Thursday, 5 July 2012

3 Ways to enhance the value of your product

To grow your business, value creation must be a priority. SMEs must create additional values beside the primary function of their products or service.

Consumers buy value, and value is usually influenced by perception. Influencing the perception potential customers have about your product could be a means of closing the sale faster.

You may not always have the opportunity to physically enhance the value of your product or services when you are with the customer, especially when they are rejecting your offering. But you can change their perception about your product. Consumers are emotional, whenever they want to spend their money and often times, they don’t spend the money on the best products but rather on the products they perceive to serve their needs. They may not know what to expect from a product however, any product that create that emotional connection with their needs, gets bought.

There are 3 things SMEs must do to change the perception of consumers about their product, as well as enhancing its value.

1.     Always ask, what exactly do you want?
Before attending to a customer, one thing I do is to re-phrase their needs in my own words to make sure we are on the same page. For instant, a customer can tell you that she needs a cake. Cakes come in varieties, it is your responsibility to find out, what kind of cake, and for what occasion? Don’t always take consumers’ expression of their needs at face value; make enquiries to know to what extent the consumer knows the product they want to buy and why they want to buy.

2.     Educate the customer
According to Zig Ziglar, the reason that your potential customers keep rejecting your product is because they do have enough information about your product. All the consumer needs is additional information on while they need to patronize you rather than the competitors.
In providing this information, you can do a little comparison of your product and others by highlighting the best features in your product. Compare base on your competitive edge. Be careful not to condemn other products so the consumer doesn’t think you are trying to sell.

3.     Present more features
One major problem SMEs face is inability to offer more. The average consumer wants to pay less for more. They want you to answer the question, “What else can I get from your product beside its basic function?” So when they are reluctant to make a purchase, they have not seen enough values that can force them to part with their money. This is one need a consumer will not tell you about, but wants to have it.

If you want to close the deal with your customers, Always ask what they want and why, educate them on how your product can meet their needs, and then present the features of your product or service. The more you educate them about your product, the more value you are adding to it and the higher the chances of changing their perception about your product or service.

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