Authority marketing expert Tavis Bucklin discusses how small businesses can add value to their products and services while eliminating the competition.
Online marketing has become the main source of customers for many businesses. Today customers are able to search for products or services and also who can provide them, all from the convenience of their living room. Just as easy they can research each business or individual that provides what they are looking for to help them decide where they will spend their money. What they find can make or break some businesses.
In a recent interview in Business Innovators Magazine, authority marketing expert Tavis Bucklin mentioned some key points to add value to a business and how to stand out in the marketplace using authority positioning.
“We may not always notice,” said Bucklin, “but there are two parts we consider when placing a value on something. We have to take a look at a couple of things. First we have Practical Value this is what your product or service does. Your coat keeps you dry and warm. That’s it’s function.
Then we have Intrinsic Value this is the unseen perceived value that is created largely by positioning or promotion. This would be the extra cost you pay for a name brand coat. The combination of the two makes up the Total Perceived Value. This is something we see this every day. Brand names can charge more and we are glad to pay it.”
Bucklin then gave this example, “An extreme version of intrinsic value would be a brand like Gucci. A woman shopping for a Gucci handbag might find one she likes with $1,800 on the price tag. She is happy to pay it and she gets compliments wherever she goes.
Did she question the quality of the leather or the stitching? She didn’t need to, this is Gucci and they make a great product. Now consider that you could buy a nice handbag for around $150. Do you think the extra value of the Gucci bag is in practical value or intrinsic value? We’re talking about a $1,700 difference in a handbag! I would be willing to bet around $300 of that is practical value. I would also be willing to bet the customer does not care either way.”
This example of how companies can charge more because of their position in the marketplace may be on the extreme end of the spectrum, however, consumers pay more for brand names every day.
“She is happy because her total perceived value is equal or above the cost of the bag” adds Bucklin.
He explained that most products and services do not have such a high ratio of intrinsic value.
“I use this example all the time because it makes intrinsic value so obvious. But if we think about it, most good products posses some level of intrinsic value” notes Bucklin.
“When you are selling a product that is available at the store across the street you don’t have much leeway on price. You are comparing apples to apples. But selling a unique product or service you have all the flexibility in the world” said Bucklin.
“This works the same for services” He adds. “Specializing in a niche is one way to add value. I think most people understand that concept. Doctors, dentists, attorneys, you name it. In every line of business there are areas of specialty”.
He then explained how a photographer might stand out and add value to his or her business by creating a niche for themselves.
Bucklin said “If people have the choice between getting a headshot from a photographer or to work with an “image branding specialist” (or what ever the title may be) someone who would take care of the image [photographs of the client] they project across their entire web presence, now that is something new and exciting that solves a specific problem”.
“It takes a photographer out of the sea of photographers and allows them to stand alone. They are not selling what the business across the street is selling” says Bucklin.
Bucklin Then adds, “you can see how that adds intrinsic value. The photographer doesn’t have to work much harder to deliver a better product for the client”.
Bucklin then explained the importance of third party endorsements and media publications including interviews, news sites, and other media.
“When other people talk about you, your products, or your services it puts you in a great position. This type of authority positioning from third party endorsements is better than any ad you could create” said Bucklin. It seems his focus is on closing more of the leads a business already has by showcasing their abilities and developing a strong online presence. When potential customers research a product, service, or business online, what they find can make the difference in choosing one over the other.
Tavis Bucklin helps businesses position themselves as an authority in their field. He does this by helping the client stand out in their market and amplifying their message through various media outlets.
Company Name: Major Media Placement
Contact Person: Tavis Bucklin
Country: United States