Value

I have been thinking a lot lately about value. What does it mean, exactly? Value certainly means different things to different people, but I think that we can all agree that shoppers are looking for value. If you have a home based business, it's important that you understand this concept and offer value to your customers. Essentially, value is what sets you apart from your competitors.

First of all, value does not necessarily imply "low price," although many people may think this at first. Just because someone offers the lowest price does not mean that they offer the best value. Let's do a comparison here. If you wanted to buy a tent for camping during the summer, you could go to several different places to shop. You could go to Wal-Mart or K-Mart, and buy a tent for $40 or 50. You could visit LLBean and buy a tent for $150 or 200. Now someone might say that K-Mart had the best value, but when you consider that the tent you bought there might not be waterproof and might be broken by next summer, while the tent from LLBean has a lifetime guarantee and keeps you dry at night, most would agree that LLBean offered the better overall value. So when considering what you are offering your customers, don't worry if you don't have the lowest price around. What you should be concerned with is whether your price is fair and reasonable for the product or service you are offering. For example, if your price is $10 higher than the competition, but there is absolutely nothing to set that product apart, then yes, customers are going to go with the competition!

Secondly, value means customer service. When customers shop with you or your company, are they having a great shopping experience? Is it easy and convenient? If they have a problem, it is easily resolved? How do you treat your customers? Again, this is about setting yourself apart from the competition. If you don't do anything different or above and beyond your competitors, customers may not have a reason to keep coming back to you. One thing I do for my customers is send them a thank-you card when they join. It's a small gesture and doesn't cost me much at all, but it sets me apart from other places they might shop. It's lets them know that they are valued! So find ways to show your customers that you appreciate them, and do it today!

Thirdly, value means that the product or service is important to the customer and that it works! What is it about your products or services that make them different or better than others? Do the products do what they claim? Or does your company make claims without having proof to back them up? Customers will only shop for so long before they start to realize that there is not a difference. So consider what you are promoting to your customers and determine whether there is something unique or different - something that your customers will need and want.

As the economy is currently in a slump, it is more important than ever to offer value. If not, you'll be out of business before you know it. I'd love to hear your thoughts on other things that provide value to customers, or what you are doing to bring value in your business!