Revolutionize Your Business: Stop Competing on Price
Building a business is a process—you’re never “done.” And there is rarely a single point in time that you can look back at and say “THAT’S when we became a world-class business.” However, there are a number of important milestones that most successful businesses can look back at and recognize as breakthrough moments. And one of the most significant is the point at which you can say that you no longer must compete based on price. Achieving this gives you the ability to charge premium rates—and still win the business. Now, this isn’t something that you can accomplish overnight, but it is a goal that is worth pursuing. Here are four places to start:
1) Create a personal brand that positions you as an expert. I’ve said this before, but it’s an essential point: consumers prefer to do business with experts whenever they can. If your child is sick and you have to choose a doctor, which would you prefer—one who is generic and non-descript, or a recognized expert in his field? Of course you’ll choose the expert. The same goes when you’re choosing an accountant to prepare your taxes, a real estate agent to help you sell your home, or a dentist to work on your smile. There are many tools that will help you accomplish goal, including creating a brand-centered website, writing a book, publishing articles in magazines and on leading websites, appearing on local TV, and more! Contact me if you’d like to hear more about this process.
2) Brand every interaction with your prospects and customers. It’s important that you send a consistent message to your customers and prospects, from start to finish. From advertising and marketing to the conversion process, from your actual deliverables to the customer service you provide, every interaction must reflect your brand. When every step in the process is handled in a professional, well-branded manner, you’re subtly creating the perception that you are world-class operation… and once this expectation is set, your customers won’t blink at your rates.
3) Don’t offer low prices—offer superior value. As soon as you begin to pursue customers on the basis of a low price, you’ve lost the battle. Customers that make their decision based solely on price will abandon ship as soon as they find a lower price elsewhere. Instead, focus on the superior value that you provide. You’ll attract customers who are willing to pay more for a good product—and because they chose you based on the value you provide, they’ll remain loyal as long as you continue to offer great value.
4) Emphasize customer service. Poor customer service is one of the biggest reasons many businesses have trouble retaining their clients. Always work to provide a first-class experience to your customers—in many cases, exceptional service alone is enough to justify your higher costs.
Every small business owner covets the ability to charge higher rates than the competition and still attract business. A powerful brand, superior value, and exceptional customer service will make this dream a reality. Contact me today to learn more!