No matter what product or service your business offers, the key to attracting customers and making money is providing real value. Value is anything that solves a problem, satisfies a need or want, improves someone’s life, or helps them achieve a goal. When you deliver genuine value to people, they will happily pay you for it. However, identifying what unique value you can provide, communicating it clearly, and getting paid appropriately is not always straightforward. Here are strategies for offering value from any business and ensuring you get properly compensated:
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Understand Your Customer’s Perspective
Before you can deliver value, you need to put yourself in your customer’s shoes. What frustrations, challenges or desires do they have related to your offering? What solutions are they actively seeking? What outcomes do they hope to achieve by purchasing from you? Listen closely through customer research, surveys, social media interactions, etc.
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Differentiate from Competitors
Look at competitors in your market and identify what gaps you can fill or how you can provide a better solution. Don’t just copy what others are doing. Find ways to put a unique spin on your products or services that tangibly improve on current options available to customers.
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Solve Real Problems Exceptionally Well
At its core, your business must solve an authentic and ideally significant problem for customers exceptionally. Invest heavily in quality – create the best possible version of your product or optimize every detail of your service experience. Never settle for being average.
Demonstrate credibility and establish yourself as a knowledgeable authority, not just another vendor. Share free educational content, offer consultations, speak at events, earn certifications, etc. Customers will pay premium prices for access to true expertise.
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Generate Demand Before Selling
Too many businesses start selling before stoking sufficient demand for what they offer. Use content marketing, community building, strategic partnerships, referral programs, free samples and other tactics to first foster a desire for the valuable solution you provide.
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Focus on Benefits Over Features
While features are important, customers primarily care about the end benefits of using your product or service. How will it improve their finances, relationships, career, health, productivity, status, etc.? Benefits should be the core marketing message.
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Add Bonuses and Incentives
Find ways to include free bonuses or incentives that amplify the value proposition beyond just the core offering itself. These could include educational resources, free trials, consultations, express shipping, loyalty programs, or premium support services.
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Test Different Pricing Models
Pricing is often an overlooked aspect of conveying value and capturing revenue. Test different pricing strategies beyond just set sticker prices – e.g. subscriptions, bundling, pay-what-you-want, tier-based pricing, etc. Match the model with how customers want to ideally experience the value.
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Get Creative with Income Streams
Diversify how you generate income by adding complementary revenue streams that create more value loops for customers. This could include physical products, digital products, services, advertising, franchising, affiliate marketing, events, etc.
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Stay Agile and Continuously Improve
Value is not static – customer needs and expectations continuously evolve. Always be listening and adapting your offerings, messaging, and business model. Regularly update products, add new service lines, phase out what’s outdated, and enhance your overall customer experience.
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Final Thoughts
Ultimately, providing immense value is the best marketing strategy. If you focus on solving customer problems better than anyone else, delivering quality, demonstrating expertise, etc, you will have no trouble attracting loyal customers willing to pay you well.
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 13th June 2024
chidiogo-akaelu
Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.
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