The Importance Of Stressing Value In A Tough Economy

value in marketing

Stress Value In Tough Times Not Price!

Whatever you do, don't make the mistake of thinking that the right price for tough times is the lowest price. Price becomes secondary during hard times; people are searching for value. If you offer customers great values -- in the form of more durable products, more encompassing services, or long-term economy, you'll earn higher profits than if you target your marketing solely to skinflints.

 Tough times require superb values. And that's what guerrillas offer.

If you're truly a guerrilla, you'll also eliminate any perceived risk of buying from you by stressing your money-back guarantee, your liberal warranty and your deep commitment to service. Mention the names of others who have purchased from you.

A word about guarantees: the longer yours is, the more profits you'll earn. Offer a one-month guarantee, and some people will return your offering and ask for a refund. Offer a six-month guarantee and fewer people will make returns, thinking there is no rush to do it. Offer a one-year guarantee, and the number of returns drops even more.

Now, wrap your mind around offering a lifetime guarantee. If you do, more people will purchase from you, figuring that a lifetime is a very long time, but because of zero pressure to return what they've bought, hardly any will return it.

The net result to you: more sales and fewer returns. Meaning: the longer the guarantee, the more profits you'll earn.

Do you sell a high-priced product or service? It seems that a high price will be detrimental to you during challenging times. But just the opposite is true. If you offer high-priced items, use those tough times as a selling tool. Explain to people that during a rugged economy, it is crucial not to waste money. Therefore, they should protect their money by spending it wisely and not making a mistake. Mistakes can be financial disasters during a down economy. Makes sense, doesn't it?

Still, in any economic situation, every guerrilla knows that the number one factor influencing purchase decisions is confidence. And the road to confidence is paved with credibility.

Having the lowest price won’t help you much if your prospect doesn’t trust you in the first place. Offering the widest selection and the most convenience won’t aid your cause if your prospect thinks you’re a crook.

You’ve got to face up to the glaring reality that prospects won’t call your toll-free number, access your website, mail your coupon, come into your store, visit your trade show booth, talk to your sales rep, talk to you on the phone, or even accept your generous freebie if they aren’t confident in your company.

If you'd like to speak to Bruce and the Team about 'Your' Marketing Apply for a Complimentary Strategy Call where we'll conduct a Marketing Audit for You.

 

About the Author

Bruce Doyle

Global Business Coach of the Year Hawaii 2003, Author of 4 Business Books, Entrepreneur and Founder of UnlimitedBusiness.com

Bruce has worked with 1000's of Business Owners over the past 20 years plus he's owned and operated over 30 Businesses across a range of industries. His focus is teaching business owners how to dramatically GROW PROFITS and GET MORE FREEDOM IN THEIR LIVES. 

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