Updated: Oct 4, 2020
I heard it once said, “Cost is only an issue in the absence of value.” Think about that statement. People don’t complain because of how much they pay. They complain because they don’t get their money’s worth. You don’t have to lower your asking price. You just need to focus on increasing the value.
Let’s do a quick mental exercise.
Think of the service or product you are providing right now. If you are providing an experience, how can you make it safer or more comfortable? If you are selling a product, how can you add value to it? Can you increase speed of service? Can you make it more convenient to use your product? Find a partner company. What about bundling your services with other businesses to increase the overall value?
Spending this think time in a focused and intentional manner can really pay dividends in the long run because you are solving problems. That is what business people do. They solve problems then they sell the solutions to those problems. Thinking is the hard part. The planning, the doing, the hard work all contribute to the value. In the end, customers think, “I will pay to have this service or product solve my problem or at least help me in some way." When the service and/or product they paid for doesn’t solve the problem, the customer will realize the cost didn’t equal the value. So what do you do to fix it? You have to increase the value of the service in an exaggerated and apologetic manner. This is a loss not only in profit but in reputation as well. With the internet, reputation is everything.
To take preventative measures, increasing the value now will provide a much better and well-received first impression. Why? Who is the best marketing person you will ever know? Warren Buffet would say that your best marketing person is a “delighted customer.” This is a step above a satisfied customer. A satisfied customer will not complain. A delighted customer will brag about “finding” your awesome service. The best part? They want to do this! They are volunteering to support your business. This is no cost to you. They will bring family and friends to experience what you are offering. You can do it. Go for it!