What additional value do you add to your service or product? I had a big laugh when I saw the attached picture a week ago. I had no idea that there was no difference between a Magnum condom and a regular one. It really is a brilliant marketing ploy. Why wouldn’t you want to give your consumers something a little “extra.” Describing their condoms as large adds two things. Firstly, being described as large makes it stand out (settle down :) .) Plus, for no additional cost, it gives the consumer a confidence boost. Good deal! It doesn't cost Trojan anything extra to make somebody feel good.
So, how can we use this trick elsewhere?
Basically, this is a good example of building a great brand. People like to buy things that they feel good about. There are lots of ways to build extra value in a product, I’ll outline a few.
Add value, by simply adding value – Many women are completely happy to spend absurd amounts of money on designer purses simply because there is a certain amount of cache that comes along with it. We all know deep down that there isn’t a huge difference between a $4000 designer purse and a knock off. Sure, you can argue about stitching and other things, but the real fact is there isn’t a $3900 gap between the two. That value is justified in the way it makes the consumer feel. They know that their bag is genuine. It says more about them than anything. It says that they deserve it, and that they’ve come far enough in life to afford it. It’s a really good racket for the designer. Do you have a product that you can over-price simply out of sheer audacity? It may become the next big thing.
Emotional Value – The Magnum example fits here. Adding emotional value costs nothing more than adding a clever trick or story. The clever trick for magnum is to just describe their ordinary condoms as “large.” There are many opportunities to do the same thing in other products though. Maybe your fashion line shouldn’t describe sizing in the traditional way. I’ve always found it funny that women’s clothes often have discrepancies in sizing, and often, they seem to make sizes smaller in couture brands. I see more value in making size 10s fit like size 12s. What does it cost you to make someone feel good about themselves?
Add a story – People love stories, and they will pay more for them. I saw a $4000 bottle of port the other day at my local liquor store. The owner said he bought it at auction while he was in Europe. It was from an 1876 vintage and was the same port that Winston Churchill used to drink. In the 30 seconds it took him to explain the history of the bottle it went from expensive to possibly under-priced in my estimation. Obviously, I’m way to poor to buy it, but I still remember the story. A more common example would be the way Dyson has advertised its products. They describe the many times the owner failed to invent his vacuum before he finally nailed it. The story justifies the value. You can’t find a cheap Dyson anywhere. They’re always expensive. That’s from the power of storytelling.
Intrinsic value can make your product stand out, it can raise the price, and it can make it more memorable. Your job is to provide products and services worthy of embellishment. People ignore the mundane. Offer your consumers more than the ordinary and they’ll buy. They’ll also spread your story.