You know that there is no value in saying, “Our product offers great value…”, right? The alcohol industry has this concept down to a tee. You’ll never hear an advert that says, “Johnnie Walker Private Collection Whisky, So valuable.. it will cost you an arm and a leg”. Instead, they show you visuals of successful gentlemen who follow a lifestyle that suggests value. Your goal should be to suggest what makes your product or service valuable without actually using the word value. The moment you mention the word value, you automatically sound like you’re lying. How many LinkedIn inboxes do you get that tell you how they have a valuable offer for you? And you never respond. Why? Because there is no value in saying the word value.
What is Customer Perceived Value?
In marketing, we define value as the difference between the benefits to a customer and the cost (Basically, Value = Benefits – cost). The moment the cost outweighs the benefits then they see no value. When a customer seems to be price sensitive it means there is a disconnect between what they believe they will benefit compared to what they will pay. The cost may not always be monetary, costs include the risk too, so don’t always assume the sensitivity is caused by a high price. Even a price that is too low can scare a customer.
Benefits can be tangible and so can cost when the customer is paying cash. However, value is definitely intangible. When someone tells you how they can add value by using the word value, your mind automatically goes into safety mode. It just sounds too good to be true.
Going back to the Johnny Walker example, their marketers know what the customer finds valuable. They don’t have to go out there and say they offer any value. For all we know, there is no actual difference between the cheapest Johnny Walker bottle and the most expensive. Perhaps the only difference is the bottle or packaging. But they have managed to brand each offer so well and appeal to the values of a wide range of customers. From the ones who want to impress a girl in the club or the ones who buy the premium product as a status symbol.
The moment you feel obliged to say the word value in your pitch, you should know that there is definitely something you are missing. There is no value in saying value.
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