Value Pricing: 5 Ways to Show the Value You Offer Your Customers

Got Competition?
You can bet you do.  Even if you didn’t have it a few years ago, you’ve got it today. Just search what you do…homeowner’s insurance…homecare…banking…any Google search will find an average of 298,000,000 results. Yeah…you’ve got competition.  So maybe it’s time to look into Value Pricing. It’s a way convince your customers that you offer the best value. Do you have an effective way to show value?

The answer…
…is by showing customers that you offer them the value they’re looking for.  Today, value is the forgotten element in marketing. Value is what your customer really wants.  Do you offer it?  Do your customers think so?  How do you make sure?

Tell Me More!

Value Pricing at work

What is Value Pricing? And why must you concentrate more on the “value” than on the price? Wikipedia defines it like this:

Value pricing a marketing strategy which sets prices primarily according to the perceived value of a product or service to the customer rather than according to the cost of the product – Wikipedia

Note that we’re talking about value, not price. What’s the difference?Warren Buffet sums it all up: “The price is what you pay. The value is what you get.”

Even the lowest price won’t sell your product unless the customer perceives value.

Value Pricing starts with what your product does for the customer

What makes your products valuable? What does it do for the customer or for the business that uses it? What’s its role, and why is it important? What did the customer do before your product? Does your product replace another way to solve a problem, or is it unique, solving a problem for the first time?

The first step in supporting value pricing

1. Tell them about your features. The first step in educating your customer about how valuable your product is can be simply reminding about all the features you’ve built into it.
2. Compare those features to the competition.  Talk about what’s new.  Talk about what makes your product unique.
3. Stress the benefits.  Customers don’t actually buy features: they buy benefits.  They need solutions.  Your product may be spinach, but customers (like Popeye) buy it for the strength it gives them.  They don’t drink Diet Coke for the taste, they drink it to look great in a bathing suit.  They don’t eat Greek Yogurt for the ingredients.  They eat it because it tastes good and is healthy.
4. Engage with your customers.  Find ways to start meaningful conversations with them.  Engagement is crucial in the age of social media.
   The Korn/Ferry Marketing Pulse Survey is based on  an online survey of 124 senior marketers. It found the top concern of CMOs is customer engagement (52%)
   But there are more ways to have conversations than just on line.  When’s the last time you started a meaningful conversation face-to-face, or more likely, on the phone?
5. Show your expertise: if you’ve “written the book” on a subject, you’re usually considered the expert in the field. The same holds true for articles or blog posts that you’ve written.  We all respect “Ted Talks” presenters, but we can’t all present them, but if you’ve led a high level seminar it’s pretty impressive.  If your customers don’t know about them, they won’t value them.  So tell them!

Giving your customer information about the value you offer isn’t rocket science.  But when your customer recognizes how valuable your product is to them, your sales may well skyrocket!

 

 

Related articles:

5 Reasons you need to show value to your customer

5 Ways to use Informer Messages on hold to show Value

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Marketing for doctors: which strategy will really help you?

Marketing for doctors has never been more crucial.  While the cost of healthcare in the US is continually in the news, less obvious to the general public is the rising cost of running your medical practice.  The obvious solution is to increase profitable consults, and today practices increasingly rely on “on line” marketing to help them.

Marketing for doctors can be expensive.  Does it work?

But online marketing is deceptively expensive: while Google research shows that 5% of all searches are health-related, digital spending to capitalize on it is increasing: the average cost for a healthcare “lead” is $286 (source: Hubspot).  So what’s the answer?

Even though consumers search for answers online, they’re surprisingly traditional when it comes to taking the next step.  In fact, 88% of healthcare appointments are scheduled by telephone. Prospective patients who do their research online prefer to call because healthcare is personal and private.  And people booking healthcare appointments want to speak with a real human (Sequence).  In fact, only 2.4% of appointments are scheduled online. (Accenture).

For specialists, nursing homes, physical therapists and chiropractors, consumers are most likely to search information and then call your practice. (LSA)

The evidence on marketing for doctors

The evidence shows that the most convenient and trusted way for consumers to contact healthcare providers is still the telephone. In fact phone callers convert 10-15x more revenue than internet leads. Calls are the most valuable source of patients you can have. (BIA/Kelsey)

So what can you do to win more patients, and book more consults?  Treat your prospective patient right:  32% of consumers say phone calls “are the most frustrating customer service” type, and 65% of consumers will change a provider over a single poor customer service experience.  (Digiday)

AT&T Research finds that more than 69% of business calls of all kind are place on hold for at least 45 seconds.  These callers placed on hold get bored and frustrated.  If left sitting in silence, 90% will hang up.  But callers listening to information on hold will stay on the line…up to 3 minutes longer, and you can accomplish a lot in that time.  In fact 1 in 5 consumers surveyed say that they have made a purchase or a decision based on the information they heard on hold.

What can you tell your callers on hold?  Give them information that they want, and that you want them to have…about your practice, your specialties, and your approach to their health.  Tell them about how you help patients, and what makes you unique.

The most cost effective marketing for doctors

How do you do it?  Informer Messages on hold are custom written Practice Marketing messages, designed specifically to reach your callers.  They’re planned with your goals and your patients in mind, and have a track record of success in your specialty.

How will they work for you?  Why not book a free 15-minute consult to talk about your practice, your callers, and achieving your goals. To reach your Informer Medical Practice Specialist click here, or call (800) 862-8896.

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Business Voicemail Greeting: is yours making the right impression?

Your Business Voicemail Greeting is one of the first things your customers hear when they call you, so it’s your chance to make a good impression on them.  That’s important: because you only get one chance.

In an article that appeared in Inc. Magazine, “science says that you have seven seconds” to make an impression.  We all we make these snap judgments in person…but we do the same thing every time we come in contact with others…like on the phone.

Business Voicemail Greeting and other recordings are crucial

Today’s business environment is increasingly impersonal: we learn about products on websites, we ask for information with “chat” and then ask for more help by phone.  And we make judgments fast: “It takes about 50 milliseconds (that’s 0.05 seconds) for users to form an opinion about your website.” The customers make the same snap judgment about your business when they call you.  Do you know what kind of impression you’re making when customers call you?

Business Voicemail Greeting quality

Malcolm Gladwell, in his best-selling book Blink, shows that our first impressions are quite accurate, and stand the test of time.  Your customer will judge you…your business, and your quality…”in the blink of an eye” so you’ve got to be ready.

Who recorded your business voicemail greeting?

If you’re like most businesses your Auto Attendant (main) greeting and your voicemail greetings were recorded:
– by you, or
– by your secretary (if you have one), or
– by the phone installer
That’s why most high quality PBX or VoIP  Phone services sound so bad: it’s not the quality of the system, its the unprofessional voice on the greeting

Professional Main Greetings and Business voicemail greeting

What kind of impression would you like to make on your caller?  Customers want to find the right business to work with.  Sounding professional will make the right impression on your potential customer.

So what do your telephone system greetings sound like?

Do you even know?  Why not take a moment to call yourself to find out?
You work hard to be professional and provide quality.  But is that the impression you make?  Does your phone system greeting sound like these?

Find out how easy it is to sound more professional.  And how that can help you sell more on every phone call.  Find out more by clicking here, or by calling 800-862-8896.

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