04 Feb Let’s talk about your pricing, again!
Way back in my corporate days working in telecoms, I remember a former boss telling about the Rule Of 7 – that we need to hear something 7 times before it sinks in!
She very possibly made it up, but it doesn’t make it any less true.
How often have you had a light-bulb moment where you ‘get’ something, that you just couldn’t grasp before?
You know people have said it before to you, but it didn’t make sense, or perhaps you just didn’t see the significance of it until now.
And that’s why I make no apologies for talking to you again about your pricing and why, as a small business, you should not look to compete on price.
If it’s your 7th time of hearing this message, then maybe this will be the time that you ‘get’ it and start to shift your business forward to being more profitable and less stressful.
I’ve seen a couple of examples this very week of businesses who are trying to win business based on being the cheapest.
Here’s the problems with this model:
1. You attract customers for whom price, rather than quality, is the most important factor in their buying decision
2. This type of customer will still expect a high quality result, even though they are not paying for it
3. They are also likely to be demanding of you in terms of your time, and trying to get something else thrown in that wasn’t agreed originally
4. You will end up thinking, ‘What do they expect for what they have paid?’, and feel resentful of these customers
5. They will not value your time and your expertise – after all, you clearly don’t, so why should they?
6. Finally, you will end up pi**ed off, working too many hours and still not be making a decent amount of profit.
If you want to be working with customers who truly value what you do and will pay accordingly for this, then you have to change your business model and stop competing on price.
It may seem like a hard shift to make when you’re stuck in the low price model, but there are some simple strategies and actions you can take to move your business quickly to becoming more profitable and less stressful.
I’ve helped dozens of business owners to do this, and I’m confident I can help you to quickly identify what changes you need to make to become at least 10% more profitable.
All you need to do is book a half hour call with me in my diary here. Once you’ve booked, I’ll send you over some questions to answer to help us hit the ground running in our call.
Why not do it now? To quote Buddha, ‘The trouble is, you think you have time’.
What difference would it make to start making at least 10% more profit in your business from now on? Why would you want to wait until next month / next year / when you have the time?
Here’s the link again to find a time for your call – click here.
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