”Price is what you pay. Value is what you get.” Warren Buffett
Friday: Big Money Small Change
What is value? Think of a time you received a great deal, was it the price or was it the feeling you had from purchasing.
I was listening to one of my favorite books (again) today, The Science of Getting Rich by Wallace Wattles. This is always a good book to “check-in” with, and I do every couple months. And I reached this important reminder…
You must provide more use value than cash value received.
Let’s break it down.
Use value that’s what you “get out” or benefit from the product. And cash value is what you pay. Think about a book. There’s paper bound together with ink on the pages. The cash value is the amount you pay, and often you are paying more than the price of the raw paper/ink.
The use value is what you get out of the book! Let’s say you read the letters on the page and it creates an idea that bonds you with your family, or it makes you $2,000. Your use value far surpasses the cash value you paid!
This is what you need to strive for in your business. When you determine how to compete with value you will never compete with price again. The reason is because your customers who are comparing business will choose yours because of your perceived value!
Look for ways to increase value and look for ways to market value. At our marina we historically wrote a suggested work order on every boat in our winter storage program. We just did it and would send out, unannounced. Now we market this service. It’s a huge value to our customers and it has raised our “use value” in their eyes.
Tomorrow… come back for my episode on “Try This”!
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Infinity Marketing Machine Daily Topics:
Monday – Character (Subject Matter Expert)
Tuesday – Content & Consistency
Wednesday – Midweek Motivation
Thursday – Infinity Customers
Friday – Big Money
Saturday – Try This!
Sunday – Week in Review