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How can you use product differentiation to justify a higher price?

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If you want to sell your product or service at a higher price than your competitors, you need to convince your prospects that you offer something unique and valuable that they can't get elsewhere. This is where product differentiation comes in. Product differentiation is the process of creating and communicating the distinctive features and benefits of your product or service that make it stand out from the crowd. In this article, you will learn how to use product differentiation to justify a higher price and win more sales.

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Lucy Plant

Innovation Professional │ Sustainable Energy Strategy │Data for Informed Decision Making │ Energy Storage│ Energy to…
Ilham Adib

Account Manager Afrique chez HPS

1 Identify your unique value proposition

The first step to differentiate your product or service is to identify your unique value proposition (UVP). Your UVP is the core message that explains why your product or service is better than the alternatives and what value it delivers to your customers. To craft a compelling UVP, you need to understand your target market, their needs and pain points, and how your product or service solves them. You also need to highlight how your product or service is different from your competitors, whether it's in terms of quality, features, performance, design, customer service, or social impact.

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Lucy Plant

Innovation Professional │ Sustainable Energy Strategy │Data for Informed Decision Making │ Energy Storage│ Energy to Opportunity
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Identifying your product's unique selling points is a critical step in gaining a competitive edge and driving sales success. By knowing your product inside out, understanding your target audience, conducting a competitive analysis, and focusing on benefits, you can pinpoint what sets your product apart and effectively communicate its value to customers. By leveraging your product's USPs in your marketing materials, sales pitches, and customer interactions, you can attract and retain customers.

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Ilham Adib

Account Manager Afrique chez HPS
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La différenciation des produits est un atout stratégique majeur pour les entreprises qui souhaitent justifier un prix plus élevé. En effet, elle permet de créer une perception de valeur supérieure pour le consommateur, le rendant plus disposé à payer un prix premium.

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Louis Maurice Pierre OLOA

Chargé de développement commercial
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Soyez vous-mêmes, donnez le meilleur, vous serez unique, et à défaut d'être unique, vous serez pro et performant! être unique, c'est fermer des portes aux concurrents (et néanmoins amis...)

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Nymrod Confino

????@Teleperformance | No, we're not just a call center | Yes we're hiring | ???
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I would actually go the opposite way. Sure, knowing your product's best features and differentiators is important, but it's worth nothing if you're incapable of identifying your prospects potential hurdles and obstacles. Your prospect doesn't care about your amazing product and cutting-edge features, they care about their problems and how to SOLVE them. If you can identify these pain-points and explain how you can help solve them, then you got your prospect's attention. Pitching will come naturally, as a second step. "It looks like you're using ABC, do you also find XYZ to be an issue?" will generally work better than: "elevate your business with our state-of-the-art AI solutions"

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2 Communicate your differentiation clearly

The second step to differentiate your product or service is to communicate your differentiation clearly and consistently across all your marketing and sales channels. You need to make sure that your prospects can easily understand and remember what makes your product or service unique and valuable. You can use various methods to convey your differentiation, such as testimonials, case studies, demos, videos, infographics, logos, slogans, or stories. You should also use clear and specific language that emphasizes the benefits and outcomes of your product or service, rather than the features and functions.

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Nubis Diaz De Armas

Export Area Sales Manager | International Business Development | KAM Export
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Sin duda, mostrar con evidencias las principales características diferenciadoras son clave para generar un impacto en la memoria que pueda hacerle recordar con facilidad por qué tu producto/servicio es mejor. Para resaltar la calidad como elemento diferenciador, es muy importante proporcionar elementos tangibles como mostrar los componentes/ingredientes/sistemas que se utilizan, así como, hacer una comparación directa con otros productos similares para justificar un mayor valor. Un discurso claro respaldado en hechos/evidencias puede dar el "push" necesario para generar la oportunidad de venta.

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3 Demonstrate your differentiation with proof

The third step to differentiate your product or service is to demonstrate your differentiation with proof. You need to back up your claims with evidence that shows how your product or service delivers on its promises and meets or exceeds your customers' expectations. You can use various forms of proof, such as data, statistics, awards, certifications, reviews, ratings, or social proof. You should also provide guarantees, warranties, or free trials that reduce the risk and increase the trust of your prospects. By showing proof, you can build credibility and confidence in your product or service and justify your higher price.

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Ilham Adib

Account Manager Afrique chez HPS
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Il est important de noter que la différenciation ne se résume pas à une simple augmentation du prix. Elle doit s'accompagner d'une réelle valeur ajoutée pour le consommateur, que ce soit en termes de qualité, de fonctionnalités, d'image de marque ou d'expérience client.

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4 Align your differentiation with your prospects' goals

The fourth step to differentiate your product or service is to align your differentiation with your prospects' goals. You need to show how your product or service can help your prospects achieve their desired outcomes and overcome their challenges. You can do this by asking open-ended questions, listening actively, and uncovering their motivations, frustrations, and aspirations. You should also tailor your pitch and presentation to their specific needs and preferences, and show how your product or service can fit into their situation and context. By aligning your differentiation with your prospects' goals, you can create value and relevance for your product or service and justify your higher price.

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Ilham Adib

Account Manager Afrique chez HPS
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De plus, la différenciation doit être cohérente avec l'ensemble de la stratégie marketing de l'entreprise. Le prix, la communication, la distribution et le service client doivent tous être alignés pour renforcer la perception de valeur du produit. En conclusion, la différenciation des produits est un outil puissant pour les entreprises qui veulent se démarquer de la concurrence et accro?tre leur rentabilité. Mais pour être efficace, elle doit être bien pensée et mise en ?uvre de manière cohérente.

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5 Handle objections and questions

The fifth step to differentiate your product or service is to handle objections and questions that may arise from your prospects. You need to anticipate and prepare for the common objections and questions that your prospects may have about your product or service, such as the price, the features, the quality, the reliability, or the compatibility. You should also be ready to respond to them with confidence and clarity, and use them as opportunities to reinforce your differentiation and value proposition. You can use various techniques to handle objections and questions, such as acknowledging, empathizing, reframing, or providing examples. By handling objections and questions, you can overcome resistance and doubts and justify your higher price.

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6 Close the deal

The final step to differentiate your product or service is to close the deal. You need to ask for the sale and get your prospects to commit to your product or service. You can use various methods to close the deal, such as trial closes, assumptive closes, urgency closes, or incentive closes. You should also follow up with your prospects and address any concerns or issues that may arise before or after the sale. You should also thank them for their business and ask for referrals or feedback. By closing the deal, you can secure your revenue and profit and justify your higher price.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use product differentiation to justify a higher price?

1

2

3

4

5

6

7

1 Identify your unique value proposition

2 Communicate your differentiation clearly

3 Demonstrate your differentiation with proof

4 Align your differentiation with your prospects' goals

5 Handle objections and questions

6 Close the deal

7 Here’s what else to consider

Sales Prospecting

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How can you use product differentiation to justify a higher price?

1

2

3

4

5

6

7

1 Identify your unique value proposition

2 Communicate your differentiation clearly

3 Demonstrate your differentiation with proof

4 Align your differentiation with your prospects' goals

5 Handle objections and questions

6 Close the deal

7 Here’s what else to consider

Sales Prospecting

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