When you think in terms of how you can create more value, don’t think of how much more it is going to cost you. Think of ways to make yourself different, to make it more difficult for your customers to focus on price alone. Think of ways to set yourself apart, so that your customers will come back over and over again.

If you’re worried about the cost of adding value, I have two words: Don’t be. I guarantee that what you spend on additional value will pay for itself on a continual basis. It’s one of the best returns on investment you can get for your business.

Why? Because you will go a long way to create customers for life when you add value. Customers for life refer more and spend more. Ultimately, there’s more revenue for you, and more importantly, more profits!

Find ways to create value in your business. You want to offer something very special, so that if your customers do shop around and ask your competitors, “Do you offer XYZ?” the answer will be “no.” When they can’t or don’t offer what you do, your customers cannot compare and shop on price. You always want to set yourself apart, so that any comparisons are apples to oranges, never apples to apples.

Then make sure that you offer the biggest, fattest, juiciest orange ever, and your customers will have a very hard time looking elsewhere. You won’t be a commodity, and you won’t be battling the price war you can never win.

Profit-Boosting Strategy Action Steps:

  • Set yourself apart, so that you’re never in an apples-to-apples comparison with your competitors. When the apples scenario happens, price usually becomes the deciding factor, and you’ll never accelerate your profits when you compete on price.
  • Add value to your product or service to eliminate the chance of being viewed as a commodity. When you offer more value, you can set yourself above the commodity price-war game.
  • Understand that the value you offer will pay for itself over and over. Don’t focus on the cost; focus on the return on invest you’ll get from the added value.
  • Don’t presume that your customers know about the value you offer. You have to tell them. Look for things that you’re already doing that provide value and talk about it. Make it part of your marketing messages. Spotlight it.