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Dec
16

Hype or Value! Which Do You Offer?

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I once read that a “good offer is one where the value of the offer is greater than the price you are asking.”

Robert Cialdini, who has written much about the power of persuasion, tells a story in one of his books about two tailors and how they promoted value in order to get people to buy their suits.

The story goes something like this:

Two tailors owned a store that made and sold suits.  When a customer came in to the store… one tailor remained in the back room while the other greeted the customer on the sales floor.   They didn’t have price tags on their suits so the customer would have to inquire about the price.

There suits were around $20.00.  (That must have been during the dark ages.)

When a customer inquired about the price of a particular suit…. the sales man says, “Let me check.”  He then yells to the tailor in the back room.  “Hey Joe… how much is the gray pin stripe suit here in the front window?”

Joe yells from the back room, “The gray pinstripe suit is $30.00.”

The salesperson, pretending to be hard of hearing, tells the customer the suit is $20.00.

The customer quickly takes advantage of the error and buys the suit.

Now, this methods feels a bit manipulative to me.   Although it was clever, I don’t recommend it.

However… the story does prove a point.  The customer was persuaded that he was getting great value….  A $30.00 suit for $20.00.

Today…marketers are much more up front with their strategies by using the “Big Sale” to get us to buy products…. and it obviously works.  Folks sometimes line up in front of stores throughout the night to take advantage of an offer they feel is more valuable than the price.

Internet marketers play the game of:  “I could charge $200.00 for this but you’re getting it for $97.00.”  And it works.

The point is…folks want value.  Of course, they like to get a great “deal”.    But more important, customers want to feel that they got what they paid for and it was worth the price.  They don’t like it when they sense they were taken advantage of.

With so much hype on the internet,  I wonder how many people really feel they are getting the value they want and deserve?

Ask yourself these 3 questions:

Do you give value on your blog?

Is your content fresh information or truly inspirational?  Is it a rehash of what every other blog is talking about?  Even though your offering is free…. you are asking for your readers’ time and attention and they expect quality or they won’t be back.  Competition for time and attention on the internet is fierce so you must give the best value that you can.

Do you give value in the products you sell?

A product can be wrapped up in fancy, sales copy and promises but is shallow on the receiving end when it comes to value.  Big price…weak value.  Internet marketers that gain a reputation of over-delivering on their products get repeat customers… even if the price tag is high.  Remember… It’s not the price that matters…  it’s the perceived value of the product offered.

Do you recommend products that provide high value?

If you’re an affiliate marketer, promoting a product you haven’t purchased can be risky business.   The only way to be sure you’re promoting a product of high value is to purchase it and use it yourself.  Then it becomes a real recommendation from your experience.

There are product developers who have built a reputation for high quality products… in which you many feel comfortable in not purchasing the product first.  However,  you may be putting your reputation on the line when you recommend products you haven’t tried.  Be wise.

The boomerang principle is always in affect.  Give great value… and expect great returns in trust, loyalty and cash in your pocket.

Til Later,

Kathryn Griffiths

P.S.  I recently purchased a product that I found provides value way above and beyond the purchase price.  It’s called Traffic Dashboard by Kim Roach.  Wow… it’s one of the best traffic generating products I’ve ever seen and I highly recommend it.  Fresh new ideas not seen before.   It’s one of the best examples of over delivery for the price.

Technorati Tags: providing value, value marketing

Categories : Marketing

Comments

  1. Kathy,

    One thing I learned from my mother is that quality counts. We would make long trips to Salt Lake City to buy our school shoes and coats. These items had to last us through the school year. We purchased from the best stores even on her tight budget she was willing to pay for quality.

    It doesn’t take long to find who is promoting or giving extra value. Those are people I buy from again and again.

    I found Kims’ Traffic Dashboard in the exceptional quality category. It is easy to use, with excellent new ideas and resources. As always you are practicing what you preach.

  2. Kathryn says:

    Thanks Sheila

    And since we share the same mom… I remember those days.

    When I purchased carpet for my home, I could hear her voice telling me to “stretch a little bit” and get the best. Even after 30 years, my carpet looked almost new. The only reason I replaced it was because of smoke damage due to a fire. (They don’t make carpets like that anymore.)

    I, like you, am a repeat customer of those who offer great value. Some folks don’t learn that lesson very early on… and struggle to gain the confidence of their customers again.

    And… thanks for the compliment.

  3. HI Kathryn,
    Excellent points about quality and over delivering…I also liked that you mentioned trying products before trying to sell an affiliate product. I know that I also choose affiliate products based on how well I know the creator of the product. If the person has delivered consistent, high quality products and services…I find that I trust them.
    Warmest,
    Sheri Kaye Hoff

  4. Kathryn says:

    Hi Sheri,

    Thanks for your comment.. happy to see you here.

