Why it is important to instil values in products than price
The price of a product does not determine its value. The same thing can also be said otherwise. In the business world of today, we are often presented with items that are, more often than not, offered to us at an “amazingly cheap price!” This is normal. This is the world of buy and sell and the ones who sell “cheaper” are often the ones who gain more customers…in the short term.
Why only short term? Well let’s focus on popular companies that are as old as anyone can remember. Companies like Kraft and Hershey’s, Pepsi and Coca-Cola, and even Apple and Microsoft have never lost their share of their recurring customers yet they’ve always sold their products in prices that are deemed “not competitive” with how the rest of the world seems to be vying for. Whereas the products you see on TV, the ones in the window shopping network never really get their customers flocking to them despite the huge drop in prices and the “but wait, there’s more!” guarantee of benefits in their products.
It is simply for the reason that the older, larger companies have set up their proof on quality and value for money. And people almost always get the value for their money. And they are the most cost effective out of the others who sell items of lower quality for cheaper prices. The reason being is that these companies sell their value, their “benefit for the long term” rather than their affordability.
Sure, prices are often everything nowadays but when you look at it, when you really think about the long term of furniture’s life in your house, the food you eat, and the car you drive, you start thinking about the possibility of buying something relatively more expensive but will offer the most benefits with the least amounts of risk. What kinds of risks? Examples are risks in health, accidents, and shelf-life; risks in buying something “cheaper” but to have it only working for a few days or weeks; risks of having that product have an otherwise unnecessary, unhealthy, and sometimes unknown side effect in general.
To sell the value over price is as much as skill as it is a virtue. To give your customers the good quality service they actually pay for and to have them coming back to you out of good reviews is to sell value. To give your customers what they pay for only to have them lash out at you in the end is to merely sell its price. Selling your product, its effectiveness and long term benefits, is to sell its value even if the price at first doesn’t seem right.