Posted by Lee Mulberry on Nov 03, 2016 in Executive Leadership
Everyone in business is there for a reason, typically if it is just to make money the business does not last. However, if you are in business to provide a great service or product because there is a need that you can solve – the business has a much better chance of survival.
That said, people do not buy products or services – they buy solutions to their problems. Today’s marketplace gives most shoppers an unbelievable number of options, so many that it is difficult to determine who they trust and with whom they want to do business. When your marketing efforts are centered around why you are in business and what you believe it is easier to truly connect with the prospect.
People like to do business with others that share similar values and beliefs. Values and beliefs are emotionally driven thoughts that have a much greater price elasticity than logically driven thoughts. Think about how many times you have paid more for a product because you liked or wanted to do business with that particular supplier. Why did this happen? Most likely because you were/are emotionally attached/attracted to their values and beliefs.
When a prospect truly believes that you have their best interest at heart an emotional connection occurs. This connection typically results in loyalty and a feeling of confidence that they are getting a good deal – even if it is at a higher selling price.
Northern Star Bottom Line: There are many examples out there of companies consistently able to command higher prices. A little investigation shows that these companies market and sell what they believe and make emotional connections with there customers.