Price is what you pay – value is what you get.
Warren Buffett, Chairman of Berkshire Securities
Deliver value that your customers recognize, appreciate and reward. If you want your customers to value what you offer – you must demonstrate that you value them.
Value implies trust so start by building trust. Always under-promise and over-deliver. Be known for keeping your promise and then some. Be honest. Never promise what you cannot deliver.
Don’t confuse value with cost. A product’s value is almost never equal to its cost. For example, your product might cost you $2 and you sell it for $10. The value to you is $10. The value to the customer will usually be more than the selling price. If it was only worth $10 to the customer then they have no motivation to buy. But if the value to them is greater than the selling price, they are motivated to trade their money for something of greater value. It may be worth $25 to the customer. Then they will gladly give up $10 of their money for the product. The more that value exceeds the cost of the purchase, the more the customer will want to buy from you. Always offer value that is...
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