Product Worthy | The Necessity For Creating Your Product Worthy
Product worthy : The market is a highly competitive environment. Everyone strives to give the best products at the best price. But why do consumers end up buying Nike shoes instead of common sneakers? Or what leads them to order food at home instead of going to the restaurant itself? The added value for your product is an issue that goes beyond the name or brand.
If the service or product responds to benefits for the client, it will differentiate itself from its competitors and improve the price-value relationship.
The Importance Of A Multicultural Profile
Increasing the added value of products is the best way to reduce the incidence of price in the purchase decision. In this way, price differences can be overcome compared to similar cheaper products, while customer loyalty is achieved by finding benefits that the competition does not offer. In addition, the brand and company will be provided with personality and unique differentiating elements.
How Can I Know The Added Value Of My Product?
The first thing is to know the product itself, its physical characteristics, the benefits it provides, and the needs it covers. Likewise, it is important to know the public to which it is directed; what do you like, how, and why. And finally, do a post-sale follow-up to check if the customer’s expectations have been met and how the purchase experience has been. Feedback will help improve and increase added value, and with it, sales.
Modifying the added value will depend on the company itself and the marketing direction it decides to take. However, from the School of Business and Management we propose some elements that you can work on:
Offering a unique product for each person is a way to attract customers. You can distinguish the customization for the client, so you can choose the features that suit your tastes and needs. Starbucks customized the pickup of its products, and other businesses have adopted the practice. On the other hand, many choose to focus on the figure of a famous character. Knee or McDonald’ have launched products on the market designed by renowned chefs.
Prestige and experience:
If the cost of your service or product is high, as in the case of lawyers or doctors, you can make the value reside in the experience of your business or of the professionals that form it.
Many customers are unaware of the product they are going to purchase. In the case of banking or legal entities, they can choose information as a differentiating element. The explanation and transparency of your products can influence the purchase decision.
Knowing the customer’s way of consuming is very relevant. The collection and delivery of products, installation, repairs, or deliveries can become keys to the success of a company. For example, JustEat has been able to adapt to technology and home delivery with just one click on the Smartphone. For its part, the MyTaxi app has reduced waiting times and personalized the use of this means of transport. In addition, companies can create their own account and receive billing at the end of the month.
Some inexperienced customers prefer to receive help in the physical store, while others see it as an inconvenience. Customer service, shopping platforms or payment methods can make your brand stand out.
It can be contradictory, but adapting the price of your products and services to the evolution of the market can increase the added value. Thus, MediaMarkt offers the same as the competition but, as it says in its advertising, it does so at the best price.
Whatever the added value of your product, do not forget that it is impossible to please everyone since what adds value to some will only increase the price for others. The important thing is to know your business, your product, and your audience.