Want to know why and how you should differentiate your company and its product and services on value, not on price? “Sell on Value, Not on Price” is a great article on Inc.com about this very subject. It’s long so I’ve only quoted a portion that I thought was very worthy of repeating. Here it is:
————————“In a famous video clip from Penn and Teller’s Showtime hidden camera show, diners are lured to an upscale restaurant branded as the world’s first boutique vendor of bottled water. A water steward presents each table with a menu discussing the finer qualities of water purportedly shipped in from mountains and streams all over the world, some of which cost as much as $8 a bottle.
Of course, the joke is on the customers because all the water actually came from the garden hose out back, but the message was clear: People are willing to pay more for a product if they think it gives them a truly special or significant value—and if you present it to them in just the right way. (My emphasis.)
Your company is probably selling a stuff that’s a lot more valuable than fancied-up hose water. Selling on value, not price, involves a balance of confidence, personal rapport, and doing your homework”.—————————-
From my experience, selling on value is more about differentiating and promoting the product and/or service benefits to your customer (service, time saved, ease of use, quality, response time, etc.) and less (SIGNIFICANTLY less) about product features.
The article Sell on Value, Not on Price provides input from a number of different experts (consultants, business owners). If you have the time, I highly recommend you read the entire article.