How to Increase Profit and Suffocate Your Competition, Ep #51
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How to Increase Profit and Suffocate Your Competition, Ep #51

eCommerce sellers, listen here to learn how to not only increase profit in your business but also protect it. I talk about UVP, your unique value proposition, and how to use it to command premium pricing. In order to increase profitability, you must use the right strategies. I cover important methods that will result in more valuable products. In turn, with higher value, your product sales will increase and you will be on your way to building a successful business with increased profitability. You won’t want to miss this episode. Come listen and learn how to make your business a success!

Product value and how to keep customers coming for more

Using your UVP, (unique value proposition), you are able to command premium pricing. This will ultimately protect profitability, which in turn will suffocate your competition. With knowledge of how to present your price and minimize it, the ownership benefit of your product will become so high it essentially dwarfs the price. Once the value of your product is known, your profitability will steadily increase. The cycle begins with more profitability. That profit equals more money in your pocket to reinvest, which in turn equates to acquiring more customers. A win-win situation is the result. You increase profit and the customers get a valuable product.

I present some great ideas here, but the challenge is for you to apply these methods and get results. In order to be successful, you must insulate yourself from competition and not have to worry about pricing. The key is to be able to command premium pricing. You must figure out how to increase the value of your product so high that price becomes a non-issue. Learn how to make a huge ownership benefit to your product by using your UVP. If you combine tangible and intangible methodology, it will skyrocket your profit and increase product sales.

How you can increase your profit and protect it

One way to increase your profit is through tangible means such as product bundling. What does this look like? Putting products together that complement or fit together. In eCommerce, my objective is to increase the value of the product they want to buy. When you are able to do that, people will see the money in their wallet as having less value than the thing they want to buy.

An example of bundling products is showing the buyer that if he buys three items instead of one, he saves money. I can not only bundle things in multipacks but also in a way that works together and builds synergy between them. Notice this in a workout bundle - offer the buyer a special price for buying the bands, jump rope, and water bottle together. This offer builds a collaborative product, so in turn, there is more value when they are bought together. This is how to increase the value of the offer of what we present.

When you increase product value it equates to increased profit

Since tangible methods of increasing profit actually cost money, consider another approach that has nothing to do with material things. With something like bundling physical products, I have to be able to offer three of them in order to make the deal. This cuts into my profit. I have to reduce the price to show more value to the customer. But if I use immaterial or intangible means to increase product value, I may not have to do that, which will be more beneficial.

One intangible method is status. Status is something we all consider when making a purchase. I learned from one of my earliest mentors how every decision I make when buying something results in a status position. It will either increase status or decrease it. The key here is learning how to position my product so that it increases the buyer’s status. This status then starts adding value, which starts increasing profitability because there are no longer tangible things needed.

Another intangible approach is bragging rights. If I own a product, there are certain bragging rights that come with that ownership. If I make a product a limited edition or make it exclusive for instance, people will want it. The value of the product increases because it is limited - and if they can get something that no one else has or very few have, the bragging rights make the product more valuable.

Time is money - convenience is key. How to use both to your advantage

Time is the most valuable thing we have. If I can save a buyer time, the price of my product is dwarfed and the value of it rises. If I can show him how to get a result faster, he will absolutely pay more. Price is no longer the issue, but rather how fast the buyer can get it. I add value to my product if I can combine various elements. Along with the physical product, I can include the value of membership in a community or a challenge that helps accelerate the result. Product value surges when the customer sees that with my product he can get faster results. He will pay more for a product if he can get expedited delivery.

Convenience is another huge way to increase value. Surveys show that 82 percent of buyers are willing to pay more if it provides convenience. This increases the value of my product because it saves the buyer time and frustration. For instance, the way a product is packaged can add to the customer’s feeling of convenience. People will pay more for frustration-free packaging.

Again, my challenge for you is to figure out what works best for you and your product. Learn how to implement some of these ideas using your UVP and it will result in increased profit.

Outline of This Episode
  • [1:45] What is Unique Value Proposition (UVP)
  • [2:35] How to increase profit and command premium pricing
  • [3:40] Value proposition - present and minimize your price
  • [5:40] Show off your product value
  • [7:00] Increase value and help your buyer strut his stuff
  • [8:20] Time is money - convenience is key
  • [9:30] Command premium pricing to skyrocket profit
Resources & People Mentioned Connect with Bryan Bowman

Subscribe to Marketing For eCommerce on iTunes

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Tweets

Get ready to #IncreaseProfit and keep customers coming for more. I will teach you how to command premium pricing to increase #profitability. Join me here at #MarketingForeCommerce

Increase #ProductSales and protect it. Learn how to suffocate your competition. Join me for this episode!

