What Value do Customers Place on Services?
Picture this. You are sitting at the doctor’s office and he informs you that you need heart surgery ASAP. Then your spouse asks the doctor, “Are there any specials right now on heart surgery? Would it be cheaper to wait till the summer time?” There are certain things in life that you just don’t want to price shop, look for discounts or take the lowest bid. Things like if you need a heart surgeon, new brakes on your family vehicle, or a lawyer because you were falsely accused of a crime you didn’t commit. While it is obvious why, think about what they all have in common: the value placed on these services is extremely high and there is potential for irreversible damage. Which means in these circumstances you cannot afford to choose anything less than the best
*Related: Can you really Make Price Irrelevant?
What value are your Customers placing on your services?
How good of a job are you doing at creating value on the expertise and experience of your services? How well is this value articulated to your employees? Because the value your employees place is going to be projected to your Customers. Do you sell a commodity similar to your competitor or are you the premium provider? You need to make your Customers fear that if they choose anyone else, there will be irreversible damages. We need to educate our Customers that they cannot afford to go cheap. Many times the cheaper a Customer goes; the more it ends up costing them.
How do want your employees to respond to…
“I can get it cheaper somewhere else?” They get told that every day. What and how they say is a critical point in turning the person into a Customer. Too often when faced with that scenario, employees act almost apologetic, and start offering the Customer more, or even worse, they discount to justify the price gap. The problem is, your Customer-facing employees may not understand the true value of the services and products they are selling to the Customer. They need to be taught the difference between doing business with your company and anyone else. Things like the trust Customers have, peace of mind, expertise, quality of product, the guarantee, relationships built, and that doing business with your company is Zero Risk.
*Related: Am I a hypocrite when I say you should offer a price match guarantee?
Don’t dignify bottom feeders
There is always someone who can make something a little crappier and sell it a little cheaper. It is a cardinal sin to act as if cheap imitators are your competition and to play into their hands by reducing your prices. You are giving them credibility and decreasing yourself as the leader of your industry. If you feel your products and services are superior, then your prices should reflect that. Everyone expects to pay more when they are dealing with the best. When the best is similar in price to the rest of the pack, Customers get suspicious, and the perception of excellence disappears and you have a commodity
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