The Two Things Your Customers Need Right Now -- WTF? Episode #38

WTF? is a daily web show for small business owners and entrepreneurs who want to learn how to naturally attract customers and get the FAME and FORTUNE they deserve.

When things tighten up in the economy you need to step up your game and deliver more if you want to motivate customers to buy from you. But what you do you do? Many business owners thing that lowering price is the answer…

In today's WTF? episode, we'll tell you why cutting price is the worst thing you can do and actually sends the wrong and opposite message to your customers. You do have to change they way you market your business and you do have to deliver two things in order to get customers to take action. Watch today's episode to find out what those two things are. By following this advice you'll significantly improve the results of your small business marketing and have more success in a tough economy.

Comments

[Drew Mercer]

Great advice. On the one hand, you want your prospects to know that you are offering the very best pricing for what they receive in return... on the other, you want to be able to compete with companies that go into the sale with their "meet-or-beat the other guy's price" mantra.

We're standing our ground on pricing... mostly. But we did create a tool for our salespeople to compete with the value-slashers. In our particular situation, we created a backend "warehouse" for streamlined online orders, that our salespeople steer prospects to on an as-needed basis. It's not accessible from our main site. These options are cheaper and don't include as much service, but there is some profit and the potential for future business, referrals, and upgrades.

Long term, whether this is a good thing or not is debatable. For example, once we take a prospect to the warehouse she may say goodbye forever to full service options. I suppose the success or failure of this strategy boils down to the salesperson's judgment of when to pull the price-value tool out of the bag....

[Graham Constantine]

Hey guys,
As usual you are bang on the money. We tried reducing our prices on a trial basis earlier this year and it simply doesn't work. Now we're concentrating on adding more value, enhancing our customer experience and delivering confidently. Great video. keep them coming.
Warm regards
Graham
NLP with Whole Being

[Roy Penrod]

Hey, guys! Another great episode of WTF. Thanks for sharing it with us!

I've completely agree that increasing value is the way to go. I know I'm always looking for the best value when I purchase something and I don't mind paying a little extra to get it.

Roy