It’s a fact: People will only buy from you, if they believe that the value of your product or service (herein called a service), is significantly higher than its cost to them. If they believe they can get better value (or a better deal) elsewhere, they will go and spend their money somewhere else.
Equally, if people think after reading / listening to your marketing that you must be out of their price-range, they won’t even get in touch with you.
You need to know how to strike the correct marketing balance and that’s what this article is all about!
Effective marketing works on a number of different levels. For example, it should show people what a great service you provide and also reassure them that your prices or fees are set within their range. You achieve this by pumping massive value into your services, PLUS showing that people, just like them, are already using and benefiting from your services.
For example, when I market my services, I have to make sure that people know that I work primarily with small businesses and that my fees are easily affordable to them. Otherwise, I risk people NOT calling me or emailing me for more information, wrongly assuming I’m out of their price range!
Getting your marketing balance right
To find out if you have got your marketing balance right, you will need to measure the quality and quantity of the responses you get. If people often tell you they’re surprised at how expensive your price or fee is, it means you need to pump more value into your services.
Yes, some people will say they think you are expensive, just as a way to try to negotiate your fee down – and you will always a get a few of those; but if this response becomes regular, it’s usually an indicator that the perceived value of your service is too low.
Another indicator that there’s a problem with your marketing balance, is if prospective clients start asking about your price or fee, early into your first conversation with them. When this happens, it usually means you are either marketing to the wrong crowd or you have caused them to think you are probably out of their price range. When people think your price / fee is likely to be great value or nominal, they are less concerned about it and more interested in how you can help them or how your service works etc.
How to make testimonials work!
One of the ways I demonstrate both the value and affordability of my marketing services, is to provide testimonials and that’s what I suggest you do too – but not just ANY OLD kind of testimonial!
YOUR testimonials need to show the value and the affordability of your service.
Most testimonials I see, are from people simply saying how great, professional or effective a service provider or product is – which is fine – but only if it’s clear that the people giving the testimonials are just like them. This way, the reader can relate to the message and ‘see themselves’ in those testimonials!
For example, the testimonials I use are all from people who run small businesses or are self-employed – who are elated at how I’ve helped them achieve fantastic results. These are the same kind of people I market my services to. This means that these testimonials tick both boxes; showing the value and relevance of my services.
Take a look at your current marketing feedback and see if you can spot a pattern. If you find people are often too fee-sensitive when they respond or that you do not get as many responses as you would like, take a look at your marketing balance.
This is obviously a big subject and there are dozens of elements to consider, if you want to blow the lid off your sales and profits. I will be addressing all these in future articles / blog posts.
Over to YOU!
What tips do YOU have, to overcome prospective clients or customers that are fee-sensitive or too price focussed? I would love you to share them with the readers and myself!