For both company representatives and customers, the price of a product is a sticking point. As you increase price, the amount of thought a customer puts into that purchase also increases–which can make it feel hard to sell. But let me tell you why I feel like the focus is on the wrong thing…instead of price, we should be focused on value.
Shifting to value based marketing
Here’s the thing. As customers, one of the biggest factors in a purchase is the price. We are conditioned to shop sales and search for deals. Look at the craziness of Black Friday or Amazon Prime Day! So it definitely requires a mindset shift to focus on value instead.
First off, value based marketing assumes that the quality of your product is high. If you don’t believe in your product and your company isn’t taking care of quality issues, I would give some thought as to whether you want to continue stocking it. Almost every company will have a problem at one point or another–the important thing is how they handle it and whether they make it right for you.
Second, it requires you to change the way you think about your clothes. Instead of trendy one-season wear pieces, think about creating a closet of intent. Clothing that flatters your body and mixes and matches with pieces you love. You can always throw in a handful of trendy pieces at great prices every season, but if the bulk of your closet is classic styles that last, you will spend less money in the long run.
If you are a retailer, you can offer value to your customers in the form of a conversation about this. I like to talk capsule wardrobes and long term wear pieces in my group–for example, in my shop Knit Jeggings have more versatility than a Cold Shoulder Tunic. So if I have a customer who can only purchase one, I like to walk her through which truly fits in her closet and how much she’s willing to spend on a piece that is maybe less versatile.
Cost per wear
This is the big one that helped me shift my mindset. Instead of focusing on the price of an item, I focus on cost per wear. I used to be a sale shopper–if it was a good deal, I probably went home with it! But because we have been trained to buy first think later when it comes to cheap prices, I inevitably didn’t wear the piece that often, making my true cost much higher than if I had just spent the money on something I really wanted.
For example–I have had trouble buying pants for years. I have a 10″ difference between my waist and hips. What fits my hips is usually too large on my waist. But that didn’t stop me from buying pants at Target. Now, I love me some Target–but these were not a good purchase on my part. I was lured in by the $27 price tag which seemed much more manageable than the $48 price tag for Knit Jeggings (back in the days before I switched to A&D).
Guess what? I wore them once.
They didn’t fit. I was constantly pulling them up, they weren’t terribly flattering, and I honestly didn’t think about what I had to go with them–most of my tops are loose and flowy because I have been wearing leggings for two years, and they didn’t look nice with looser cut denim. My cost per wear was that $27 I spent on them.
In contrast, I finally bought Knit Jeggings and fell in LOVE. I have worn them 3-4 times a week since they arrived in January. Let’s say maybe 20 weeks at three times a week. We are now at $0.80 a wear. And still going strong!
This is value.
Those jeggings are much more versatile for me–they pair beautifully with all those flowy tops in my closet, they have an amazing yoga waistband like my beloved leggings, and they fit my lifestyle.
If you are a retailer, focus on the value your product has to a customer. When I market Knit Jeggings, I focus on the things I love about them and look for other women who need the same thing in their life. Not everyone will. But for the ones like me, they offer a ton of value for that price point.
If you are a customer, focus on the value of the product you’re considering. That $5 tee at Target looks like a great deal–but does it fit in your wardrobe? Do you feel good in it? Will it last longer than a season? Will you wear it often? If the answer to these questions is “no”, then keep walking. A $36 tee shirt that will last, that fits your style, that makes you feel beautiful, and that you will wear frequently is the better purchase.
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