Reason #7: You’re Not Communicating Value Properly
I've said it before and I'll say it again, pricing is only relevant in the context of value. As the person selling, the better you communicate value, the more you'll connect with the target audience. And the more they'll understand the value of what you or your products deliver.
In this short video we take a further look at what we're doing wrong and what it is that we need to focus on. Full transcript at the bottom of the page.
Communicating Value Properly
It's so easy to get stuck in what we know and feel comfortable with. That's why we can talk for hours about the cool features and functions our newest product has. Or about all the different types of services we offer. While these messages have their place, they're not attention grabbing. They're not rapport building. They're too factual.
Whenever we meet someone new both parties are to one degree or another, sizing each other up. Wanting to know or get an idea of what's in this for me. We're all ego maniacs in that sense. Whether or not we are aware or even want to admit it as some level, that's what's going on.
Something similar is happening when internet surfing, walking into a shop or talking to a friend about something they want to buy (the problem, desire or transformation). When landing on a homepage they want to connect instantly. Get an idea of what you or what you offer can do for them. How it solves that problem, achieves that desire or helps them with that transformation. The quicker you can give them a sense of that, the more likelihood they'll stick around to find out more.
Give Yourself an Advantage
Value communication is so important to your pricing because people can only understand "what it's worth" if they see the value. This is why sometimes when you go to a friend all excited about the new offer you've created they burst your bubble. They don't get it. Probably they aren't in your target customer group. But if you think they are then you need to reconsider your value communication.
Here's the thing most businesses struggle to communicate value properly.l. So, if you're doing well and your competition isn't. Or if you're doing it better than the competition then you've got an advantage.
It's Not About You, It's About Them
You always, always have to consider the value from the perspective of the target customer. It's tricky to put ourselves in their shoes and remove our own bias. This is why interviewing customers is so critical. Strive to understand "a day in the life" of your target customer. This is how'll you'll learn what the "real problem" is, what they really value and how to reach them most effectively.
Communicating value properly isn't that hard when you're focused on the right things.
Wrapping It Up
If you haven't seen the top 10 reasons you struggle with pricing go back and have a look here.
There's no time like the present to get on the right track. Find out more about ways you can WORK WITH ME.
Until next time...enjoy pricing!