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10 simple strategies to add value to your product
by Henriette Martel
Value as we discussed in the article
Value-pricing strategy: “We’re not the
cheapest but…”, is a matter of perception. Value is complex as there are many
criteria on which people assess it. These could be: convenience, visual or
auditory appeal, risk management, price versus benefits, peer recognition, etc.
As a starter, try these simple strategies to add value to your product:
- Benefits: People perceive value in a product that is multi-purposed. Display
a comprehensive list of benefits that solve a range of problems.
- Testimonials: What better proof that your product offers value than customers
raving about it! Choose credible sources and vary testimonials to cover the
different benefits of your product.
- Brand: Create and promote your brand. People perceive more value in a branded
product such as ‘Nike’ or a seminar with the 'Guru of Guerrilla Marketing' than
in an unknown brand or identity.
- Packaging: Choose colours and type of package that make your product look
more valuable. For example, a simple bottle of salad dressing wrapped in
cellophane and with a satin ribbon becomes a gourmet item.
- Price: Sell your product at a higher price than your competitors. People
usually associate higher-priced product with better quality.
- Bonuses: Add bonus products with their retail recommended prices so customers can
calculate the added value of your product.
- Affiliate program: Offer a financial reward for referrals so people can make
money from your product. From an expense, your product becomes a source of
income.
- Guarantees: A strong guarantee such as ‘100% satisfaction guarantee’
increases the perceived value of your product. It eliminates the risk of
potential psychological stress caused by post-purchase remorse or
dissatisfaction.
- Alliances: Publicise your association with a well-known personality or your
professional organisation. These affiliations increase your credibility and the
perceived value of your product.
- After-sales service: People perceive value in excellent customer support.
Provide an online database of FAQs (Frequently Asked Questions) and contact
details as samples of your commitment to after-sales service.
Let customers evaluate competing products and discover that you offer more VALUE.
© 2005 Henriette Martel
Henriette Martel is a website strategist and author of '200
Marketing Ideas for Your Website'. Receive a free ebook when you
subscribe to WEBmarketingcues, a free and valuable newsletter with
articles, reviews and resources to help you market your own website.
http://www.marketingcues.com
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