    I like being an affiliate to folks who have several products I can promote. Usually, if one product is excellent… the rest follow the same pattern. All of their products may not meet my particular needs but I don’t hold back in allowing others the option to buy. But… for the most part… I purchase all products first. Especially if they come through Click Bank.

  5. Hi Kathryn

    I always try to give exceptional customer service with my beautiful sourced products. If the person orders from my Etsy store and are regular readers, a surprise gift is in with their ordered products.

    On my small niche blog, I write conversationally and interact with my readers through commenting. Questions are answered promptly and if I can help them with any blogging challenges that I know the answer to, will email them with my reply.

    Patricia Perth Australia

  6. You always have such great stories and examples to share, Kathy. You’re tops in my book. 🙂

    Here’s the truth with absolutely no lip service (or buttering up) attached …

    I would not hesitate to purchase anything you recommend. I wouldn’t be a bit fearful or worried in the least. I’ve come to know you as an upfront kind of gal, a true professional who does her homework, and a genuine friend.

    Not once have I ever found anything that even remotely resembles “hype” here. You consistently offer value and more online marketers should take their cues from you.

  7. Over-delivering works wonders.

    As does making it easy for readers to achieve their own personal/business goals.

    Thing is, though… hype really does sell. And it’s maddening beyond belief. But it is possible to discover that fine line to talk….

  8. Kathryn says:

    Patricia
    Good for you. It sounds like you take excellent care of your readers and customers. I notice that the “Hype Gurus” can never be reached. For some reason their customer service never responds. Thanks for dropping by.

  9. Kathryn says:

    Melanie
    Thanks so much for your kinds words. I’ve come to meet many wonderful people online and I consider you to be one of my dearest online friends.

    I have found that there are many people on line with the highest integrity… but there are always a few that don’t represent themselves well. Eventually the cream rises to the top and I think that time is fast coming. Consumers will be the deciding factor.
    Thanks again Melanie.

  10. Kathryn says:

    Hi Barbara
    Sometimes it’s hard to determine hype from good salesmanship in the marketing materials.

    However, I call it hype when you received an inferior product when the sales page promised much more. I call it hype when you can’t reach anyone in order to received a refund. I call it hype when they send you two e-mails a day and call themselves wonderful. That’s when I click… “You’re gone!”

    Good to see you again Barbara.

  11. Peter J says:

    I wish i could find a better example, but one time my parents decided to get their old fridge repaired, and the guy said that it was one of the best decisions that they had made because old fridges are of far better quality than anything new; so it was worth the price to get it repaired.

    A fridge that lasts 20 years, which usually doesn’t happen anymore is an example of really overdoing the value that a customer gets. New products don’t often carry that guarantee.

    As you said, if you over deliver on a product then you are really giving them value, and that doesn’t mean selling something at the highest price will mean it will always work.

    Thanks for an awesome post, it really got me thinking 😉

  12. Fernando says:

    Yes Kathryn, you are right.
    At the end of the day, the person who will stand from the crowd is the one who is giving you valuable information and not just regurgitating what everyone is saying.
    But I also have to admit that hype sometimes makes you buy something and once you get home you are like “Oh My God, this is not as good as he told me, such a hype” Hahaha
    Happened to me.
    Hope to see you around Kath 🙂

  13. Kathryn says:

    Peter

    You are exactly right. High price does not always mean great value. On the internet… that’s hard to determine until you purchase the product. That’s the reason one must over deliver so the the customer feels there is real value. Cuts down on the refunds.

  14. Kathryn says:

    Fernando

    Thanks for dropping by. It’s sounds like you’ve been taken by “hype” before… a we all have at one time or another. I really try not to ask for a refund… that’s not a good business practice either… but sometimes the product is so bad… I have no choice. That’s only happened a couple of times.

  15. Tristan says:

    Great post, Kathryn.

    I think this sentence of yours sums it all up really well: “Competition for time and attention on the internet is fierce so you must give the best value that you can.”

    So true!

    And just think… If you’ve got a track record of providing exceptional value for free, it’ll be so much easier to sell a product! You readers/customers will say, “Wow, if she gives away so much great stuff for free, I can only imagine the value I’ll get if I have to pay!”

  16. Kathy Barber says:

    Kathryn,

    It is so true that people get excited when they realize value, and your tailor story shows that. I agree that there are writers who write words, and others who write content with substance.

    Great article, and point.

    Kathy