Value is different than price– Think about this: In economics, supply and demand is a very helpful economic tool to determining price. Yet, price is not determined by value; it is determined by the intersection of supply and demand. To be highly successful, one has to be able to create demand! Unique value can create demand. When contemplating value, consider what Guy Kawasaki, Silicon Valley venture capitalist and American marketing specialist, claims as one of the greatest lessons learned from Steve Jobs:
- If you offer something that you may think is valuable, but not unique, you will be competing on price
- If you offer something that is not valuable, but may be unique, you own a non-existent market
- If you offer something that has low value and is not unique, no success realized
- BUT—if you offer something that is valuable and unique, then $$$
Lesson Learned– Create demand for your product and business, by creating unique value! Ask yourself how you can make what you offer unique. (i.e. type of product offering, the service being offered, the way the product is made available or delivered, packaged, the need is satisfies, etc.). However, also remember that customers do not always know what they “need.” Henry Ford, who was a visionary and innovator, said that if you asked people what they wanted before he invented the automobile, they would have asked for faster horses.
What is your unique value that you can offer? ~ Create your demand!
Written by Sabrina Pack-Professional Marketing Consultant