The phrases “added value” and “extra value” are tossed around by many businesses these days. Some companies use these terms not because they know what they mean but because they’re nice-sounding catchphrases that might attract customers.
Value is determined by the customer and not by what a business might say. If a customer needs 24-hour service, then free parking is not an added value. If a customer wants a salad, then an “extra value” meal with large french fries has no extra value.
Price is what you pay. Value is what you get.
– Warren Buffet
Adding value means a business goes beyond customer expectations. This is a relative scale because different customers have different expectations and needs.
Customer expectations also depend on the price. Customers expect more from an expensive store than from a dollar store. However it is important to remember that while customers who pay more expect more, customers who pay less do not expect less.
Completing a job on time, doing it right the first time, and promptly returning calls and e-mails, are never “added value.” These are some of the minimum requirements of running a business and customers naturally expect this. Although these do not add value, if they are missing, they will certainly subtract value.
Added value is not about cost and it’s not measured in dollars even though it may save the customer money. Value can be real or perceived but it’s determined by the customer not the business.
Customers buy a product only if it has value to them. They will pay more if they believe they’re getting more value.
The successful producer of an article sells it for more than it cost him to make, and that’s his profit. But the customer buys it only because it’s worth more to him than what he pays for it, and that’s his profit. No one can long make a profit producing anything unless the customer makes a profit from using it.
– Sam Pettengill
Photography Value
So how can a photographer add value to their business without shooting for free or giving away the farm? It depends on the customer, but:
• A shorter turn-around time can benefit some customers.
• Using archival discs will be of value to customers who store images for a long period of time. Unfortunately I don’t think any archival discs support Lightscribe, which is a great way to label discs for customers.
• Offering to deliver images in various sizes and resolutions is of value to customers who need both web and print versions. Some customers do not own image editing software and may not know the proper way to resize images. Delivering images in various sizes, formats, and even on different media can save the customer time and money.
• Including both colour and black-and-white versions of portraits is often of value. Again, many customers do not own image editing software and do not know the best way to convert colour to B+W.
• Deliver images with easy-to-understand filenames and full caption information. This shouldn’t be considered “added value” but few photographers do it. An image file named “POR-bus-col-vert-DCS_7897_Aug-13-2009_s_smith.jpg” is rarely a winning filename for a business portrait of Susan Smith.
• Including an html gallery on the disc of images will be of value to customers who don’t have easy way to browse a large number of images. A web gallery on the disc makes everything quick and easy for the customer and it allows the photographer to control and customize the viewing experience.
• Being available to re-edit, re-size, re-whatever the customer may need to complete their project. Yesterday, a customer needed some Photoshop magic applied to a photo. The original assignment was completed six weeks ago but since it was going to the printer only now, they just decided they wanted some last-minute retouching.
• Of course, producing extra-fantastic photography is always great value. Know what the customer needs and might need. A customer may need a picture of Susan Smith, but they might also need horizontal, vertical, looking left, looking right, and full-length. If the photographer understands the purpose of the pictures and stays one photo ahead, then that is added value.
If a photographer can consistently deliver more value to their services, then that photographer can justifiably charge more for their work. More value to the customer should equal more money for the photographer.
However it’s very difficult to sell perceived value ahead of time. A repeat customer may already know the value in doing business with a particular photographer but a new customer won’t. New customers will look for real value (e.g. experience, reduced risk, location, price, etc.) before they might notice any perceived value.
