Welcome back, everyone! As you may recall from last months newsletter, we discussed how your product is more than just a place, it will become the backdrop for your client’s most precious memories. Now let’s discuss the second “P” which is:
Seems easy – you know what your product is worth to you. But what is your product worth to someone else?
This component is not so much a number as it is a value and a value statement. Value includes the many facets of your product. In order to provide value, you need to know your own value. Speaking of value – do you know and communicate your values? Knowing your core values, what you stand for as a business and being able to effectively communicate that to your market increases your value.
Do you know the pricing and values of your competitors? How are you perceived by your competitors? Again, knowing the value of your unique product attributes allows you to strategically set a price that is sound within your market. Consider that every piece of information and messaging, either confirms or calls into question your value and price. For example, your website and the information on it, your social media, your communication methods with prospective clients, the buying experience you provide, your follow up or lack thereof – all either validate or invalidate your value and price.
I encourage you to take a look at your business with your “outside” glasses on. The glasses of a prospective bride or groom. What does your pricing structure say? Are you on the high side of comps? Can you effectively justify that based on the value you provide? It can only be justified if you know your value and values. It can only be justified if you are communicating your value, the unique offerings that set you apart from the company next to you, in the same segment of your market. If you deserve that fee – EVERYTHING you do should justify it.