Change the Value of Your Product Offering

Here are 5 activities that can redefine your product line and the experience that the user is purchasing. This will reset the value associated with your product and open the door to premium prices.

REMOVAL:

Remove one benefit at a time and reevaluate the experience with the product. Include minor benefits. With certain products, you'll realize that some of the little things matter a lot.

AMPLIFY:

Amplify a benefit way above everything else. Again ask, how does this affect the experience? Incorporate the minor benefits into this process. This exercise will bring to light the benefits that can change the value of what you're offering.

RECONFIGURE:

Reconfigure the benefits into feature stacks that appear to have potential. Create a variety of new feature stacks. Identify what makes it uniquely valuable.

SHARE:

Share these new feature stacks with your designer or design team. Communicate what you believe the value is for each one of them and how it makes it unique compared to your current offering or the competition.

CONFIDENCE:

Believe that your new product is worth what you charge. Confidence affects value. If you don't believe it yet, keep at it. Eventually, you'll find something so compelling it just clicks.

This exercise can redefine your product line and the experience that the user is purchasing. This new experience won't have a direct competitor and the user will not have a reference point to compare prices. Now they are making a value based decision. Change the value of your product offering.