“Buy one, get one free!”
“You’ll ALSO receive these valuable bonuses!”
“Order today and we’ll throw in another complete set of Ginsu knives, absolutely free!”
The idea of added value is not new—those Ginsu ads from the 1970s are still a brilliant example of increasing the value of an offer to make it more attractive to the prospective customer. But, these days, value is more important than ever.
What Value Means Today
We all provide value in the workplace—either by the work we put 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 a promotion or even to keep your job. Likewise, a high-quality product or service 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, workers 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.
Many consumers 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 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 customers or 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 customers and clients.