Evaluating Price vs. Value Proposition
July 5, 2018
In the hunt for the best price, consumers sometimes lose sight of value. To the detriment of the consumer, price and value are often regarded as the same thing. Value describes the overall benefit of a product or service. Price is just the number on the tag. When deciding what to buy, consumers benefit more from weighing the overall value.
What Does Value Mean?
Determining value requires looking at a variety of factors, including:
- Quality of a product
- Quality of a business’ customer relations
- Competency of the business
In other words, price alone doesn’t paint a full picture of what comes with a product or service.
Price Is Misleading
There are many cases where a higher price may actually mean a better value – for example, a consumer is seeking a quality product. Higher-quality materials cost more and may translate to a higher price. In terms of value, however, the consumer benefits more from quality because the product will work better and last longer.
Quality of customer relations is another hidden factor. Paying less for a product or service often equates to a lower standard of service. This can mean more time spent trying to find answers about products, placing orders, and resolving problems that may arise.
Finally, the competency of a business affects the value of its products and services. When a company consists of a well-organized team of experts, the consumer spends less time and effort, which increases overall value.
Contact Douron today to learn about our commitment to value for all our clients.
What’s Important to You?
Ultimately, each consumer determines what is most valuable for him or herself. The different factors that create value may be equally important to some; other consumers may weigh some factors more heavily than others. For example, some may be most concerned about product quality and consider this the most important aspect of value.
The bottom line is that price isn’t always an accurate reflection of the consumer experience. Customers are better served by considering the big picture and looking for value. For the best value in office furniture solutions, contact Douron today.