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Monthly Business e-Tips Vol 7
Issue 4

Attracting Customers with Value vs. Price

"These days man knows the price of everything, but the value of nothing." Oscar Wilde

Most business owners get frustrated when customers want to focus on the cost rather than how effective their products and services are. Why can't they see beyond just the price?

Effective communication to set your service apart from the rest is the key to financial success. Though most of us believe we offer the best product, we are unable to convert that belief into profit. Once your business is judged solely on cost, the playing field is leveled and your product faces an uncertain future with unfair comparisons to larger competitors and online marketing.

We recently moved into a new home. We made improvements to better fit our taste. With a wide variety of vendors to choose from and a limited budget, our selections were not based solely on price. Cost was a concern, but in order to make informed choices, our decisions were also made with several variables in mind such as, convenience, service, quality, reputation or past experience.

Consider these five points when marketing your business and help set yourself apart from your competitors.

  • Provide facts. Nothing turns buyers off more than being "sold to". Don't use an empty sales pitch. Be concise and provide factual information to help buyers realize a return on their investment. Facts help buyers make decisions.
  • Differentiate yourself from your competitors. Don't assume you're the only game in town. Savvy buyers shop around. Ask whom else they are considering? Remain professional but be able to articulate how you go above and beyond the "other guys."
  • Know where they stand. Don't be blind-sided. Ask your client how well your solution fits their needs? Sometimes you may need to repeat the benefits another way. Don't assume the buyer absorbed all the information that you presented. If they have concerns or doubts, address rather than avoid them.
  • Provide the best customer service. Let your buyer know in advance the kind of service they can expect. People will remember their experience doing business with you long after the product or service you provided is done. Service, trust and dependability are the corner stones of your reputation.
  • Ask for feedback. Find out why customers chose to do business with you and use their comments to attract new prospects. Customer recommendations and positive feedback are far more convincing than a sales pitch when trying to entice new buyers.

Belief in your business is only the beginning to securing financial success. Understanding your product, your client and your competition will help you to effectively communicate why buyers should choose your business and "see beyond just the price". Sell on the value of doing business with you, then spread the word.

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