How to Create a Value Based Brand
VICTORIA O. GARCIA
“Rock bottom prices on everyday items!”
Sound familiar? It might if you’ve ever shopped at a major retailer, but is it a slogan you are likely to use in your own marketing? If the answer is no then you are NOT a price-based brand. So why are you still acting like one?
Whether it’s a crisis of confidence or a competition mindset, creating a value-based business can be a huge struggle for the creative or service based entrepreneur.
VALUE VS PRICE – Creating value in your brand means having the confidence to charge what you are worth.
So how do you create a value-based brand that doesn’t have to compete on price?
First, understand that people are usually willing to pay more for a product or service they think will give them significant value. Take Lexus or BMW, for example. These high-end brands don’t have to compete on price because they understand the value their customers receive from simply owning their product. They are not just selling a high-quality luxury product. They are selling a status symbol.
You may feel like your brand is far and away from these luxury items, but the psychology behind their message easily translates into any value-based business model.
Providing the best quality or service often means not having the lowest price, and that’s okay.
Once you’ve accepted the idea of charging based on the value of your service instead of trying to compete with guys down the street, it’s time to communicate that to your clients.
Knowing your market and its needs, along with how your product or service meets those needs, is the key to providing value. It creates confidence which then helps you avoid compromising on price. You’re not negotiating. So when a client tells you that you are too expensive and so-and-so does the same thing for less, you might be tempted to offer a discount to close the deal, but remember that you are not competing with so-and-so. You know the value you provide and why you charge what you do.
Now that you know what value your service provides and you are confident enough to communicate it, there are several ways you can reinforce it in the eyes of your clients.
A couple great ways to do that are by telling your story and providing testimonials from other clients or customers.
Telling your story gives your potential clients a look into WHY you do what you do. It reminds them that your passion and enthusiasm for your service come from a deeper place. Providing testimonials can create a sort of social proof that their investment is worthwhile. If others saw value in your product, then it’s safe for them to accept that value as well.
But don’t stop there, much of the value you create in your brand comes from the personal touches you provide like handwritten thank you notes and personalized messages versus templates.
In the end, your unique value cannot be reproduced or exchanged for someone else’s, so why are you still competing with those who charge less? Create a value-based brand and don’t be afraid to charge what you’re worth. Besides… the truest axiom of business stands…You get what you pay for.
Providing value involves a balance of uniqueness, confidence and knowledge of your product or service.
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