The Unbelievable Facts: You Can Beat The Competition By Raising Prices!
Hey, that got your attention! You’re probably sitting there with a raised eyebrow, and thinking… “Yeah, right!” Everybody knows that you have to have the best prices in town to be competitive… or do they?
Think about this… when you go to a Ford dealership mechanic do you expect to pay more than if you take it to the repair shop on the corner? Of course you do. Why? Because the mechanics are specialists at the dealership. They specialize in the type of cars they sell, and know their stuff!
When you become a specialist, people expect to pay more and feel like they are getting more value for their money. They trust the specialist to understand their needs. Now for the big question… How can you become a specialist? Here are 3 easy steps to becoming an expert in your field.
1. Divide your market.
Take a good look at your market. How many pockets within your customer population can you find? You’ll be surprised at the number of niches you can target. You’ll find ethnic groups, different age groups, varied groups of income, singles, married couples, families, grandparents… the list could go on and on. Once you spot the pockets, decide which group or groups you want to target.
Once you discover the pockets within your customer population, take the time to learn what their special needs and desires are. Dig deep, and really get to know them. Learn to speak their language, so to speak.
The best place to start understanding them is simply by asking them why they buy your products. What do they like best about it? Why do they choose your place of business? You’ll get straight answers right from the source, and gain amazing insight as well.
3. Revise Your Advertising Campaign
Once you’ve earned the right to speak to them on their level, redesign your advertising campaign to reach out to them. The changes don’t have to be drastic, but be sure to use the language of the group you are aiming for. Let them know you understand and desire to meet their special needs.
Let’s face it… there will always be competitors and competition. There’s just no getting around it, but you really don’t have to lower your prices to compete with them. Not when you are the expert in your field and your customers are trusting you to have the answers.