How often have you walked into your the supermarket with a long list of ingredients scrawled on your notepad? Then you’re hunting around for the perfect choice to make sure your special dinner this evening is exactly how you want it to be. Of course, we don’t always have time to shop around, and sometimes we need to grab the nearest thing on the shelf to heat up before settling in for the night. But when it is an important decision, and you have the time to mull it over, what is the thought process behind what you decide to buy?
Is it a question of quality? Well, obviously! Is it a question of suitability? Undoubtedly – you can’t cook lamb for your vegetarian neighbours. Is it a question of price? Almost certainly not.
One of the most common, but understandable, mistakes people make when their business is in its infancy is to enter into price competition with rival businesses. Undercutting your competitors may get you some limited, short term success in finding customers, but it is a fundamentally incorrect way of marketing yourself. In the long run, it will be harming your opportunities for growth. But, fortunately, there is an easy fix.
Focus on VALUE, not PRICE
By focusing on price alone, you are telling the world that your company has no USP beyond being the cheapest option on the market. You’re looking about as appetising as that Tesco value loaf on the bottom shelf. Switch your focus to showing your customers what they stand to gain from working with you, rather than simply stating how much they can expect to save by choosing you.
Your belief that price is the only factor in someone’s decision implies that the customer is choosing you without bothering about the quality of your service. As we’ve already noted, that is not how buying decisions are made – especially not in business. Cheap prices will, in turn, only bring you customers who want something done quickly, and at a low price. Don’t be the business that ends up with these customers.
Learn from experience. What has helped you get your business so far? Why have your clients chosen you over the competition? Own the sales narrative, and ensure your potential customers understand why they need to be working with you. Don’t be afraid to show off a little, either! Believe in the worth of your services, and champion what makes your business special. Only then will people buy into it – irrespective of the price.
If you’d like to discuss this topic further, or want more advice on how to show off what makes your business special, contact me and we can get started straight away!