Value - evaluating the true cost of a product or service

Often times a person’s perception of a product is formed as soon as they learn the price, like when they first see a product on the shelf of a store. And while their final decision to buy may be based on price, it’s more economical to base it on value, and that perception may differ for everyone. Value is defined as worth or importance; the adequate or satisfactory return on or recompense for something.

Things have value, or are of value, or are valued. Price is different. Price is defined as cost of something bought or sold; what a customer must pay for something. Value is more about what you’re willing to pay based on your internal voice.

Value is perceived benefits divided by price paid...

A price might be high, low or somewhere in between. What matters is whether or not that particular product or service is going to be valuable to you.

To test for value, ask yourself:

  • Will this help me to make more money?
  • Will it bring me more customers?
  • Will it save me time from doing the task myself?
  • Will this enhance my business?
  • Will it make my business more viable in the marketplace?
  • Will it help brand my business?
  • Will it make you feel more secure, happier?
  • In a year's time, would I be more likely to regret buying or not buying it?

For a company like Inspired 2 Design to deliver value to its customers, we must consider the "total market offering." This includes our reputation, our staff experience/knowledge, the product benefits, and technological characteristics as compared to alternative market offerings and prices. In this case, value can be defined as the relationship of Inspired 2 Design’s services to those of other companies/options for what someone believes is the same product.

The key to delivering high perceived value is attaching value to each service, showing the customers that what we offer is beyond expectation (it helps solve a problem, offers a solution, gives results, and makes you happy). Therefore QUALITY comes into play when considering value for a price. So what about the services we offer small businesses… one of which is Internet marketing.

Internet marketing is ultimately one of the most inexpensive forms of advertising when you break it down by cost per impression. A website lets companies reach a wide and varied audience for a small fraction of traditional advertising. The nature of the medium allows consumers to research their options quickly, giving business owners a fast turnaround for conversions. Your website's content and design must communicate your message immediately, it must be relevant and attractive enough to entice your visitors to click or call. This makes your choice of design/development provider even more critical, and increases the perceived value of the service that does the job well.

How do we add value? By being THE provider of quality, service and experience, with value and then tie it all in with authenticity. At I2D we believe that by offering our clients a promise of those key elements in EVERY project allows us to take the high road (let everyone else chase us there!). We believe that our clients receive a quality experience, true value, customer satisfaction, and successful campaigns!

On a scale of 1-10, how would you rank the value of your website to the success of your business? What could drive that number higher for you? How long do you expect your website to work for your business, and how many visitors do you expect to reach during that span of time? What, then, is the cost per visit? Per call? Per email inquiry? What is the true value of your marketing investment and have you been looking at it all wrong? We’re just adding some nibbles for your noggin’ to chew on until next time…