KMA Goldmine TV E24KMA Goldmine TV – Episode 24 – Bottled Water?

“KMA GOLDMINE TV EPISODE 24 – Bottled Water “

 

 

Here, Kim Marlor talks about the importance of understanding value when determining your pricing

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Hi Kim, here from the KMA Goldmine TV, bite size bits, helping you to grow your business from where it is now to where you want it to be.

As you can see, I’m in Costa coffee and I’m here with a bottle of water. Now on paper water should be something that people don’t need to buy because clearly you can get it out the top for free. So why is it that moved to is one of the most popular products that people buy these days, whether it’s from Costa coffee like this or from supermarkets, restaurants, wherever. Really, really interesting.

Now clearly, it’s all down to values and positioning and getting an image across to the consumer. Clearly water like this, in truth is not that different to what comes out of the tap. Of course, with tap water, we don’t know what’s in it. We don’t know where it’s come from. Obviously, you know a local reservoir within certain proximity, but when you’ve got a bottle of water, you know where it’s come from because it tells you, this says Pembrokeshire still spring water. It also tells you the typical analysis. It tells you when it was bottles, where it was bottled it’s got a best before date on it, which obviously tap water doesn’t it.  Now where you go in the country, clearly tap water will be slightly different. The reason that people pay for this, is because, they believe that the minerals, the constitution of it is better for you than tap water. You know a lot of the, the nasties if you like, have been filtered out.  Now clearly the water in the UK is pretty good and it’s perfectly adequate and yet a lot of us buy this.  That gets me thinking back to business of why do we buy this?

Well clearly, we buy it because of that perceived difference, that the value that it brings to us, you know for me it’s because of how it is that it’s filtered that certain stuff is eliminated from it. I particularly try to go for an alkaline diet, other people, it will be because they prefer the taste to tap water. Tap water might have too much chlorine for them. There’s a number of reasons and it won’t be the same for any two consumers.

 

And you’ve got to think that in your business:

 

  • What message are you trying to get across?
  • What are the benefits?
  • What are people likely to value?

 

And some of it will be intrinsic or you, you can’t necessarily see that. And don’t forget you’re not your customer. So, what you value is going to be very different to what they value. And equally, you can’t make an assumption on what they’re going to pay for something?

So ultimately think about that when your marketing and your positioning, your product, what does it solve? What are the benefits and what’s the value? And bring those values out in your marketing to your prospective customer. It all comes back to knowing who your customers. So that’s it for this week’s KMA Goldmine TV. I hope that’s been helpful. Bye for now.

If we can help with anything included in this edition or if you’d like to talk to us about anything Accountancy or Business development, then call us now on 0161 410 0016. 

 

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