Value Marketing: How Much Can I Give?
Let’s talk about value. If you're not providing value to your clients they're going to let you know and they're going to let everyone else know that they didn't get their money's worth from your business.
How Much Can I Give For What I Get?
There are many different ways of showing value, of making sure other people know that you have value. There is a brilliant saying from a guy that started up a hotel and an entertainment empire up on the Jersey Shore. His saying is “How much can I give for what I get?”
Think about that for a second. “How much can I give for what I get?” We think we're going to get a certain amount of money or we're going to get a lifetime customer or they're going to refer people --we're going to get value out of it. If you really think about it, what other things can I give to my customers to make them feel like they have had a wow experience that will get them to come back again?
How much more value can we give while still making a profit? Because profit is not a bad word. Sales isn't a bad word. How much can we give? But still, these people are getting more. And guess what? They're going to share that. If they're getting a lot of value, they feel like they are getting a lot for that investment of $1, $5, $100, or $500. And they're going to tell other people that's how you’re going to grow. It's based on value.
Value Based Marketing
This is value based marketing, it's very, very important. So, how much can you give for what you get? Obviously, you have to react to the market. You have to react to the economy. There's a lot of economic issues that you're looking at.
You might be thinking how many products can I sell? How many people can we get in the store? How much can we get them to spend? Of course we want to think that way. But if you flip it on its head and you look at how much you can give them for what you get, you’re going to get a lot more.