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CEO Minute Article – Give More Value WITHOUT Breaking the Bank

20 Apr, 2010

CEO Minute Article – Give More Value WITHOUT Breaking the Bank

Give More Value Without Breaking the Bank

What Value Means Today

We all provide value in the workplace– either by the work our client puts in as an employee, or with the products and services we sell in our business. A good performance review may not be enough to guarantee our client a promotion or even to keep their job. Equally, a high-quality product or service we offer may not be enough on its own.

Value is in the eye of the beholder (consider how much more you might pay for an umbrella on a rainy day). Workers who are easy to get along with and reliable with assignments will be more valuable to their manager than someone who creates stress in team meetings and regularly misses deadlines.

Likewise, a product will be more valuable to a consumer if his or her favorite celebrity endorses it, if it’s on sale, or if it includes an added bonus.

At the same time, we are becoming desensitized to advertising; we’ve become wary of bonus offers, upsells and additions. We’re looking for authenticity; THAT is what we value right now.

Why Giving More Makes Sense
Given the increased competition in the job market, job seekers have to demonstrate their value to the company in order to get and keep their jobs, as well as to move ahead to higher positions.

When it comes to consumers, many are feeling strapped and worried and are guarding their purchases carefully. On the other hand, we’re in the midst of a virtual flood of sales offers (no shortage there).

Consumers are choosing the products and service they perceive to be the most valuable. You absolutely have to maximize the perceived value of what you offer. But, you also need to support yourself and your family. So what do you do?

Ways to Give More WITHOUT Breaking the Bank

  • Look for things you can add on to your products and services that won’t cost you much but are still very valuable, e.g., a special report, a downloadable e-book or companion CD.
  • Approach someone who has a complimentary business that serves your market, and ask him or her to contribute an additional product or service. It’s a win-win, since they get the exposure to your clients and you get the additional value for your offer.
  • Add to the perceived value of your product or service by including case studies and/or testimonials. Consider who might have the highest level of “social capital” for your audience. Generally, this will be someone whom your prospects can relate to as having similar challenges and circumstances OR someone they admire for having achieved what they are trying to achieve.
  • When you consider ways to amp up the perceived value of what you offer, put yourself in your prospect’s shoes. Is there something about your product or service that you take for granted, but that others find valuable? If you’re not sure, survey satisfied clients.

In this crowded marketplace and challenging economy, there are opportunities for the cream to rise to the top. Make sure you remind people of your value; why YOU are the cream!

Maria Hebda