What may be valuable to you may not be valuable to someone else. Value is defined by what others are willing to pay for, in time, energy, love, attention, commitment, and/or money. When we are willing to invest in something, it is because we find value in how it will affect our own lives.
In business, this is the key to being able to sell a great product or service. When you have something that other people want, something they love, they will spend time & energy to find it and will pay money to own it. It really does not matter how much you love your product, it is whether others love your product and are willing to pay for it.
On the other side of the coin, you also cannot convince someone of value if you do not believe in the value yourself.
You cannot make people love something just because you love it, and you cannot make people love something you do not love. Where is the optimal point in this love relationship?
When you are building a product or service, you likely started with an idea of something that you have an expertise in, a trend that is happening, or a gap in the market.
When you are focused on something that you know your potential clients needs and wants you create something that you know people are already looking for. For instance, a need or want driven by:
- a trend, fad, or disruption in the market and people are looking for it, or
- a gap between what people don’t currently have access to and what they need
Building a product or service that offers the market access to what they are looking for and need, ensures you have a product with value. You won’t need to prove to them they love it, and you will love it because you understand the value it brings to your client, as well as to your business.
When your product or service idea is based on your expertise, you may be more likely to build something you can do, or that you are good at. Something you know is valuable, something you love, but not specifically what people want or need. This is the love you have that you cannot translate into love for others. They have to also want to love it, because they need it.
The optimal point in this relationship is having a product or service that avails from your expertise and is built on the wants and needs your ideal client. Four things you can do to ensure your product has value to others, not just you.
- Know your target market. Ensure you are clear on the characteristics of your ideal client and whom you will specifically focus on.
- Understand your ideal client. Asking them what they want and need, and what they are willing to pay for it.
- Test your product on your identified ideal client. You can have a pre-launch, or beta program. Get feedback on their experience with the new product/service and find out if they would buy it again or even recommend it to others.
- If you have it wrong, either change the target market, or change the product/service.
If you need help with this, I would recommend reaching out to a brand and marketing specialist. They will help you best identify the ideal client and your product positioning for that market.
Knowing who is willing to pay for the product or service you think is valuable will ensure you are providing value that your client is willing to pay for with their time, energy, love, attention, commitment, and/or money.
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This article is 100% original content – The articles you read in this blog are 100% created by Barb Stuhlemmer, not by AI.
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