When selling your product or service, do you focus more on the price of that product or service, or do you direct your client’s attention to its value? Pricing is an extremely important part of any business, but if you can demonstrate the value of your product or service to your customers, you are going to worry far less about setting a high price. Most people are willing to pay more for something that they believe to be truly valuable.

A good example of the relationship between high value and high prices can be found in real estate. Most people are willing to pay more for a home that has a better location and upscale features, simply because it provides more value than a home in a lesser attractive location and with less attractive, even if the two properties are the same size and age. Here are a few ways that you can make sure you are delivering value and not just price:

Find out what your customers consider to be valuable. How can you provide those customers with value if you don’t know what they find valuable? You are going to need to talk to your customers or clients. Have them take a survey, listen to their reactions when they hear your price and your value proposition. If they do not think that you are delivering something that is valuable enough to be worth the price, they will let you know.

• Understand what value actually is. The average consumer see value as the benefits of the product or service they are purchasing, after subtracting the cost of that product or service, according to Inc.com. Your value proposition needs to be clear enough and high enough that there is value left over after consumers consider the price (both time and money) that they will have to pay for that product or service. Consumers should always feel like they are getting the better end of the deal.

• Emphasize your differences. Why, for example, should a client choose your financial firm over another? Think about what you can provide that any other company cannot provide? If it is better customer service, more accessibility to money, better explanations about what is being done with the client’s money, etc., focus on these things, especially if your competitors do not offer them or do not offer them as well as your company does.

• Keep a record of questions asked and inquiries made for each customer. I found this incredibly helpful You want to start tracking of every encounter that you have with your customers. No matter what business you are in, your customers are probably going to call you to ask questions or to help them with an issue related to your product or service. If you are keeping a record of those contacts, you will be able to find opportunities to provide more value to not just that customers, but to all of your customers.

• Pick a price that reflects value. Price setting can be difficult. You know how much your product or service costs to provide, but how do you know what it is worth to your customers? Your price should reflect not just your costs, but the value of what you are offering. As long as your value proposition is clear, your customers will be willing to pay more for what you have to offer.

Use these tips and you’ll be sure to deliver a product or service that’s valuable to your customer, at a price that profits your business as well!