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As a business owner, always try to add value instead of discounting your product to stay competitive. When you offer discounts, you are potentially decreasing your profit margins. Instead, create added value propositions all the way up and down your product or service line. A savvy customer will consider looking at a product that feels more like an investment than just an ordinary purchase.
Here are two ways you can add more value to your products:
Provide product demonstrations to your target customer
The more expensive a product or service is, the more you should focus on highlighting its benefits and quality. If you’re in the business of selling cars, you can focus on the amenities that a particular car may come with, such as: cruise control, four wheel drive, or extra airbags for safety etc. The price tag will become secondary when the right customer perceives the car as a valuable investment.
By increasing the convenience of purchasing and using your product or service, you increase customer engagement. A customer's general preference for convenient goods and services will greatly impact their buying decisions. Putting things in place that may reduce physical effort for undesirable tasks may drive consumers’ preference toward your brand.
Although you never want to run your business as if the most important thing is making money, you aren’t going to be in business very long if you constantly offer discounts. Know the value of your product or service and position it as an investment instead of an expense.
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