Don’t cut price; add value!

Whether you’re in a new business or one that’s been around since the beginning of time, you sometimes need to rev up business.

I learned a long time ago cutting price is not always the best strategy to accomplish that. In fact, cutting price is a killer strategy because there is only so low a business can take any price.

Here’s the strategy I learned many years ago. It’s powerful today as it was when dinosaurs roamed Central Park. Instead of cutting price, ADD VALUE!

That added value doesn’t have to be expensive nor complex. It simply needs to deliver customers or clients with something they perceive as a value.

For example, way back when, I purchased a high-end European automobile. I didn’t need fancy transportation because I never drove than 40 miles a day. But that set-of- wheels surely satisfied my desire to be really cool.

The dealer had a simple way of adding value to everyone who purchased or leased from the dealership. They offered free car washes on Saturday.

Bring the car in, get in line, and enjoy coffee and a donut while you were waiting. Several service managers would walk among the vehicles waiting their turn and greet customers. It was a chance for the customer to ask questions about the vehicle or upcoming service.

Some Saturdays were a long wait because of the length of the line. But the bottom line was I’d always drive away in a clean, shiny vehicle.

Car washes aren’t the only place where businesses can add value. The best added values are those which consumers appreciate regardless of the price. Free giftwrapping. Free tickets to an upcoming annual car show. Buy one, get one free through Saturday.

Every business is different. But I believe every business can identify low-cost added-value premiums that clients and customers would appreciate as a thank you.

One final thought: Any business can add value that isn’t costly. It simply needs to be presented in such a way that the presentation to the customer is more important, special, and unexpected than the value premium itself. ?

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