Thursday, June 23, 2016

Your prices need to match your promises

marketing help, prices, fees

Here’s a quick marketing tip, which can help you significantly increase sales or attract more clients. It could give you a powerful, competitive advantage!

It starts with understanding that your prices (or fees) are a part of your story. An important part, too. They allow a prospective client to determine where you fit in. Your prices clearly state, in hard figures, whether you regard your goods or services as budget, high quality or somewhere in-between.

So, are your prices consistent with your story?

Prices and promises

Your business will struggle, if you claim to offer a great service… yet charge an average or below average fee. Prospective customers and clients know that premium services come at a premium. So when your marketing is all about quality, but your prices are all about cheap or average, they immediately sense something is wrong.

It’s the same as claiming to offer a bargain basement service, then quoting a premium price for it.

In both cases, you give prospective customers a mixed message. This instantly dents their trust and when that happens, you lose them. A sale, sales lead or new client enquiry is lost.

I don’t want that to happen to you. So, here’s what you need to know!

How to get it right

If you want to attract more sales or client enquiries, you need to get the balance right. It’s not difficult.

  • To attract premium customers, charge a premium and explain exactly what they will get for that extra investment. This is how you sell successfully to premium customers.
  • To attract price-conscious customers, charge a bargain price and explain how you manage to keep your prices so low. This is how you sell successfully to price-conscious customers.

Just don’t mix the two!

Premium customers will be put off by bargain basement prices and cost-conscious customers will be put off by premium prices.

P.S. Read this: It explains why storytelling is the cornerstone of your marketing.

Let's grow your business! I can help you build a more successful business, increase your sales, attract more clients and boost your profits. To find out how, click here.

Originally posted on this blog

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