Right now, Google is showing your prospective customers the details of all your competitors – including those competitors who charge less than you.
So, your prospective customers now know you’re not the lowest priced provider. The question is: How do you plan to convince them that you’re worth the extra money?
Generic marketing promises do not work
We are in the worst economic situation in living memory and your prospective customers are thinking a LOT harder, before they spend their money.
They demand value.
It’s not enough for you to claim that you offer great customer service or that you go the extra mile or that you care more. Why? Because the bargain basement providers make those same generic promises. Those promises are so common now, that we are almost blind to them.
If you want someone to even consider spending money with you when there are cheaper alternatives, you need to avoid generic promises and get specific.
The answer
You may already have an attractive proposition, which your cheaper competitors can’t match. If you do, you need to communicate it effectively and make it extremely visible in your marketing.
If you don’t already have a compelling, non-generic reason for prospective customers to buy from you, you need to create one. This is not about developing some snazzy marketing slogan! It’s about building something into your existing product or service, which has genuine value and is not already being offered by your competitors.
For example
You can be yet another accountant or the only accountant in your area, who offers a monthly networking event for their clients – so they become part of a community and not ‘just a client’.
You can be yet another web designer or the only web designer in your price range, who redesigns their client’s Facebook, Twitter and Google+ accounts – so they match your client’s beautiful new website.
You can be yet another window cleaner or the only window cleaner in your area, who also cleans the windows on your customers cars.
You get the idea.
Step outside of the ordinary
Take time to think of a genuinely valuable, attractive proposition to offer your prospective customers. A USP is not enough any more. There has to be something, which prospective customers can see as offering them genuine value. A Purple Cow may grab people’s attention, but there has to be value behind it if you want to attract paying customers and not just glances.
Put on your thinking cap and look at your products or services through the eyes of a prospective customer. What needs do they have, which you could serve by adjusting your offering?
Give this exercise the time it deserves. It’s what your prospective customers will be focused on for the foreseeable future.
What examples do you have of businesses that offer something uniquely valuable? Share your thoughts with a comment.
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Great points Jim, people often shop with “cheap” in mind however it’s so easy to fall into the trap of a price war. Adding value is by far the best way to stand out from the crowd, It may be a scary jump but take a look around, if price was the only factor influencing a purchase then we’d have no BMW dealers, No Omega watch shops, and a much less interesting market place.
Exactly, Steve. It’s easy to allow yourself to be dragged into a price war or “race to the bottom”, but it’s pointless.
Thanks for the feedback.
It’s not about price, it’s quality that matters the most. Take an example of MAC it may be costly, but it ranks for its performance.
Exactly, RajKumar. It’s always about value.
Some value ‘cheap – some value quality.
We need to pick which end of the market to service, then pump as much value into it as possible.
Seems to work. Thanks for the comment, sir.
We can also take example of samsung which has emerged as a great service provider.
I have a studio full of Samsung devices (along with a few Apple.)
Good point, Rahul.
I love this post Jim. Price is not everything. One things clients forget about is customer service. Sometimes it is better to pay a little more.
If you charge more adding value add is really important. For example I give clients videos on how to do functions on their web sites as part of the package.
Great post and points Jim!
Absolutely, my friend. It’s about building value. Thanks for the comment and your continued support of the blog.
Much appreciated.
I thought this was a great piece! I own an automotive repair facility in a small community. Recently we have pulled away from our competition with training and technology and now we are the most expensive in town. I know why we are and I assume my clients do as well -never assume! I can see I have lots of work to do. Thanks!
Thanks for the kind words and for sharing your experience. Please let me know how you get on, Beth.
Think about who your customers are and target them specifically rather than compete in the same marketplace, if you have no choice but to be in the same marketplace make your selling point stand out, clients will pay more if they think they are getting better value i.e quicker service.
Buying cheap is not always the best option. If you want specific results, it might be necessary to spend the extra and have peace of mind as well.
Absolutely, Neil!
I agree 100%, cheaper is not always better. If I am buying a service or targeted product, then I want specific results. Not all generic options deliver the same results.