The more your customers feel like the winner when buying from you, the better they’ll feel about buying from you again. So make it a habit to bake a ton of goodness into whatever your customers get from you. Make them feel like what they bought was worth way more than they paid. And of course they should feel like it added so much value, they would have gladly paid a higher price.
In essence, you want them to feel like this woman.
- When I took out-of-town friends to Sabrina’s Cafe in Philadelphia, I was delighted when I realized the bill for three people for brunch came to less than $25. Not only was the food delicious, but we were also so stuffed from the humongous portions, we didn’t need to eat again for hours. No wonder there’s always a long line of people waiting to eat there.
- When traveling in India, my friends and I hired a private car to give us an all day tour through New Delhi, and to take us to see the castles in Jaipur, and the Taj Mahal in Aggra. Sure we could have taken public transportation, or rented a car on our own, but the value he provided in taking us where we didn’t even know we wanted to go, giving us additional background information, navigating the fast moving streets, and the convenience and flexibility of being able to move around at our own pace was totally worth the money we paid and then some.
- Making your customer feel like the winner doesn’t mean you have to devalue your product or be the lowest cost offering. It just means your customer needs to feel like what you gave her was totally worth every dollar she spent, and more. So even if you offer a high priced product, as long as your customer feels like they got a ton of value from it, then you’ve done your job.
- When you set your prices for your products, think of it in terms of how much value you are providing for your customers. The goal is to provide so much value for the price, that your customer feels that what they will receive is a deal they won’t want to miss.
Application for your business
- For your flagship product, write down all the things your customer will receive when they purchase it. How does this differ from the value offered by similar products at your price point?
- Brainstorm three ways you can add even more value to your flagship product while still making it a profitable offering for your customers.
89. Don’t be stingy