Author : Daniel Wadleigh
Establishing perceived value takes great effort when originating a market plan for a not-yet-accepted product or service. This must be done in as risk-free a method as possible. Once you get past start-up and have testimonials to "prove" your value, you can more easily get your price. Whatever additional "values" you offer above "Brand X", you must educate the clients as to your superiority in whatever way applies. Emotion (perceived value) inspires, logic justifies.Educate as to perceived value, document your claims, and, make an irresistible and/or risk free offer - the formula for success. Increasing your value means adding extra to what you are offering versus the "other guys." That can be warranties, extra services (especially ones that do not have high material costs) or throwing in an extra service or device that is useful - especially if it is unique to the market being served. For example, throw in checking the brakes, resealing something, double-checking something, or some add-on to a product. You will get more business and make more per sale if you do these things.The phrase "Resources Follow Results" means that you must validate the value of conducting business with you in order to stimulate response. To generate more perceived value, it's the emotional values that inspire. Merely describing the "features" of your product or service does not suffice; it's the "benefits" to the user that inspire action in your direction.Remember, Marketing equals:· Make the big benefit promise,· Document your claims, and,· Make as irresistible and/or risk-free an offer as possible, even taking some risk yourself.Losses are what the industry refers to as "marketing costs." The Strategic Planning Institute of Cambridge, Mass., after testing many variables, found that "relative perceived product quality" is the single most important factor in determining long term profitability, while "changes in relative quality have a far more potent effect on market share than do changes in price."Of the companies in the database, those that rated low on service lost market share at the rate of 2% per year and averaged 1% return on sales. Companies that scored high on service gained market share at the rate of 6% per year, averaging a 12% return on sales - and charged significantly higher prices! Give them more for the money or else give them more and charge more. The only time that price is an object is when it is definitely a case of apples-to-apples. Educate the customer base that yours is not the same and get the business and your price.Daniel Wadleigh is a nationally published marketing consultant and has programs for start-up and existing businesses including effective web sites, e-mail/database, other non-internet ways to drive them to your website, and low cost ways to get more new customers.Go to: http://www.more-new-customers.com to get free copy of "Marketing to Men vs. Women- the 8 different responses" and a Free copy of "Market Research- 7 Questions to Ask to Start-up and 7 to Ask to Improve Any Business."
Keyword : marketing,start-up,web creation,small business,retail,web hosting,grow profits,strategic planning
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