Improving your product’s perceived value
In a recent post about the Four Ps of Marketing, I discussed how you can use your email marketing campaigns to effectively promote your company’s products. If your product fulfills a need or want, has either niche or mass-market appeal, has a high perceived value and can be sold easily, your business has a higher probability of succeeding.
So what is perceived value, and what does it have to do with your product? Perceived value is what customers think your product should cost, or more specifically, what value they think it has to them and what they would be willing to pay for it. There are several ways to increase the perceived value of your product through your email newsletters.*
- Emphasize your product’s quality. You can do this easily in your email messages by highlighting certain aspects of your product that is unique or different from your competitors.
- Display success stories on your web site and in your online marketing materials. While information about your product is very important to include in your email newsletters, it’s only half of the battle. You can showcase your customers’ actual testimonies about your product on your blog, and use these positive recommendations to help recruit new customers.
- Tell of your top quality customer service in your emails. If you have a good product but can’t properly support it, your current customers may begin to not think so highly of company.
- Stress your product’s convenience. If your product is more conveniently found and can be sold more easily than your competitors’ products, there’s a good chance that people will buy from you first and become return customers. For example, at iContact, our customers can easily create and launch their email marketing campaigns in just a few steps. iContact’s features are both sophisticated and straightforward enough for people who are just getting started with email marketing.
Thanks for reading, and I’ll return at the end of the week with other tips about how to improve the perceived value of your product.
*Taken from Zero to One Million: How to Build a Company to One Million Dollars in Sales (McGraw-Hill) by Ryan Allis.