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!

What's Important to Buyers in a Recession?

Since we are in a recession currently, it's essential to learn what is important to buyers during this time. Many people think that price is the only thing that concerns buyers, but that is not necessarily true. I believe that the most important thing to buyers during tough economic times is VALUE. Why Value? Because people want the best product for their dollar. When you are pinching pennies, don't you want to get the most bang for your buck? So what constitutes value?

• A product that works and is reasonably priced. If a product is cheap but doesn't work, then it's basically a waste of money. But, if a product works really well and isn't overpriced, then it has VALUE.
• A product that has scientific proof that it is effective. In this day and age of juices, vitamins, pills, and lotions that are supposed to heal and solve health problems, etc, it is hard to weed through all the claims and find the legitimate ones. That's where the science comes in. Customers want to know WHY & HOW something works - not just some testimonial about it. The science behind the product gives it VALUE.
• A company that offers good customer service & guarantees. While I know that I can go to Wal-Mart and get a similar product that is offered at LLBean, I often go to LLBean because I know about their great customer service and their guarantee. Sure you might pay less up front at Wal-Mart, but if there's a problem with the product breaking down 5 years from now, you're more likely to get great service from LLBean. People VALUE being treated well and knowing that they can get their money back if they are unsatisfied.
• Loyatly rewards. Customers have a choice where to shop - if they shop with you on a regular basis, reward them! They will probably shop with you for the above mentioned reasons, not because of the rewards. But the rewards will be an added bonus and will remind them of the VALUE of shopping with you. And if you have customers coming back to you over & over, you're in business.

When you are working from home, it's even more important to offer value to your customers. And if you are considering starting a business, keep this in mind. Ask yourself if the company has products that work and are reasonably priced? Does the company offer scientific proof to back up their claims? What about guarantees & customer service? Finally, are there loyalty rewards that either you or the company will offer? Be sure to offer VALUE to your customers, especially in these difficult economic times.