Increasing the value of your product will increase your market share

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Increasing market share, in simpler terms, makes more money when still selling the same product. This, of course, does not happen out of the blue; we have to look at the main driver of your pricing strategy, which is how the customer values your product. Simply because your customer does not care about the production cost or your competitors, they are interested in the value that it adds to them.

So what is the product value?

Product value refers to the benefits the product offers to the target customers. The overall value of a product is the degree to which it meets or exceeds customers' expectations.

To do this, we will look at two different types of products: a physical product and a service.

For service, we looked at how one way to do that is to make the offer better; you can read it here.

For a product, you have to look at your value proposition and reflect on whether it is in alignment with where you want to be and your target audience. Increasing product value doesn’t have to be hard, but it takes critical thinking and an understanding of your target audience. Here are some ways you could do that:

• Give customers the urgency to purchase

• Add new product features that improve the user experience.

• Improve product packaging and design.

• Increase the speed of product delivery.

• Offer expert advice.

Here is how you can do all the above:

Create Urgency to Purchase:

Limited-Time Offers: Implement time-limited promotions, discounts, or flash sales to encourage immediate action from potential customers.

Scarcity Tactics: Highlight product scarcity or limited stock to make customers feel the need to buy sooner rather than later.

Bundle Deals: Offer bundled packages at a discounted price for customers who make a purchase within a specified time frame.

Seasonal or Holiday Promotions: Tie your product promotions to holidays or seasons to take advantage of heightened buying tendencies during those periods.

Add new product features:

Conduct market research to identify customer pain points and desires.

Develop and incorporate new features that address these needs, enhancing the value proposition of your product.

Clearly communicate these improvements to your target audience through marketing materials and product descriptions.

Improve product packaging and design:

Invest in professional packaging design that stands out on the shelf or in the online marketplace.

Ensure that your packaging reflects the quality and uniqueness of your product.

Consider eco-friendly packaging options to align with sustainability trends and appeal to environmentally conscious consumers.

Continue to innovate.

Foster a culture of innovation within your company.

Regularly assess market trends, customer feedback, and emerging technologies to identify opportunities for product enhancements or entirely new product lines.

Stay ahead of your competitors by consistently offering unique and cutting-edge solutions.

Increase the speed of product delivery.

Optimize your supply chain and logistics to reduce delivery times.

Offer expedited shipping options for customers who are willing to pay extra for faster delivery.

Communicate estimated delivery times clearly during the purchasing process.

Offer expert advice.

Position your brand as an authority in your industry or niche.

Provide educational content, such as blog posts, webinars, or eBooks, that helps customers make informed purchasing decisions.

Offer personalized product recommendations based on customer needs and preferences.

LESSON TO BE LEARNED

Improving a product takes time and you should be patient enough to stick with it