In this corner ... $$$$$ and in this corner ... VALUE!
It is critical that the product offers good ‘value’ and this is clearly articulated to potential customers. This may be a cheaper price to alternatives. However, this can be risky and tricky. Cheaper generally comes with leaner margins and a need for high volume while maintaining fundamental quality, experience and reputation imperatives.
More likely it is a higher level illustration of value via improved price bundling, an enhanced experience, higher quality and a superior reputation.
Price ...
... per unit compared with competitors (ideally you have none), price of the bundle of products you are selling and/or the ability to rationalise the price of your product against alternatives or what customers think is ‘good value.’
Experience ...
... is everything! Maximise the ease of purchase and enjoyment of planning, purchase and minimising the blockages and frustrations. Please no frustrations, and if there are, deal with them fast. And, make the experience easy to share with friends and family. Let your customers share the wonderful experience with those they love.
Quality ...
... is clearly illustrated as superior to alternatives. You may believe your product quality ROCKS, but if others do not know or think it RUBBISH … Oh man! Clear articulation of quality is key.
Reputation ...
... is strong and there is positive word-of-mouth, on-line and off-line. A poor product has a poor reputation. A good product hopefully has a good reputation. Everyone loves a good rep, a rep worth protecting.
