Questions about pricing can be frustrating
Do you own a business and find that people think that the price is open to interpretation? Find yourself answering more questions about the pricing than the results the product/service will bring to the potential customer?
It happens and especially to new businesses that are trying to establish themselves. You can find yourself feeling more like you are having a garage sale than a business.
Clever and shrewd people know that it is an opportunity to get more for less. Test the waters by moving away from the problem and solution to the cost. When the conversation is driven by cost, you’re moving away from the core principles of the transaction. Hold the line…
Use Brand Strategies & Content Marketing to show your value and hold the line
Create content with a purpose. Your content on your website and or shared with your target audience should be based on problems and solutions.
If you’re experiencing this problem and you are seeking a solution. My business can help by providing this solution. Here’s how it can help to alleviate that problem. Here is how we can address your specific need. By going in a different direction, you stand the risk of dealing with … and moving further from a solution and closer to paying more to get it done right later.
I can remember calling a handyman for some projects around the house. He gave me a quote and the quote gave me pause. I flinched. He followed up with “I get that, that may sound like a lot but based on what you want to get done. If you have to go with individual people to do each project. You’ll end up spending more money. If you try to do it yourself like it looks like you have after this quote my price goes up because it takes more work to undo a mistake than to do it right the first time.”
This handyman was not new to providing estimates and knew how to speak to the problem, solution, and the value that it would bring by completing the projects. The work was done and there were no regrets after the fact. He held the line and got paid his value not the perceived it should only cost amount.
Use brand strategies with purpose. When you speak directly to your target audience and it resonates with them. You’re no longer selling. You are relating to an issue and walking them through understanding their situation. Sharing your story as a business. Why you chose to fill that void and solve that kind of problem.
Sharing your credentials and qualifications and testimonials and reviews. Giving the potential customer visiting your website or viewing your post the reasons why you’re qualified to address their problem. Adding credibility to saying that you have a solution and the price attached to alleviating the issue.
The questions transition from pricing to how much is the issue worth solving. How much would they benefit as a customer from having a solution to a problem or need? Pricing and cost matter less when the issue matters more.
When paying someone qualified to provide a solution to a problem. They are paying for the expertise and qualifications as much as they are paying for the work. They are paying to have it done right the first time so that as the handyman said “it doesn’t cost more to undo what was done wrong”.
When you’re speaking with your target audience and ideal clients. This is something that makes sense to them and is prioritized. If you have a toothache and it’s keeping you from being able to sleep or eat. That person understands that it is not time to haggle on pricing. They simply want their pain to go away.
Why would they run the risk of going to someone who may be cheaper but less qualified and run the risk of the issue lingering?
If you’re car breaks down and you are on a poorly lit road and feel like you’re far from home with limited options. Are you going to haggle with the tow truck that comes to pick you up and run the risk of being left behind? In hopes of another tow truck coming out to tow you back to their garage.
Chances are if you do run into that second tow truck the price is going to be the same or higher. The need hasn’t changed the perspective on how important it is to correct has in that time.
Market your business to people in need of your services not the curious
When thinking about pricing. Think about the demand and that’s where the value is for your business. Think about how long and how much extra work and effort it might take someone who doesn’t know what they’re doing. The chances that they could make things worse instead of better from not knowing what they’re doing. They are paying for your expertise and time.
Where a lot of businesses get lost and open the door for haggling on pricing is trying to be for everyone. The reality is that as a business you are not for everyone. You have a niche and audience that you will resonate with that can see the value in your products and or services.
You’ve done your due diligence. Researched the market value and cost of your product or service. Set your pricing according to what you need to make to break even and what you need to generate to make a profit.
Holding the line is setting the standard not just for the business but the value of what it is that you’re offering your audience. Those people who are prioritizing the issue and in need of a solution are fine with paying market value.
Those that want to haggle on the price or talk you down by questioning the value. Don’t have a genuine need for the solution. They are in a different phase of the customer journey. These are people that require a different form of marketing.
The stage that they are in requires providing information and educating them on what goes into providing a solution. Some people have a want and not a need. There is a notable difference between the two. The people with a need have already prioritized the importance of a solution. The people with the want are prioritizing feeling like they can take it or leave it.
While there is nothing wrong with guiding a potential customer through the different stages of the customer journey. The focus for business purposes has to be on marketing to the people with the need. They’re the ones that are keeping the lights on and the doors open.
You can always break out your marketing budget to advertise to both groups. Two different approaches and stories being shared for relevancy. One has already decided the value and just wants the solution. The other needs to identify why there’s value in your solution and what differentiates you from your competitors.
How to apply these marketing strategies and principles to your business
It starts by knowing who your ideal customer is and identifying your target audience. You can take the next step in the process by creating content that speaks directly to them and the situation. The key in this marketing solution is consistency and providing value.
How many businesses do you see on social media strictly selling? Every social media post is about a product or service. Speaking to what they do and less why it should matter to the person looking at the post. How do they benefit from taking the time to read and review the post?
It is this form of marketing that you will find has limited engagement and will end up being something that a person may skim or skip over altogether.
These types of posts and communications don’t add value. They don’t speak to understanding the problem. They don’t speak to what sets you apart. They mainly just speak to the solution but not why you’re the best solution.
Walking your target audience and ideal client through the problem, the solution, the results that you can provide. Along with the risks they’re taking by not going with your business is far more effective. Provide a backstory and a reason to “know, like & trust you”. There’s value in that experience. You are allowing them to make a conscious choice.
Summary for showing your value so that people question your pricing less
Do your due diligence and checking the market for pricing. You don’t have to match it exactly but you do need to be competitive. Your pricing can go up or down from the average based on your experience level and established credibility.
Marketing to your target audience is key. When you put your effort towards those who are prioritizing the results and the solution. Pricing will be less of a conversation.
When you market to people who are not prioritizing the solution but the cost. It will require a different form of marketing and effort. You’ll need to walk them through more of the process and the customer journey.
This doesn’t decrease their value it just makes it a longer sales process and a bit more work to win the business. A conscientious shopper can turn into one of your best and most loyal customers. They asked the questions to make sure that they understood what they were getting and why they were paying that price.
For those that are stuck on the price. Personal opinion and from the experience of learning the hard way. These are people that could end up taking up more of your time than the people paying you, your worth. Something to be mindful of to make sure you’re not establishing a precedent of if they press, they can get more than what they are supposed to receive. These types of situations can end in holding your payment hostage while you jump through continuous hoops. That is not something that you want for your business. Not all money is good money and not all customers are going to be great customers.
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