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Shifting Your Thinking from Price to Value
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Lisa J. Smith, the CEO, and founder of SMITH Co., a sales consulting firm focused on modern midsize B2B businesses, is joining us today to review and discuss Shifting Your Thinking from Price to Value. Hello, and welcome to the Coffee & Hustle podcast.
Can you share your experience and background with Smithco with our audience? Our topic for today is shifting your focus from price to value for your business. Would you say this approach is beneficial even for a new business? And how can you apply this concept if you're already established in your industry? It's worth noting that the latest data from the U.S. Bureau of Labor Statistics (BLS) shows that 1 in 5 U.S. businesses fail within their first year. Can you discuss the advantages of value-based pricing?
As a business owner, it's crucial to establish your brand and vision. However, it's equally, if not more important, to view your business from your customer's perspective.
What is a good value pricing strategy? It's when businesses offer products or services at reasonable prices, providing customers with the best value for their money. This approach combines quality and affordability, making it appealing to cost-conscious consumers.
Which is more critical: value or price? How can you demonstrate your value to customers? It's essential to evaluate your pricing value regularly. You must shift your business mindset to focus on value instead of price. How can you convince your clients to do so?
How do you know if you're undervaluing your products or services? In my experience, small and medium-sized businesses often concentrate on the perceived benefits of value and pricing their products or services lower than their competitors.
When using three modes of persuasion, what are they? Ethos involves demonstrating that your business is credible, reliable, and relevant. Pathos inspires an emotional response, whether positive or negative. Logos is the logical reasoning of why a consumer should choose your company.
In my opinion, balance is crucial. If a customer perceives a product or service as invaluable, then purchases based solely on having a quality product at the lowest price become infrequent.
Thank you for sharing your knowledge on this topic and for tuning in to today's episode of Shifting Your Thinking from Price to Value on the Coffee & Hustle podcast. See you next time.
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