Are You Selling Pennies, Dollars or Value?
Are You Selling Pennies, Dollars or Value?
Casinos have gone from a value business model to a transactional business model. This change has dramatically affected their ability to increase sales because now they have to literally invest more in salaries, facilities expenditure outlays to realize the same amount to less in revenue.
Other businesses have taken the opposite route to increase sales. Wal-Mart with its low price has expanded into grocery and upgrading some of its less expensive lines. J.C. Penny is another business that has figuratively taken the value over penny approach. Seeing the dissatisfied customers from Macy's, this retail giant has upgraded its clothing lines, expanded its fragrances and continues to add value through its customer loyalty program.
Imagine for a moment a clock and at the top is where you have the most value. As companies engaged in transactional business, the hand moves counter clockwise away from the 12 number and decreases the value being offered. For the companies that are leaving the transactional business model, they are moving clockwise closer to the stroke of noon because they are increasing their value.
The leads to the question how do you sell value and not become a transactional business if you want to increase sales? To answer that question means that you must know the results that you have delivered for your customers and potentially even their customers. For example, if your customer communication process keeps your clients updated on a daily basis then those communiqués can be forwarded down the value chain stream so that everyone benefits from a potential reduction in the various cycle times. Not only do you save your dollars for your first-degree clients, but for their clients as well.
When you sell value, you can command far more dollars and leave the pennies for others to fight over. And remember value is both a result (what you have delivered to existing clients) and a perception (what your client believes). How you learn to leverage these two elements within value will allow you to achieve your goal to increase sales.
Are You Selling Pennies Dollars or Value - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Value is very difficult to buy and far easier to sell. For what one person values as important another discards. The reason I bring this up is because I saw a billboard that announced having the most penny slots at one of the local casinos.
Casinos have gone from a value business model to a transactional business model. This change has dramatically affected their ability to increase sales because now they have to literally invest more in salaries, facilities expenditure outlays to realize the same amount to less in revenue.
Other businesses have taken the opposite route to increase sales. Wal-Mart with its low price has expanded into grocery and upgrading some of its less expensive lines. J.C. Penny is another business that has figuratively taken the value over penny approach. Seeing the dissatisfied customers from Macy's, this retail giant has upgraded its clothing lines, expanded its fragrances and continues to add value through its customer loyalty program.
Imagine for a moment a clock and at the top is where you have the most value. As companies engaged in transactional business, the hand moves counter clockwise away from the 12 number and decreases the value being offered. For the companies that are leaving the transactional business model, they are moving clockwise closer to the stroke of noon because they are increasing their value.
The leads to the question how do you sell value and not become a transactional business if you want to increase sales? To answer that question means that you must know the results that you have delivered for your customers and potentially even their customers. For example, if your customer communication process keeps your clients updated on a daily basis then those communiqués can be forwarded down the value chain stream so that everyone benefits from a potential reduction in the various cycle times. Not only do you save your dollars for your first-degree clients, but for their clients as well.
When you sell value, you can command far more dollars and leave the pennies for others to fight over. And remember value is both a result (what you have delivered to existing clients) and a perception (what your client believes). How you learn to leverage these two elements within value will allow you to achieve your goal to increase sales.
Are You Selling Pennies Dollars or Value - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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