Here’s a quick marketing tip that can help you produce amazing sales results on an ongoing basis.
If you have read my blog for any period of time, you will know that I am passionate about the importance of pumping as much value into your products or services as possible. The marketplace is sick and tired of ‘average’ products and services – so when something comes along that represents great value, they LOVE it.
By making your offering as valuable as you can, you will never have to sell based on price again – even in a recession.
Apple Inc’s recession beating profits
For example, Apple Inc sells hardware that’s typically far more expensive than their rivals. However, their sales have grown impressively throughout the current economic recession. Impressively? Yes – Whilst PC sales have fallen during the recession, Apple Inc has posted record profits. Although Apple has great marketing, what sets it apart from its competitors is the value its products bring to the marketplace.
The good news is, small and medium sized businesses can use the exact same approach as Apple, to achieve great results too!
I have a client, who’s a UK based accountant and his company has experienced phenomenal growth during the past 18-months – a period where many good accountancy practices have really struggled or gone under. Accountancy Extra specialises in helping its clients develop their businesses and improve their profits; (rather than just processing columns of numbers for them and keeping the tax man happy). As a direct result, people have flocked to their services, rather than pay a similar or smaller fee for a more limited accountancy service.
Your prospective clients are attracted to value
The marketplace is attracted to value – The bigger the value, the more attracted they become.
Now, one way that many smaller businesses try and increase the value of their offering, is to lower their prices or fees. Whilst this can be effective, it can also drag you into a price war or what I call a race to the bottom. Additionally, we know from years of research that customers attracted to bargain basement prices, are the most likely to leave as soon as someone beats your price.
In my experience, it’s far better to find ways to pump massive value into something (like Apple do), and sell your offering for a great, value for money price, than to offer an average product and sell it cheap.
The most successful companies I know of, are always looking for ways to add more value to whatever they do. They say that; “success leaves clues,” and I believe the ongoing pursuit of genuine value is something we can all benefit from enormously.