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People don't always buy based on the lowest price, but they do like to feel they're getting a good deal. If the price asked for doesn't feel right, in relation to the value delivered, customers are not going to buy. If the customer thinks that what you are offering them isn't worth much, then how can you ever hope to charge a high price? What really matters is your pricing policy and how you communicate price to your potential market. If they think the price is too low, then again they might not buy - because, they may be suspicious of the quality in relation to the price. Article: People don't continuously buy based on the lowest price, but they do like to feel they're getting a good deal. If your aim is to give your customers value for their money... then your asking PRICE should represent the VALUE customers place on your product or service. If the price asked for doesn't feel right, in relation to the value delivered, customers are not going to buy. If the customer thinks that what you are offering them isn't worth much, then how can you ever hope to stuff a high price? You can't! The key is to share with the VALUE message. And, you must communicate it so strongly that the price seems reasonable in relation to the product or service you're offering. What really matters is your pricing policy and how you communicate price to your potential market. Should you offer a discount? Should you feature the price boldly? Should you introduce the price early in the offer? These are important questions for without realizing ...you may be educating your customers to give price their primary consideration. That may not be your intention, but like it or not, that's what often happens. The customer becomes price sensitive and then ...SURPRISE! SURPRISE! ... a competitor comes furthermore with an even lower price and you lose a customer. Perception is everything! A case in point - A week or so ago, I was exploring a suburban shopping center when I decided to get a loaf of bread for lunch. As I walked forth the street I came to a supermarket. Then over against the road, I spotted a little bakery. So, off I trundled to the bakery, 'A wholegrain loaf please.' I had impassioned to hire purchase the loaf just by walking in the door. Price was not important in my marketing decision, something else was. That 'something else' was perception. Your customers' perception of you can be more important than your price. Why did I think good the little dairy over the supermarket - perception! I perceived that the quality would be better. But, who's to say that the supermarket didn't have a product equally as good as, if not control than, the little bakery. So could it be that by focusing too much on price, we set up an expectation of a lack of quality in the customers mind? And could it be that by focusing too much on price, we create the impression that our service might be suspect? Absolutely! Does it feel right? It doesn't matter what you charge. It is the customers' perception of your price that matters. If the customer thinks the price is too high in relation to the value delivered for the product or service, then they won't buy. If they think the price is too low, then in any event they might not buy - because, they may be suspicious of the quality in relation to the price. The price may not feel right. A customer perception of what is a 'reasonable price' is more important than what you want to tilt at for your product or service. And the customer decides what's reasonable based on perceived value for money, not price. It's creating this perception of value that tells the customer the price is right. I'm a firm communicant that, in the long term, it's permanently better to add perceived value to your product rather than reduce your prices. Customers are smarter these days, have more disposable income and have more surpassing than ever before. The key to making the sale is to VALUE! Do it so strongly... that the price seems reasonable in relation to the product or service you're offering. © Noel Peebles. Market Leaders Limited. All Rights Reserved. http://www.instantsellbusiness.com http://www.instantsellhome.com
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More Articles:1. Three Ways To Boost Sales--NOW! Summary: There is never anyquestion which will get my business.Put your Unique Selling Position on your business card, in yournewspaper ads, and front and center on your web site.If everybody in your business keeps their prices a big secret,publish yours right out in the open where anyone can examine them(you might be surprised how many of us won't buy if we aren'tgiven the price without having to ask).If all the others have the same products, po… 2. 10 Nimble Ways To Radiate Your Sales! Summary: Give away a follow-up email course on an auto-responder. Don't ask people to buy anything or theywon't click, give something away instead.7. Split the cost of online advertising and marketingby sharing a web site with a similar, non-competingbusiness. Article:1. Email each visitor a satisfaction questionnaireafter they purchase. This will adjudicate you to improveyour order system, customer service, site, etc.2. Give a percentage of your… 3. Should I stop wasting my salespeople on prospecting? Summary:Yes, many companies have realized the cost effectiveness of outsourcing their appointment setting and lead generation needs. By implementing 'The Modern Sales Management Model', which has been employed by many national sales organizations, many companies have doubled or tripled their revenue. The key to this model is the separation of cold calling, lead generation and appointment setting from the actual face-to-face selling performed by a… 4. 7 Tips for an Organized Sales Person Summary: Schedule 70% of your time to allow for interruptions and emergencies. The more time you save doing unimportant tasks, the more time you have to prospect and attend to your current customers.5. Schedule a certain amount of time each week to improve your selling skills. Article:1. Keep a list of your main prospects on a spreadsheet. Develop a system for following up with each one. Keep track of where you are in the follow-up system with ea… |