The Power of Value: Using an Unforgettable Experience to Support Your Pricing
Ever feel like you’re David going up against the retail Goliaths like Amazon and Walmart? We get it, those big guys seem to have it all – lightning-fast delivery, jaw-dropping prices, and return policies that feel like they came straight from a fairy tale.
But guess what? We’ve got a secret weapon that can level the playing field and give those giants a run for their money. It’s called the “out-touch” strategy, and it’s your ticket to winning the hearts of customers in a way that even retail giants can’t match.
So, how can we out-touch those big retailers? By creating value for our customers, create an unforgettable experience to support your pricing. In this article, we will dive into how your can leverage your unique strengths as small business owners to compete with the big businesses:
🌟 Step 1: Crafting Experiences Like a Pro
Hold up, you might be thinking, “But I can’t beat those prices!” Fear not, because as Marguerite Pressley Davis, our founder of Finance Savvy CEO, puts it perfectly in her interview with Entrepreneur Magazine: “Amazon does not provide an unforgettable experience; it’s simply a transaction that’s made easy and convenient.” Thus, your secret weapon lies in creating an experience that’s worth its weight in gold. Think about it – Amazon is all about transactions, but you? You’re about making memories.
From packaging that’s a work of art to follow-ups that feel like catching up with an old friend, you’re weaving a tapestry of delight that’ll have your customers coming back for more. Remember, it’s not just what they’re buying; it’s the experience you’re serving up that sets you apart.
💬 Step 2: It’s All About that Community Vibe
Imagine having a cozy chat with your customers every time they shop. That’s the magic of community, and you, my friend, are the wizard behind it all. Unlike the retail giants, you’ve got the power to connect on a personal level, creating bonds that last. Human touch!
In the age of automation, the human touch can be a powerful differentiator.
How can you leverage having a community to your advantage?
✦ Pay attention to the finer details that might go unnoticed by larger competitors.
✦ Handwritten thank-you notes, packaging that speaks from the heart, and follow-ups that show you truly care – these are the spells that leave an indelible mark.
💎 Step 3: Your Unmatched Value
Now, you have the unique experience with your own personal touch with an incredible community, how can you leverage these to craft an unbeatable value for your customers to support your pricing (which I refer to my Podcast Episode 2 as Value-Based Pricing)?
- Your knack for understanding the unique preferences of your customers and tailoring your offerings accordingly is pure gold.
- You know, those big corporations might have all the bells and whistles, but they can’t replicate the personal touch that you bring to the table.
- From those intimate workshops, retreats, and webinars you host to the warm and welcoming vibe you’ve curated in your community spaces, you’re not just making sales – you’re creating experiences that folks will cherish.
And guess what? These special moments don’t just justify your pricing; they actually form the heart of it. By shining a spotlight on the value of these one-of-a-kind experiences, you’re giving your pricing structure a strong foundation. So, keep doing what you do best, and remember that you’re not just selling products or services – you’re selling memories, connections, and a darn good time. Always think and ask yourself this question:
“What is the value I’m creating?” not “What do I do?”
What you do and the value that you create are two different things. Price is based on the value you create, not based on “what you do”. The key is to use the information about the value you’re creating to ensure you take more money to your bank at the end of the day.
Remember, your uniqueness, commitment to quality, and community-driven approach are your greatest assets. So, embrace the “golden age” of small and independent businesses, and show the world that sometimes, it’s the personal touch that can make all the difference to justify paying a higher price to do business with a small business!
Your community is your canvas, and the value you paint on it is what makes your business truly priceless.
We hope this article has inspired you to think about how you can create an exceptional experience for your customers, not just a transaction. By embracing your uniqueness, focusing on quality, and fostering a sense of community, you can truly set your small business apart from the giants and leave a lasting impression on every customer who walks through your door or website.
Remember, it’s not just about the purchase – it’s about the journey, the connection, and the memories you create along the way that will allow your products and services to communicate VALUE, and support your pricing. So, go ahead and infuse your business with your own special brand of magic. After all, in a world where experiences matter more than ever, you have the power to make each interaction a truly unforgettable one.