The 8 Marketing Principles You MUST Know To Make Your Business Soar - Part 5
by Michael Ross
"A real decision is measured by the fact that you've taken a new action. If there's no action, you haven't truly decided."
This continues on with marketing priciple number 2 - Give your customers their 5 basic wants.
Customer Want No. 3. Give Your Customers Value For Money.
Value is simply giving your customers more than they paid for.
The value might be real or perceived, it doesn't matter which, just as long as your customers get the feeling they are getting more for their money. Have a look at this example.
E.g. Most music is now bought on CD rather than tape, even though the CD is more expensive. Yet the duplication costs are very cheap, and very close together in price. But perhaps what's even more interesting is that the retail price doesn't differ by the same amount as the production costs do. But everyone is willing to pay more for the CD because we perceive it to be worth more, and of better quality.
Value and quality often go hand in hand
When you make your product appear more valuable you can ask a higher price for it. But keeping the price the same will result in more sales because your customers think they are getting more for their money.
Just look at the modern car. Now when you buy a car you get - power everything, air conditioning, airbags, tinted windows, headlight protectors, even colored stripes down the side. By having all these extras the manufacturer can justify asking a higher price. They simply dress the car up to appear more valuable and customers buy.
You should do the same.
Make your products appear to have more value, and to be
worth more than you are asking for them, and you
will increase your sales.
You'll make a lot more money because the cost of the extra item will be consumed within the extra profits you are making. You might even like to charge more when you add the extra item to cover your increased costs.
Why don't you try it. You'll see that . . .
making your products appear more valuable, and worth more, will increase sales
Try this, it works!
May the success you achieve be a direct result of the effort you put in!!
Miros Designs Marketing
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