Being a business owner is a job of many hats. You have to make sure your employees, customers, and finances are all taken care of while also creating products that stand out and create excitement. Without any of these, you wouldn’t have a business. Prioritizing all aspects of your business so they work in unison is even more difficult.
It’s tricky to find a balance between charging low enough for people to take an interest in your product, while also bringing in enough revenue to pay for your business and your employees.
“Price is what you pay. Value is what you get.” – Warren Buffett
Don’t discount your product, discounting your product means taking credit away from the hard work your employees put into making it. It means pleasing your customers is more important than paying for the utilities of your business or the well-being of your employees. Instead of lowering the price of your product raise the quality and impact.
Many companies, like Apple, Patagonia, Tesla, etc., charge a steep price for their products because they know their product is excellent quality. When you have a product that you don’t put a lot of time or effort into it’s easy to feel it isn’t worth much. When you put all your effort into making quality products you realize they are worth much more. Once people see the value in your product they’ll want it, no matter the cost.
Change the way you market it, make it more desirable. The best products are the ones sought after without being promoted. You don’t see commercials for brands like Rolls-Royce, Christian Louboutin, Disneyland or Whole Foods because their products sell themselves. Quality brands don’t need to push their brand to get business, their customers do it for them.
The ultimate marketing is getting your name out there quickly and having it spread like wildfire. One happy customer is the best marketing source for quality products. People love to share their experiences, especially good ones, so creating a customer base of individuals who love your product is the best marketing you can have.
Valuing your company means you’ll do what’s best for all aspects of the business. Marketing is necessary to get any business out there. Little marketing is efficient for businesses with quality products. Creating a business with quality values and quality products originally is the best way to create a successful business.