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
Culver prom limo ..The Operations Plan is a critical component of any business... Read More
What is the Big Race all about when it comes... Read More
-- Beyond Cold Calling, "Warm" Calling and Sending E-mails --Many... Read More
Pardon my enthusiasm, but a large part of your small... Read More
Deciding to start your own franchise is just one of... Read More
Search Engines account for almost 90% of all web traffic!In... Read More
Researching information for a recent business plan, I came across... Read More
Thankfully, most of us will never find out. That is... Read More
Too often in business we get trapped into reviewing our... Read More
Many of our nations 400,000 franchisees run their businesses out... Read More
Aside from the fear of losing a spreadsheet or research... Read More
Administrative and clerical tasks are the bane of every industry.... Read More
The air in my client's office nearly crackled with her... Read More
Many experienced auto detailing professionals who have started out using... Read More
The single most important activity you can do in your... Read More
Do you need grant funding for your nonprofit organization? If... Read More
The reason we Franchisors call it an exclusive territory is... Read More
If a customer owes your local business money, it's hard... Read More
Office support services can range from basic data entry to... Read More
Motivational author and speaker Jim Rohn says that for a... Read More
Traditional advertising methods are still being used for almost 90%... Read More
Running a business, whether large, small or in your home,... Read More
Home based travel businesses are no longer the wave of... Read More
When a regulator finds a target to go after to... Read More
One of the first things you will need to set... Read More
Wood Dale limo ..Commonly folks have asked me what the technical difference is... Read More
As a solo entrepreneur or small business owner, one of... Read More
Q: I will be retiring this year at age 60... Read More
Some of the greatest words of wisdom for any man... Read More
Setting priorities in your business? Your first job is to... Read More
Do you need grant funding for your nonprofit organization? If... Read More
Anyone who is serious about washing aircraft as a full... Read More
If you're just ramping up your small business email newsletter,... Read More
Tap these treasures of ideas. The best money you can... Read More
The Service-Disabled Veteran-Owned Small Businesses (SDVOSB) is a program that... Read More
Ongoing support for a franchise system is omnipotent. A major... Read More
Looking for ways to boost your cash flow? As a... Read More
Researching information for a recent business plan, I came across... Read More
Here are some useful tips on how to select a... Read More
Many mobile car wash operators would like to add de-ionized... Read More
A top executive called up me late in the night.... Read More
Do you have all the customers your business can use?The... Read More
As a franchisor I am always asked by new and... Read More
Small Business, Big Business ? What's the Diff?Well a lot... Read More
In the summer, I can't drive two blocks without seeing... Read More
It's just like a marriageTo expect a bank manager or... Read More
Motivational author and speaker Jim Rohn says that for a... Read More
This is the tale of two business plans with very... Read More
Your grandfather probably told you to "learn something new everyday".... Read More
Are you a home or small business owner and you're... Read More
Small Business |