Stop Playing Up Your Prices and Get Customers in Your Door

                                                                                         

When a small business is trying to forge its way into the marketplace, the fallback strategy is usually to focus on price. “We have the lowest prices in town” and whatnot. Yet, this pricing strategy hardly ever works.

It seems as though only the businesses that are in desperate need of customers play the pricing game. A booming business never lowers their prices just to get customers in the door. And neither should you. Here are ways to stop playing or to avoid playing the pricing game to get customers in your door.

Charge what you are worth. Everyone knows the saying “You get what you pay for.” People know that going to a big box retailer to get fine jewelry won’t actually get them fine jewelry. People also know that if you go to Tiffany’s, you’re not going to walk out with a piece of jewelry that’ll turn green by the time you get it home!

If your product is worth the cost, then go ahead and charge that amount for it! Besides, if you have a valuable product or service that is priced cheaply, people will wonder what’s wrong with the product. Think about it – when a product is defunct, what happens to it? It gets sent to the clearance bin and put on sale. By discounting your price way lower than your competition, you’re essentially saying your product isn’t as good as the competition’s.

People will pay for quality, so don’t be afraid to charge for it. If people didn’t spend big bucks on purses or shoes, Gucci and Manolo Blahnik would be out of business. Carrie Bradshaw on Sex and the City isn’t the only girl willing to shell out a few (hundred) extra dollars for quality items – many real-life people are willing to as well. People get tired of buying cheap products only to have to buy a higher quality product later because the first one didn’t last. I didn’t think running shoes were worth paying over $100 for until I bought a pair of $50 shoes that caused blisters. Walking a few miles with blisters caused me and plenty of other people to invest in shoes that are high quality.

Focus on the great quality of your product or service. Find out what you make or do better than all of your competition. Do you have a superior product, or do you have a bigger selection? Ask yourself how you can give your customers more value, rather than how you can save them money. Do you have awesome customer service staff, willing to go the extra mile? Give all your staff business cards to hand out, and make sure your business card printing is on good quality paper. Flimsy business cards do not say quality, but textured, thick cards do.

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