Many businesses start creating products or services in order to create money for the company. That seems to follow the logical steps, right? But what if you could increase the revenue produced by five or even ten times the amount your company currently makes? The following process is what many Fortune 500 companies use to do exactly that…
The process itself is quite simple, but takes a while to wrap your mind around simply because of the way human beings are wired. We go through life living it, but rarely are we self-aware that it is actually happening.
Take for example a car that is your daily driver. If that car were to break down, what would you do in order to get to and from work? This would prove to be an urgent need on your list of things to do. You would probably get the car repaired that day, and you would have to swallow the price because the car proves to be an urgent need in your life.
You have a huge list of things you need to do, but why did the car jump to the top of the list when it broke down? The answer is the value that is placed on that car every day. When something happens to it that makes it undrivable, it also prevents you from living the life you currently live.
This same technique can be applied to your products or services.
The key word is value. And to be more precise, we are looking to create value with the customer or prospect. Most companies put emphasis on selling a product in order to create profit, and while this might work, it diminishes the results that could be produced exponentially.
However, if you instead choose to create value from the products you sell to your customers, the rate at which those people will buy will greatly increase. Because you position your product with a purpose that will create value in their life, their need or desire jumps through the roof. And this is true whether they actually need it or start to believe that they need it (when it was just a ‘want’ before).
It is false to say that this can only be applied to services where there is a true need that has to be fulfilled. If that were the case, then companies who sell luxury items would not be even a fraction as successful as they are. You can position a product which is only a want into a need by creating internal desire, and that comes from placing value on it.
Logically, a two thousand dollar handbag will perform the same functions as a 30 dollar handbag… But the desire turns that want of status into a need.
By placing value on your product or service, you position your company to stand out from the rest, which not only increases revenue, but creates loyalty. And as we know, customer loyalty is by far one of the most important assets a business can have.
If you’d like to learn more about how to create value in your company to drive long-term success, add your name and email into the box below, and I’ll personally reach out to you.
Here’s to your success,