• Building An Effective Value Ladder

    My Digital Genie; Digital Genie; Keywords; Best Keywords; Making Money Online

    A value ladder is considered as a map of valued products and/or services you have to serve your customers over time. This functions as a way to retain customers by solving more of their needs and problems along the way whilst optimizing the full potential of every client.

    Basically, it’s the range of products which increases in price with respect to an increase in their value. The customer needs to be led through every level of the value ladder, and it’s up to the business to map out the products from the lowest-valued product to the high-value premium product.

    The structure of the value ladder must be well-planned as this is highly essential in convincing the customers why they should pay more for better value. The number of stages or steps in the value ladder differs from every business and what type of services they render.

    Some brands or businesses might have a max of three to four steps on their value ladder while others might go beyond that. The key is defining all the products and services you have to offer and structure them in both ascending value and price.

    There are other things that take precedence and should be noted before making a portfolio of your products and/or services. Accurate market research is imperative for any successful business to build and compete well in the market. This entails getting to know your competition and understanding their tactics and strategies.

    My Digital Genie; Digital Genie; Keywords; Best Keywords; Making Money Online

    This helps in gaining more clarity on how the market work and how your brand fits into it. The next step to take is to understand what your consumers want, where and how you can connect best with them. Most businesses fail in realizing these steps and end up wasting both time and resources in areas where they ought not to be spent.

    After achieving those basic steps, you can then start managing your portfolio of products. Defining and establishing what your lead magnets are,  is the next step to take and like aforementioned, this differs with each brand or business. For example, some subscription offers a trial use of their product for a finite amount of time.

    It could be free whitepapers, e-books, webinars or several other things depending on the business. It’s important to keep in mind what the main product or service will be, the core offer, this is basically what to offer after the consumer is convinced of what value you have to offer them.

    The next thing to do is to build the value of the products you have to offer next. This automatically makes the consumers want to climb your value ladder if they know they can get more value in other products you have to offer.

    A well-planned value ladder helps in maximizing the profit of a business. Narrowing down your products or services to what a specific audience needs help in better serving and getting to know your consumers better.

    It should be noted whether or not a business fully optimizes its client list depends on the structure of its offerings.

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