Most small owners spend a lot of time working countless hours in their business. However, when their accounts are done at the end of the month, quarter or year, they realise that they have been working for an exceedingly small hourly rate. For many small business owners, they would have been financially better to off to have worked for someone else.
Read on to learn why many small business owners do this and what is the solution including:
- Are you adding value to your customers?
- How is your product different?
- People buy from people they know, like and trust
- Does your price and value match?
- Why won’t your product sell?
Are You Adding Value to Your Customers?
Think about the value you are adding to your customers. Do you have a straight transactional service or are you adding extra value? When customers are making a purchase, perceived value factors in. The branding, the style and the value that they feel they are receiving plays a part in their decision to make a purchase. While a more affordable version will do the same job, will it make a customer feel the same. Customers remember how a brand, product or service make them feel long after the price is forgotten.
How is Your Product Different?
What makes your product different? No matter what you are selling, with very few exceptions, your customers have many other people that they can buy from. What is your point of difference and what makes yours the ultimate choice for your ideal customer?
People Buy From People They Know, Like and Trust
People buy from people they know, like and trust. If your customers don’t trust that you, your brand or your website can deliver what it’s promising, they will be very reluctant to buy and will look for another option. This also applies to how we buy products and services, the higher the price point the more customers need to feel the trust.
Does Your Price and Value Match?
Many business owners worry that their price is too high in comparison to the price point of a similar product. When this occurs, it’s important to ask yourself, are they really a similar product? Do they provide the same outcome? Are they giving the same value?
Look at your value not necessarily what others are charging. Also, look at what is included in your pricing and make sure you convey that to your potential customers in a believable way.
Why Won’t Your Product Sell?
Brooke Castillo from The Life Coach School says there are only 3 reasons why your product won’t sell. These are it’s the wrong product, wrong price or wrong person. Consider adjusting one of these ideas at a time. If it is the price that is the issue, is it really the price of the lack of preserved value for the price that you are asking?
Listen to Small Business Talk Podcast Episode 090 for more on this subject.
Cathy at CATCO Enterprises is Your Local Digital Marketing Expert
Cathy Smith has run the same Marketing Agency for more than 18 years and has helped hundreds of business owners achieve their marketing goals. If you want to build your social media channels, increase traffic to your website or develop a digital marketing strategy for your business contact Cathy today.
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