Have you ever been to a business where you were offered a little extra something at just the right time? A place where there was special consideration of not only your rights as a customer but your comfort, joy, or even your ability to have a little rest from the usual way of doing things, or maybe even a little fun? It’s the unexpected, often inexpensive extra. It can be as easy as replicating the random prize in the order box, or it can be as little as taking extra care to remember a name, a welcome message around their appointment time on in-house displays, a customer ‘anniversary’ gift in e-commerce stores, or even a personal follow-up call. The joy a customer feels when that little, non-transactional treat arrives will remain with them and attach to their estimation of your value.
These are only a few of the qualities that increase a customer’s estimation of your product’s value. The takeaway here isn’t just that there are things you can change to make your customer want to pay more on an individual basis, but also that the reasons your current customers stay with you may not be primarily price based in the first place. Test the waters, ask trusted customers what keeps them coming back to you, and what would make the experience of buying from you better. If you do find that cost-focused customers dominate your mix, ask yourself why you are attracting them. Is that the strategy you want to pursue long term? With customers that are willing to buy on relationships built on other factors, do you even want to build your company on cutting costs? Is it profitable to stay permanently in this place, or is it time to prospect for the kind of customers that will grow you out of the race to the cheapest possible price?
No matter what your feelings about value and pricing are after reading this, take the time to evaluate your assumptions. If they aren’t based on hard data or survey answers, think hard on where they are coming from before you let them rule your business. Emotions should be a tool we can use to build our businesses’ value, not an impediment to evaluating our worth.
Source: Erich Campbell