Most of us want to walk away from a purchase knowing that “it was well worth the money spent on it” right? In other words, was the purchase of ‘Value for Money’?
Over our years of service, most conversations with businesses of all shapes and sizes, no matter what industry or whether they provide a product or service, have led back to one thing – the value of a purchase to a customer! Or alternatively the price charged and whether people are willing to pay the amount charged?
Value for money is not just about the cost. It’s a combination of three things; cost, quality and sustainability of meeting the customer’s needs.
Let’s break these down:
- Cost, referring to the whole life price, including the return on the investment i.e. what you’ve learnt or gained and how this will help in your business moving forward.
- Quality means that it’s fit for purpose and sufficiently meeting the customers requirements i.e. the content provided, and the level of detail is exceptional in helping with your business growth.
- Sustainability refers to the longevity of the purchase. For example, the information provided can be used over a long period of time.
Remember that the value of a product or service, determines a person’s willingness to pay the price.