other item (less expensive than your daily latte!). You can raise the price, knowing that in some markets people assume price reflects quality, or avoid mentioning price altogether, and get people to focus on something else.
- Make it seem scarce. I’ve noticed that Zappos does this. It seems like no matter what shoes I like best, they always recommend that I ORDER NOW because it’s one of the last ones in my desired size and color that’s in stock.
- Add in altruism. Studies have shown that many consumers say they’ll pay more for a product if it supported a cause. It’s the “buy X and we’ll donate $ to a recognized good cause” pitch.
By influencing how people feel and think about your offerings, your marketing efforts can have an outsize impact on perceived value, and therefore the price that customers willing to pay.
CUSTOMER SPOTLIGHT: LEILA MORGAN
Leila Morgan is an energy healer, psychic and artist who works from a place of personal integrity and loving energy. Leila provides three services: energy healing, psychic readings and unique Soul Art paintings—pieces of art that are abstract depictions of a channeled message that is directly to you from your soul. As shown in the examples on the website that I helped her write, this means that no two Soul Art paintings are ever the same. Unlike the big online retailers she doesn’t have to make it seem like these items are scarce…they truly are.
Learn more about Leila at www.LeilaMorgan.com.