In a previous post we discussed how a culture of performance positions your company for better profits. We feel that an inward focus is the first and best place to start so that any externally facing improvements don’t set your customers up for disappointment. Additionally, you can be profitable with a well-performing company that has purposefully delayed the required investment to retool its image. Inevitably, however, the most profitable companies must tell their unique story. Existing customers will feel it and give you their loyalty, but winning new customers at a higher and more profitable price point will only come as you are able to convince them of the unique value that you’ll bring to their life.
As we discussed in our last post, there’s no silver bullet, but in this post we’re going to cover how to tell your story to be unique.
What’s Unique About Your Product or Service
You get in the heat of price wars when your product is in no way better than that of your competitors—or rather, it is perceived to be no better than that of your competitors’ products.
If you find yourself in this boat, your product may be better, but you and your customers don’t believe it. If your customers believed it, they’d speak up for you, right? If you believed it, you’d invest in telling your story online and in print, right? These are logical questions, and things you should sit down and really consider. Are you providing avenues through which your customers can relate their experience? Have you invested in your brand so that current and potential customers can feel the increased quality?
Paying the Price
Your customers will pay for what they think they are receiving. If your presentation Isn’t up to par with the quality of your product, you’re selling yourself short. If you honestly believe in your company and product, invest in future profits by looking and acting professional and distinguishing yourself from the pack.
One of the best-executed examples I’ve recently seen of a true match between perceived value and actual quality is the company Braven—a company from right here in Utah. I know from reliable sources that they had multiple hiccups with product quality and their image, brand, and packaging. But they stayed consistent to the vision that they wanted to tackle the higher-end of the portable speaker market to beat out Bose. If you’ve handled one of their products or purchased one, I would be incredibly surprised if you were to disagree with me in saying that you can feel the quality. The quality sound is there, but what sells the product is the high-end look and feel, and the seamless Bluetooth connection—all this led to a brilliant execution, significant profits for the company and a quick exit.
If outsourced CFO’s can feel the difference when they work with a company, your customers will be able to as well. Don’t take our word for it though, talk to your customers. Find out what they think and feel about your product or service. If you need help running scenarios to project potential ROI’s on investment into your product and brand, we are here to help.