Whether you are selling a brand, product, or a service, the most important part of the sales cycle is the customer, and probably the ultimate goal for most business owners. What happens though, when your customers think or perceived your product as too expensive? You might think that lowering your prices, or increasing your marketing will do the trick, but this could just result in losing your customers’ interest or worse, losing the sale.
The best approach in this situation, one that should be considered from the beginning, is to elevate the value of your product or service, and brand. When a customer overlooks the price of a product or service, because of the benefits that impact them specifically, it is called perceived value.
This “value” varies between customers because everyone has different values and cultures. This technique helps to enhance the value of your product and make it worth so much in the eyes of others that the price will not matter. For example, luxury goods such as Cartier, Louis Vuitton, Prada or Rolex managed their brands equity and perceived value to command a high price tag, and they rarely have to offer discounts for their products.
Here are 4 simple ways to add value to your product or service: