Chart to be ignored.
Here’s how to give value and create demand for your product or service. Offer any of these values and people will spend money for it. S.P.E.N.D.:
Satisfy the senses. Any sense will do, the more the merrier. If you make a person feel happy, that pleasure has value. That’s why I’ll pay to ride the Zipper & eat at water ice at Rita’s. Relief of pain or discomfort is the flip side of this value coin.
Problem solve. There is a universal demand for problem solvers. But the greater value is doing it in a way that’s easier or faster than others. If a home needs to be sold, most agents can sell it. But you will get the listing if you can sell it faster or easier (eg. ads, staging, sales skills). The same goes for a buyer. Make it easier & faster for the buyer to find (and buy) a home than your competitors. and you will be in greater demand.
Economically reward. Save a client more money, or make them more money, by using you rather than your competitor. But being cheaper than your competition is not a guarantee of demand. You can be trumped. The trump card is the concept of quality. Providing something for free, or heavily discounted, has great apparent value. It will usually carry the day if the consumer does not see a distinction in product or service. However, if you can convey a greater quality in using your product or service, they will pay more for it. More on quality later.
Need fulfill. You can satisy a need that already exists (food, shelter & clothing are universal needs) or create a need which only you can fulfill. People have many needs. You must define the need before you can meet it. The more needs of more people you can satisfy, the greater your value.
Deliver quality. Quality carries the most potent value. It is so powerful that people will pay more for it and go through great inconvenience to have it. There are 2 types of quality: perceived or actual. Actual quality is a proved or demonstrated fact. It’s the better mousetrap, a stronger house construction. Perceived quality is a marketing creation. It is the power behind perfume & clothing brands, like Chanel. A cheaper version is available, but the Chanel brand conveys a higher quality. Perceived quality will sell, regardless of actual need. It need not solve a problem or satisfy any senses. It need only appease the ego. As such, it is subliminal and reachable through the subconscious. It is what makes advertising and marketing an art as well as a science.
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