Quite a few years back, a good friend of mine purchased himself a brand new MacBook. He could have bought 2 or 3 cheap laptops for the same price. However, they would not have offered him the same ‘fit and finish’ or quality.
To suggest that the cost of his new laptop was three times as high as those cheaper alternatives, would be to confuse the price with the cost. It would be like comparing apples with oranges.
The price was 300% higher, but all these years later, the cost wasn’t.
For instance:
- You have to factor in the value of owning the same laptop for almost 6 years and enjoying a 100% hassle free experience.
- You have to factor in the value of using high quality components for almost 6 years, like a great keyboard and screen – rather than the kind of keyboards and screens that ship with cheap laptops.
- You have to factor in the time saved, and frustration avoided, by not having to configure each of the new laptops throughout the years and transfer data between them.
Of course, this isn’t a Mac / PC thing. I am a Mac user myself, but this concept works both ways and illustrates the idea quite well. The real point here, is to look beyond the base price of any business investment to what the actual COST will be in the long term.
What this means for you
So how does this all apply to you?
Well, as a business owner, you need to thoroughly explain the value of your services and what it is that you provide, compared to what it is that your cheaper competitors do (or don’t do!). Prospective clients and customers are generally happy to pay your fees, so long as the value is clear to them.
Do you have any examples or experiences of great value for money, which seemed expensive at the time? Let us know below!
Original article written by Jim’s Marketing Blog
