Being in sales, we often throw around the term “value” and what that means to anyone looking to make a purchase – whether it’s for services or for products. You often hear people say “the value far outweighs the cost.” Other times, you will hear the word value describing a nothing more than a lower cost. Confusing isn’t it? Well, to provide my take on what value really means, I’ll describe a few personal observations related to my own purchases.
In the world of consumer technology, I have slowly become a fan of Apple products. You can say a lot of things about Apple, but you can’t say their value proposition is to leverage the “we cost less” model! So why has Apple been so successful at selling products that cost more than what the competition offers at lower prices? The easy answer is Image, Stability and Emotion.
From the Image standpoint, Apple has done a tremendous job of taking a quirky company that made somewhat awkward products into the forefront of technology innovation. Giving themselves the image of being the innovators in the personal device market has propelled them to be the experts in this field, at least from a sales volume perspective. A few years ago, if you were a lover of Apple products, it was assumed you were a graphic designer. Now it’s just plain cool to own as many Apple products as you can.
From a Stability standpoint, in most cases, Apple products just plain work well. That, in itself, provides a huge amount of value to me.
Lastly, from the Emotion standpoint mentioned earlier, good looking products, apps and stores just make you feel better about spending more money on a product that does basically the same thing as a number of other products in the marketplace can do. So does the Value of Apple products far outweigh the cost? In my opinion they do.
So how does this play into the success of your business or organization? Unless you base your only value proposition as being the lowest cost option, then you need to take a look at the Image, Stability and Emotion your company conveys to your clients and prospects. Make sure how you are positioning your Value Proposition aligns with your organizations mission and goals.