Skip to main content

It's Too Expensive

Orangeville, ON (James Doan) Don’t be put off when a potential customer tells you that your product or service is too expensive. The truth is that most of your customers could afford to pay. It’s just that they are hoping to find a better deal somewhere else, or possibly one which may offer them more value for their dollar.

Although your first instinct might be to lower your price to try to close the deal, you have a range of alternatives to overcome their resistance and still make a reasonable amount of profit.

One option is to enhance the offer with additional services. Examine your promotion carefully. Look for ways that you can increase the apparent worth of the offer. Are there extras like technical support, installation, follow-up or accessories that you can provide that will let the customer believe they are getting a better deal?

From your own experience you know that you can expect to pay more when you deal a specialist. The department stores and big box outlets are normal venues when you just want to purchase a generic product. For a more important purchase you will be ready to pay a little more and contact someone who knows what they’re talking about. When promoting your own product or service, it is good business sense to find a way to establish yourself as a specialist who demands respect. That is the sensible way to justify slightly higher prices.

Another option is to find which niches within your market you can focus on. A little research in your chosen market will allow you to discover groups within your market that are particularly appropriate for your selected areas of expertise and merchandise.

Take the time to follow through, do a little market testing and figure out exactly how your product or service relates to the special needs of these niche groups.

Present yourself to them as someone who has the required expertise. Update your sales materials to highlight the specific needs of each group. Your marketing plan is to let these groups know that you are the supplier that really understands what they want and need, and will best best qualified to make the right recommendations. Then you can watch your profits skyrocket.

Comments

Most Read This Week

How to Showcase Your Soft Skills in a Job Interview

When it comes to job interviews, technical skills often take centre stage. However, soft skills are equally important and can make a significant difference in how candidates are perceived. So, how can one effectively demonstrate these essential soft skills during an interview? Let us take a look at some practical strategies.

Why Soft Skills can be the Secret Pathway to Success

You’ve got the technical skills. You’re a coding whiz, a spreadsheet guru, or a design genius. But hold on, there’s another ingredient that’s just as important in today’s workplace: soft skills. Think of them as the personality traits and interpersonal skills that make you a rock star teammate and a valuable asset to any company. They’re the things that make you a joy to work with, even when the pressure’s on.

Why Engaging with the Community Matters

Local businesses often find themselves competing not just with each other, but also with larger corporations. One effective way to stand out and create a loyal customer base is by actively participating in community events. We can explore the benefits of community involvement, different ways to engage, and how these efforts can create lasting connections. The Power of Community Engagement When businesses get involved in their local communities, they do more than just promote their brand; they build relationships. Here’s why community engagement is so powerful: Brand Recognition: Being present at local events increases visibility. People remember businesses that show up and support their community. Trust Building: When a business takes the time to give back, it fosters trust. Customers are more likely to support businesses that they see caring for their community. Networking Opportunities: Participating in community events opens doors to meet potential customers, partners, and collabora...