Anyone in the diamond business knows the 4 C’s of the diamond business, which determines its value – cut, clarity, color and carat. As an entrepreneur, you should have an observant eye towards assessing the value of products, making critical observations about the product. How are you supposed to evaluate the value of the product? What are the different factors to be taken under consideration for doing the same? Here are three factors you could consider while determining the quality of any product – may it be physical or digital.
(1) The first factor is RECOGNITION
Sometimes, when you buy a product from a new brand, you may get disappointed because of the lack of value you were expecting. You are not satisfied, and when the product isn’t satisfying enough, this just means that the company hasn’t developed the product properly, and especially during the initial stages. Similarly, sometimes the entrepreneur can go for low quality products, instead of working on the quality, only to increase his share of profit. Now, this happens at the cost of the needs of the customer. Eventually, when people aren’t stratified with the product, they will stop buying it, because the company isn’t keeping up with its promises. Therefore, all companies must ask this question – does my product deliver what it promises?
(2) The second factor is REPEAT SALES
Once your customers recognize your product and your brand, you have to make sure they come back to buy your product again. It is important that the value of your product should be much more that its price and you should be able to provide way more than what your customers expect or what the other competing brands are offering. The only way you can make sure your customer comes back to buy more is when you offer to them a positive, happy experience that they will remember. Another thing to remember is that a happy customer will also promote your product, to others.
(3) The last factor is REFERRAL
Once you have made sure your product not only meets expectations, but surpasses it, you have to make sure your customers are so compelled by your product that they can’t help but tell everyone about it. Now, you can get some useful attention out of this word of mouth marketing. You can add the referral system that will help your current customer as well as the new customer earn some useful credits.