A simple equation but many are fearful that they will price the current customers out. Truth is if you are delivering and your existing customers keep coming back…that not only highlights customer loyalty; but also that they value what you do and you’d be surprised how many will be happy to support the growth and sustenance of your business (especially if it means they can come back for more).
Increase Staff qualifications
People will pay more for accredited services – it simply says we are better than rest and gives valid psychological reasoning to paying more than the competition
Pitch clients who are more accustomed to paying your new price
Another basic move to change the status quo of your business. Picture yourself like a miner of Gold..Follow the money and go to where it grows the most
Sometimes you need a demographic where your new price is not only accepted it is expected. One of our clients who makes suits moved from a rural area in the UK to Piccadilly Circus. although there were more competitors his business was accepted and charging too small would actually devalue the quality and level of his service. By simply charging slightly less than the competition he was still able to gain a lot of new customers.
Cater to long standing companies as opposed to small new businesses or start-ups
Self explanatory – Bigger company Bigger budget
Change target audience – We used to target start-ups and really small businesses. this is great when youre starting out to weed out errors better practices and gain confidence. Once you pass that threshold we would advise that you begin looking for a different demographic of clients to match your new price
Change where you find clients – Instagram isn’t always the best place – we advise LinkedIn as the go to social media spot and also don’t rely on just socials. Network go to events hand out business cards or connect on socials following a face to face conversation that way you wont be just another follower but someone the potential client/customer has rapport with and thus more likely to buy
Upgrade your business by investing in a clean faster website
At KB Consultancy we pride ourselves on creating quality fast and clean websites design with amazing UX (user experience) for your clients to ensure they reach your checkout or CTA quick easy and with a smile. IT is proven that this method will and can increase your sales by 10%
Believe your product or services deserves that value
It starts with belief. If you don’t feel your product or service isn’t on par with your price itll come across to your customers. We always advise our clients to upgrade their qualifications or brand to give them the belief if they don’t have it already. Again we help in both departments via our Business Coach and Marketing experts (visit www.e-learning.kbconsultancy.uk for more info)
Base your price on experience and knowledge not on time spent delivering the service or product
Its not the one hour it took you to deliver but the 7 years it took learning and perfecting your craft that gave you the ability to deliver in an hour.
One day Picasso was chilling having a picnic when a lady and her daughter sat by him and saw him painting. They asked for him to do a portrait of them and to their delight he delivered an amazing portrait in just 5 minutes. He asked for a large sum of money in return and the mother responded with surprise and highlighted that it only took him 5 minutes to complete why such a price. Picasso responded that it was his years in fact decades of experience that gave him the ability to deliver such an exquisite piece in 5 minutes that she was paying for not the time taken to draw and paint it.
…For more information on how we can help and support your business email firstname.lastname@example.org and remember were here to help #youronlinebusinesspart