When looking for products or service, we are always looking for value. We want to get the most out of our hard earned dollar. Your prospects are also looking for value. What makes what you have to offer a good value?
- Quality: First and foremost, the quality of your product or service has to be as good, if not better, than advertised. High quality will keep them coming back for more. If you don't meet or exceed their expectations, you don't have much of a chance.
- Price: Everybody loves a good deal but the value of your service will be a bigger deciding factor. Offering the cheapest price doesn't guarantee that you will have the upper hand. People will spend more if they perceive what you offer is a good value.
- Service: If quality and price are the same, then service is what will put you over the top. If store A and Store B are selling the same Television for the same price, service could determine who makes the sale. Perhaps one of the stores will offer free delivery or they will take the old television away, for no charge.
- Brand name: If you product or service is associated with a brand name, this could help because people tend to go with something they know. By branding your product or service, people will become familiar with you and will be more likely to do business with you. A brand name doesn't always equate to better quality but may be perceived as better quality.
I own two guitars that are almost exactly alike. Both are made by the same company but one is made in the U.S.A. and the other is made overseas. The overseas model was a fraction of the cost of the U.S.A model. Both guitars feel and sound very close. The U.S.A. one is slightly (and I mean slightly) better but the biggest reason for the difference in price is the name on the headstock. If you were to play both, blindfolded, you wouldn't know the difference. One is perceived better than the other.