20 Feb Create Value
There’s never been a better time to tune into your entrepreneurial spirit and CREATE!
For all my young entrepreneurs out there, whatever the age you are never too young to start a business, so if that’s the case then we’re all young entrepreneurs right?
Create value! I cannot stress this enough. If you’re going to take a product into the marketplace you must, I repeat you must create so much value that it becomes cheap, regardless of the price. Do not fall into the trap! As a new business, I am sure you have been advised to “undercut” – reduce costs and reduce the price to gain a foothold, well actually it’s the other way round.
In today’s market, there is fierce competition and many products/industries are priced sensitive like alcohol, people will go to certain stores to buy alcohol, why because alcohol is alcohol. Same with food, people will go to Tesco instead of Asda or maybe Lidl because they simply do not want to pay extra for just sausages, do not become another sausage in the market!
Create a product with so much value the price is irrelevant, Apple products seem to have a ‘perceived value’ attached to their brand, as a result, they charge 5x more than competitors, are they 5x better? Course not! Nevertheless, their products will sell each time, be like Apple!
Always remember to create value, so much value that the customers believe that your product is worth more than their money and they will buy it, regardless of the price.