Add Value

To grow your business or your career there has to be value.  Value, as well as beauty, is in the eye of the beholder.  It’s not enough to be of value, you must convey that value in ways others will understand, want what you are offering and are willing to pay for it.  Following are some ways to identify and convey your value or the value of your products.

Thought 1:  Missing.  If you’re having trouble coming up with ways to describe value, think about what would be missed if you or your products weren’t around.  What would people say if you took your products off the shelf?  If nothing comes to mind you or your products may not be perceived as valuable.  What would you want people to say if you or your products weren’t around?

Thought 2:  Pricing.  There’s an old saying, you get what you pay for.  The less you pay, the less perceived value there is.  Pricing can be tricky.  You have to keep competitive; however, unless you are selling a commodity which is solely based on price, being a low price leader will lead to bargain hunters.  Bargain hunters chase prices and generally don’t become loyal customers.  They’ll leave you for a better price.  Build your price based on the value of your products – their differentiation from other similar products.

Job seekers often sell themselves short.  I’ve seen many people wanting a new job and when asked about their salary requirements they mention what they are currently making and quickly add they would be willing to take less.  As long as you’re within the salary range of the position, employers hire who will add the most to their organization, not the cheapest candidate.  Be careful not to devalue yourself.  State your requirements and stop talking.

Thought 3:  Scarcity.  When there is plenty of time, products and people, there’s no sense of urgency and often causes people not to take action.  The time, products or people are devalued.  When people perceive something is rare, they are often willing to pay more or assign a greater value.  When you only have a few products left, or your services are only available to a few, this can create demand.  A word of caution – if the scarcity is made up, your customers will no longer trust you.  We have a rug store in our neighborhood who has had a sign for a closeout going out of business sale for the last five years.

Thought 4:  Ask.  Your perceptions are right on – however if they aren’t shared by others they won’t take you far.  Ask your current customers what they value about your products.  Find out from your current employer what makes you a valuable employee.  Collect what others say about you or your services.  Use their words in your messages to potential customers.  During an interview, share what your current employer has said about you.

Thought 5:  Create.  What value do others have that offer the same product?  What do other job candidates have that you lack?  Be brutally honest in your evaluation.  Find a way to be even more valuable than others in your market.  What ways can you outshine the competition?

What do you think of value?  What ways have your products added value to others?  How can you increase your value?  Leave you comments below.

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