Everyone has a reason to spend their money. Even rich people who sometimes give away money have a reason for doing so. No one shares with their money without an expectation. When that expectation is met or exceeded, they are more than willing to spend again or make a referral.
A lot of this will seem like common sense, but it’s so easy to forget. Many companies in our competitive marketplace are price-focused. They want to match or beat the competition with their prices. The price is only a quarter of the marketing. You also need to consider the promotion, the venue (where you meet the customer), and the product (goods and services received). Let’s talk about the four aspects.
Price. Marketing best practices actually suggest charging the highest possible price, not the lowest. What is really the point of going through all the work of producing a valuable service, if you don’t do as much as possible? Of course, lowering the price may increase the quantity sold, but eventually lowering the price will no longer increase the quantity sold. In all actuality, the amount earned would decrease. Find the balance where you are able to charge the highest price and comfortably meet demand.
Promotion. How does the word spread? How do customers find you? You absolutely should focus 10 to 25 percent of your resources on promotion. Take advantage of the Internet, by far the cheapest way to reach many people with your message. Join industry groups and trade shows, and talk about yourself. Tell people why and how you provide value. Obviously make sure it is in good taste and uses an attractive presentation.
Place. The location may actually be more important than the price. Have you noticed that gas prices are different in different places? Some products and services are more important and more expensive, depending on where you are. This is definitely something to consider when determining what product and service you want to offer and what price you want to charge. And don’t forget, the Internet has opened the door for small and large businesses to meet customers. where they live.
Product. Without a doubt, the most important aspect of your business. This includes the product and all related services. This is where personal customer service can go the extra mile. This is what our clients actually pay. Your product, your perception, the experience of buying from you. It all adds up to something they will remember. What they remember must be an amazing event where they got what they expected and more. Be creative. Offer gifts, send thank you cards, do more… You won’t regret it.
Keep this in mind when running your business. Very soon you will have customers from all over because of the referrals from your satisfied customers. If you fill and exceed a need, solve a problem, or just be friendlier than the competition, people will find out and choose to spend their money with you.
Business is personal!