Baking it Down with Sugar Cookie Marketing 🍪

201. Baking it Down - Value over Price

Heather and Corrie Miracle Season 11 Episode 1

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💰 Value over Price - How to stand out in saturation.


In this week's Baking it Down Podcast - Episode 201 - Value Over Price, Corrie happened upon a "bomb pop Facebook Live" - and from a marketing standpoint, it's a fascinating business model. 

It's a multi-level business model - but that's not what the podcast is focused on. The concept is this: the seller pre-sells 5 bath bombs for $20 a piece - bundle price of $100. Once purchased, she reveals what the bath bomb hides - a piece of jewelry. 

After the reveal of each piece of jewelry, the seller exclaims, "Wow - a ring valued at $350! What a steal - you got it for just $20!" And therein lies the key - value. Because we all know that the costume jewelry wasn't worth $350, but value is relative to the perception of the buyer and seller. 

In the words of the ever-successful Warren Buffett, "Price is what you pay; value is what you get." The same applies to cookies. 

Instead of competing on price (an unwinnable negotiation when Oreos are in play), compete instead on value. By increasing perceived value, we can maintain and even increase price.

Increasing value can be done in many ways - just being readily available or responding quicker than the next baker can increase the perceived value of your clients. It sharpens the industry as competition strives to increase their perceived value over the next baker. The consumer wins, the sellers don't get complacent, and the invisible hand of the economy keeps the wheels turning.

It's increasing value across your brand that makes the big difference between you and your competitor - so always be looking for ways to "up the ante."

But if you'd like a list (because you know the twins like them a list), we've got one for you. Here's the big takeaway though: move every chess piece in "value added" before you move the "price adjustment" piece. Your price is your profitability - messing with that is a recipe for a bad bakery.

💰 1. Increased value through photography.

We buy with our eyes - and our eyes see good photography. By changing nothing but increasing the quality of your product photos, you can increase value without having to decrease price. With high quality standing, images, and backdrops - you can nearly have your cookies jump off the newsfeed and into the hearts ( and wallets) of your customers. 

💰 2. Increase value through customer service.

My favorite way to increase value is by increasing the value of your customer service. Answering emails faster, having better ordering guidelines, handing refunds quickly and without opposition, heck - replying to Facebook comments in groups and keeping your branding updated on your page all signal to the client that you're putting a value on customer services (and thus you can charge accordingly).

💰 3. Increase value through decorating skills.

If communication ain't your thang, you can always work on increasing value by increasing your skill set. A better product is a part of perceived value. Couple a stunning product with stunning photography and you've got a match made in value heaven. Being able to accommodate more requests because you possess those skills is a way to carve out your place in a crowded market.

💰 4. Increase value through ease-of-ordering.

A better website, a better organization of products, better website copy, better check-out options, better order confirmation - all of these are methods you can use to increase your value perception within your market.

💰 5. Increase value through customer reviews.

Easy one - have enough other people proclaim your value that other potential clients can't help but increase their perception of you. 

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