Have you ever felt the need to defend the value and price of your product and service?
If so, you’re not alone.
A few years ago I took a taxi home from work. On the way home the driver and I started a conversation, and that’s when he told me he doesn’t like to carry female passengers.
And what’s his reason for this bias toward female passengers?
“They always try to talk down the price,” he said.
“Really,” I responded.
In fact, one female passenger even tried to rob him by pointing a gun at him from the back seat.
“What she didn’t know was that I’m 7 feet tall,” the driver said. “I can stay right here in the front seat and knock you out.”
And that’s how the taxi driver resolved the situation of having a passenger pointing a gun at him, demanding he turned over his money to her. He knocked her out and dumped her in a secluded area.
How to Defend the Value and Price of Your Product Peacefully
In this article, I will show you how to defend the value and price of your product and service. And you won’t have to knock out anyone like the taxi driver had to do.
To better defend the value and price of your product and service, you’ll need to understand what it is your customer value.
As a marketer, you want your business to grow. You want to see results for your content marketing. You want to have something to show for all your social media efforts. And you want to show up on the first page of Google and Bing.
But instead of seeing results, you’re losing money. People are walking out of your brick-and-mortar location without buying. And your website isn’t holding them either.
Could it be they don’t see the value of doing business with you?
Or could it be you haven’t sufficiently defended the value and price of your product and service?
This happens when you fail to provide prospective customers with the emotional and logical justification for buying at your asking price.
So let’s look at a few ways you can defend the value and price of your product or service.
Position your premium product next to your less expensive option
Do you have a budget product or service? Providing you’ve fleshed out the features and benefits of your premium product, you can use a budget product to justify and defend the value and price of your premium product.
People are always comparing prices and products. Why not let them compare your premium product against your less expensive option. Of course, you’ll need to advertise the features and benefits of both your premium and budget product or service so your prospect can see the difference — and see why choosing the premium product would be the better option.
If you’re confident in the value of your offer, then you can certainly use price to your advantage. When you showcase all the benefits prospects get from your premium product, how it’s the right product to solve their pain, you’ll have no trouble using the price to justify the purchase.
Justify the Value with Price Comparison
Satisfy prospects who like to compare prices. Provide a price comparison of your product or service with competing products. And show how they’re getting a better value for their money.
This gives prospects a logical way of defending the emotional experience of buying your product or service.
Contrast Value with Investment
Let’s say you’re selling a program that teaches people how to do white hat SEO properly. You’re selling it for $200. And let’s say you have a webinar where you talk to prospects about the importance of white hat SEO to the survival of their business.
You tell them what they’re going to get out of your program – the many benefits. You also have a Q and A session so prospects get their questions answered.
Here you’re providing them with education. There is value in that.
On top of that, you offer one hour of free-phone consultation to everyone who buys the program. And you offer to look at a webpage they wrote following your teaching.
This is called a bonus. No doubt you’ve seen TV infomercials where you’ve heard the presenter say, “But wait! When you order, you also get…” And he adds on bonuses. Same idea here.
You could even tell them how much it would cost them to learn this at a marketing conference.
When you compare all they’re getting to the $200 you’re asking for a program that’s going to get them to rank high on Google and Bing and bring massive qualified prospects to their website … alternatives like going to a conference can’t compare.
This program is a bargain.
Demonstrate the value of your product or service
In order to be successful in your business, you must demonstrate the value of your product or service to prospective customers. Many customers know they are in need of your product or service, but they don’t understand the value of fulfilling that need.
This is your opportunity to help your prospective customers realize the importance and value of fulfilling their needs. This is where you demonstrate the value of your product or service and make it easier for them to make the decision that solves their problem.
Say you’re a landlord looking for an oil company to deliver oil to your home on a regular basis. One oil company tells you “We’ll deliver your oil whenever you call us for the best price.”
The other oil company says “We’ll deliver your oil when your oil tank reaches a certain point. you don’t have to call us. We’ll monitor it for you at no extra cost to you. That way you never have to worry about you and your tenant not having heat or hot water because you forgot to call us.”
When you deliver optimum services, you can make price irrelevant and you’re better able to defend a higher-priced product or service.
If you’re this landlord, which oil company would you go with? When you understand what people value, you strive to fulfill it and you’re better able to defend the value and price of your own product or service.