Hogwash!
That's what I say to people who tell me that their business is purely and solely a "cheapest price business."
People who stubbornly insist that "MY business is different" are right, but not in a good way.
Their business is different because it will never make big money.
People who are unwilling to open their eyes to BIG ideas are solidly parked right in their own way... their own BIG obstacle to success.
Big money is made by translating great ideas from outside your industry -- whatever it is -- into your industry. What gives you your competitive edge is a unique selling proposition (USP).
That's the key... not your low, low price. (Although in some instances your price may be part of your USP.)
Recently, I was consulting with a client and I was explaining my opposition to selling by cheapest price.
She insisted that hers was an intangible, not a product; that my examples didn't apply to her business; and that, basically, I had my head up my butt. I tried to explain in terms I hoped she'd understand:
So the critical question is:
"Why Do People PAY MORE For Some Services When The CORE SERVICES Offered by CHEAPEST PRICE Competitors Are Pretty Much The Same?"
"Debbie," I told her, "You've gotta understand: value differences don't have to come from the 'core' item."
It doesn't matter whether you're talking about a product or a service. Value differences usually come out of areas of expertise and service such as:
"And Debbie," I explained, "it's a hell lot easier to make money by selling half as much at double the price. Does that make sense?"
It made sense to Debbie and I hope it makes sense to you! Just to make sure, I'm going to give you...
5 QUICK-TURN TACTICS for closing BIG TICKET deals
#1 - Compare apples to oranges.
"Tired of dragging out a bulky food processor and guessing which attachment is the right one for the job? The compact Ultimate Chopper is 4 machines in 1 so you can replace your food processor, coffee grinder, standing mixer and ice cream maker and gain more counter space in your kitchen." (Ultimate Chopper)
#2 - Decrease the price by adding valued component parts.
"Bring your spouse for FREE! Yes, not only can you come, but you can also bring your spouse for FREE. This is a ,995.00 value by itself." (Real Estate seminar)
#3 - Identify the unique, invaluable aspect of your product.
"Quite honestly, the majority of currently available bodybuilding training and nutrition information today is never going to produce gains for 98% of the population.
"The pros simply have much better genetics for building muscle and are taking massive amounts of anabolic drugs...I'm not a "Mister" anything. I've never won a title.
"I'm just a guy who after 22+ years of trial and error has figured this stuff out and can relate to the plight of the genetically average trainee. I absolutely know what works for genetically average bodybuilders who want to maximize their potential. I know exactly what the average guy has to do to make muscle mass and strength gains as fast as genetically possible." (Bodybuilding)
#4 - Make the high price itself a benefit.
"Organic foods are more expensive because production is more labour intensive and without herbicides, pesticides and other chemicals, the yield is generally smaller." (Organic food)
#5 - Break down the big amount into smaller amount.
"Valuable legal services for less than a cup of coffee a day, from top law firms! Protection for you, your family or your business!" (Pre-paid legal services)
If you are going to use "lowest price" to get your foot in the door to acquire a new client, then the race is on to "switch" that newly acquired client from price orientation to value orientation BEFORE somebody finds 'em and offers to beat your price.
The Lesson: You CAN charge more for your stuff as long as you're showing you client that even though she's paying a premium price, she's getting a good value. Think "added value." Think "golden handcuffs"; benefits/service so good I won't walk away from it, even for a lower price.
Copyright 2004 Quick Turn Marketing International, Ltd.
About The Author
Dan Lok is the World's First Quick-Turn Marketer, with a proven track record of selling over 17.3 million dollars of merchandise and services. He's the rebel copywriter who's created hundreds of money-making ads and sales letter for over 39 different industries. And now, you can get inside the head of one of the world's top copywriters without paying a dime at www.quickturnmarketing.com
detailed home cleaning Lake Forest ..If you are a small business and qualify to participate... Read More
If you own a mobile service or home based franchise... Read More
There are many little details that go into making sure... Read More
I'll be the first to admit that I went a... Read More
Think of all of your business ideas as tiny seeds... Read More
Your on-line success is based on your efforts and yours... Read More
Do you have a Business Plan? Congratulations, but you are... Read More
Washing the exterior of a truck. Sounds easy right? Well,... Read More
Do you own a franchised business? Over 400,000 franchised businesses... Read More
Last week's question from Anthony R. on how to choose... Read More
At first glance, this topic may seem a little repetitive,... Read More
Hogwash!That's what I say to people who tell me that... Read More
Shipping materials can be expensive! Even the styrofoam "peanuts" can... Read More
Would it help you as a real estate investor to... Read More
In a quest for customers and to keep those customers,... Read More
Buying a franchise is not for everyone. This guide will... Read More
Search Engines account for almost 90% of all web traffic!In... Read More
Introduction: This article is written as a general discussion on... Read More
"Order Now!" "Your Business Will Fail If You Don't Have... Read More
We all know that competition is an ugly word but... Read More
If you intend to franchise your company you will need... Read More
As a home business proprietor, you may already realize why... Read More
Do you promote yourself as offering prompt, reliable and quality... Read More
Owning a small business in Wichita, KS might not be... Read More
How often have you thumbed through a business opportunity magazine,... Read More
trusted cleaning company Des Plaines ..1. There Are No "gimmes" ? They count two-foot putts... Read More
I only have to point to the 555 plus failed... Read More
Some things in business are relatively easy to measure ?... Read More
Company mottos can easily be printed on a business card.Sometimes... Read More
Why Alliances FailWhen do you know an alliance is falling... Read More
One of the best marketing strategies a business or organization... Read More
In today's fast paced marketplace it is easy to neglect... Read More
The Operations Plan is a critical component of any business... Read More
A Mattress Cleaning Business might be just for you if... Read More
What would happen if you decided to take an extended... Read More
Success is the desire of everyman on the face of... Read More
Some of the very qualities that attract people to the... Read More
The Dynamics of Daylight Savings Time changes the way we... Read More
Q: I really want to start my own business, but... Read More
Business card size works well for invitations to special events.What... Read More
Everything starts with a business plan: If you don't have... Read More
One of the hidden perks of raising six children is... Read More
Setting priorities in your business? Your first job is to... Read More
If you are the boss and you think your job... Read More
Ok, so next to the taxman, your company payroll department... Read More
Writing a business plan for your Solo Entrepreneur business doesn't... Read More
Opportunities for home show businesses have never been more abundant.... Read More
Many people ask how many graphs or charts they should... Read More
I started working with another new client last week. He... Read More
If your home business is not performing the way you... Read More
Small Business |