Skyrocket profit and increase #ProductSales. Get results and learn how to insulate yourself from the competition. You don’t want to miss this episode!

Show off product value. Learn how increased value helps your buyer strut his stuff and increase status. Find out how on this episode of #MarketingForEcommerce

Time is money and convenience is key. #ProductSales surge when it is convenient and faster.

eCommerce sellers, listen here to learn how to not only increase profit in your business but also protect it. I talk about UVP, your unique value proposition, and how to use it to command premium pricing. In order to increase profitability, you must use the right strategies. I cover important methods that will result in more valuable products. In turn, with higher value, your product sales will increase and you will be on your way to building a successful business with increased profitability. You won’t want to miss this episode. Come listen and learn how to make your business a success! #MarketingForEcommerce #ProductSales

Using your UVP, (unique value proposition), you are able to command premium pricing. This will ultimately protect profitability, which in turn will suffocate your competition. With knowledge of how to present your price and minimize it, the ownership benefit of your product will become so high it essentially dwarfs the price. Once the value of your product is known, your profitability will steadily increase. The cycle begins with more profitability. That profit equals more money in your pocket to reinvest, which in turn equates to acquiring more customers. A win-win situation is the result. You increase profit and the customers get a valuable product. #MarketingForEcommerce #ProductSales

I present some great ideas here, but the challenge is for you to apply these methods and get results. In order to be successful, you must insulate yourself from competition and not have to worry about pricing. The key is to be able to command premium pricing. You must figure out how to increase the value of your product so high that price becomes a non-issue. Learn how to make a huge ownership benefit to your product by using your UVP. If you combine tangible and intangible methodology, it will skyrocket your profit and increase product sales. #MarketingForEcommerce #ProductSales

One way to increase your profit is through tangible means such as product bundling. What does this look like? Putting products together that complement or fit together. In eCommerce, my objective is to increase the value of the product they want to buy. When you are able to do that, people will see the money in their wallet as having less value than the thing they want to buy. #MarketingForEcommerce #ProductSales

We talk about bundling products. An example is when a buyer purchases three items instead of one, he saves money. I can not only bundle things in multipacks but also in a way that works together and builds synergy between them. Notice this in a workout bundle - offer the buyer a special price for buying the bands, jump rope, and water bottle together. This offer builds a collaborative product, so in turn, there is more value when they are bought together. This is how to increase the value of the offer of what we present. #MarketingForEcommerce #ProductSales

Since tangible methods of increasing profit actually cost money, consider another approach that has nothing to do with material things. With something like bundling physical products, I have to be able to offer three of them in order to make the deal. This cuts into my profit. I have to reduce the price to show more value to the customer. But if I use immaterial or intangible means to increase product value, I may not have to do that, which will be more beneficial. #MarketingForEcommerce #ProductSales

Status is something we all consider when making a purchase. I learned from one of my earliest mentors how every decision I make when buying something results in a status position. It will either increase status or decrease it. The key here is learning how to position my product so that it increases the buyer’s status. This status then starts adding value, which starts increasing profitability because there are no longer tangible things needed. #MarketingForEcommerce #ProductSales

If I own a product, there are certain bragging rights that come with that ownership. If I make a product a limited edition or make it exclusive for instance, people will want it. The value of the product increases because it is limited - and if they can get something that no one else has or very few have, the bragging rights make the product more valuable. #MarketingForEcommerce #ProductSales

Time is the most valuable thing we have. If I can save a buyer time, the price of my product is dwarfed and the value of it rises. If I can show him how to get a result faster, he will absolutely pay more. Price is no longer the issue, but rather how fast the buyer can get it. I add value to my product if I can combine various elements. Along with the physical product, I can include the value of membership in a community or a challenge that helps accelerate the result. Product value surges when the customer sees that with my product he can get faster results. He will pay more for a product if he can get expedited delivery. #MarketingForEcommerce #ProductSales

Convenience is another huge way to increase value. Surveys show that 82 percent of buyers are willing to pay more if it provides convenience. This increases the value of my product because it saves the buyer time and frustration. For instance, the way a product is packaged can add to the customer’s feeling of convenience. People will pay more for frustration-free packaging. #MarketingForEcommerce #ProductSales

 

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