Season 1- Marketing Episode 3
Value· Value and what you can bring to your customers through your marketing.
· Building in value in your customers mind for your business.
· More than just the monetary value, you have to solve a problem.
· Don’t have the lowest prices! That is not value.
· Chick-fil-A builds in value through their customer service.
You want to serve the most needs economically.
· I have a bookkeeping business and I can’t serve every type of business.
· Find a type of client that you can do efficient high-quality work for.
· If you’re just starting out, don’t be discouraged if you only serve a small part of your market. If you’re doing it well, your customers will thank you!
· You still have to make a profit on your business.
· You may need to cut off some customers if you can’t serve them well.
· Don’t feel like you need to be everything to everybody when you first start in your business.
· Does your product last? How long is it supposed to be good for?
· Do your research on the quality so that you can meet the most needs economically.
· Does it satisfy a need that your customer has?
What do your customers value?
· Amazon Prime Example.
· Do your customers want to pay lower prices and don’t mind paying shipping?
· Do your customers value having free shipping and a quality product?
· Is there more value in your brand to have higher prices but free shipping?
What do we market to?
· Marketing to a client’s wants vs needs.
· You will be more profitable to market to a client’s wants instead of their needs.
· Form utility-usefulness that something provides simply by being present. Is it clutter or is it meaningful?
· Time utility-Can your customer get your items when you want it?
· Place utility-Can your customers get to your products at all? Website? Store? Etsy? How quickly will a customer get their products?
· Possession utility-Can your customer have your product put in their name?
· Psychological utility-Does the donor feel like their donation is bringing usefulness? Is it being spent well?
Think about the value that you bring to your customers and think how we can add more while we are marketing to them and influencing them that our company will help them!
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Christy Wright’s Business Boutique
Pensacola Christian College