The more garden retailers understand about VALUE, the more successful they are.
Value is subjective and defined only by the customer. It varies from person to person; one gender to the other; from time to time and from situation to situation. What any given customer will value is hard to predict.
In marketing terms it’s often expressed as a straight forward relationship between perceived benefits and cost (Value = benefit – cost) as judged by your customer. But the basic underlying concept is human need.
Customers will consider they have received value if they believe that the benefits they have received from your product, service or convenience of shopping in your store out-weigh the cost of obtaining it. In other words do you meet and solve their need that day.
Price is only one factor - there are always costs involved to receive benefits.
It can be cost of time to travel to the garden centre; find what they want; ask for or find additional information to make a buying decision; be processed through the till.
It can be a cost of use if other components, tools or professional assistance is required to use the product.
It could be a cost of effort for a DIY project against Do It For Me.
It could be exposure to risk with using chemicals or lifting heavy products.
All can be significant factors from the customer’s point of view and some will find these costs to be less affordable than the purchase price.
Benefits are simply all the aspects of the convenience and service you provide and the features of your products which your customers believe will assist them and will meet their need or solve a problem.
A major strategy to becoming second to none in your market is to focus on creating value. Make sure every person working in your garden centre understands value and devotes their time and energy to creating it.