One really good way to create satisfied customers is to boost the perceived value of your products and services. You can then give your customers a lot of value for their money, and you can even charge more for your product if you want to.
Question is, how do you increase the value of your products and services? You can do it in a number of ways. Read on…
Offer a Valuable Bonus
A product just feels more valuable to users when it comes in a zip file as a package with other valuable products. For best results, be sure your bonuses are designed to work with the main product to help users achieve their goals faster, easier or better.
For example, if you’re selling a bodybuilding guide, then your bonuses might include a bodybuilder’s cookbook and a set of lifting videos.
Share Advanced Information
There are certain niches where people will naturally pay more for information. For example, in most cases customers are willing to pay more for investment advice then they are willing to pay for something like bowling advice.
However, even within niches there is some variability. Namely, you can usually charge more for advanced or expert-level information than for beginner-level information. So, if you want to charge more for a product or service, then be sure to aim it at the intermediate or advanced users in your niche.
Pick a High-Value Format
The way in which you share information has an impact on its perceived value. The scale roughly looks like this:
- Reports and ebooks have the lowest perceived value.
- Tools (such as checklists and cheat sheets) tend to be worth more.
- Courses carry a higher perceived value than other text products.
- Audios and videos are worth more than text products.
- Other tools such as software/apps fall somewhere in this range.
- Live events are worth more than audios and videos.
- Personal coaching is worth the most.
Point is, if you share the exact same information in a course or even a video (or a video course!), it will be worth more than if you share it in the typical ebook format.
On a related note…
Provide Your Product in Multiple Formats
A fairly simple way to further boost the value of your product and boost customer satisfaction is to offer a product in multiple formats. For example, your main offer might be a video course, and then you can offer the transcripts and the downloadable audio as bonuses.
And speaking of formats…
Create a Physical Product
As mentioned, the way you present the information matters. One other format to take note of is that physical products tend to have a higher perceived value than digital products.
For example, printing and shipping a home-study course will carry a higher perceived value than the exact same information presented in a text format. If you do decide to sell physical products, then use a print-on-demand format so that you don’t need to deal with any fulfillment issues.
Conclusion Plenty of new product & service creators think there is no way they can create a high-value product with a premium price tag. But as you just learned, it’s not as hard as you think!