The biggest mistake that nearly all small business owners make is that they don't charge enough for their service or product.
They seem to think that everyone makes buying calls solely on price. They know that no-one will pay the prices they would like to charge, so in desperation they charge a fee that makes them stay poor.
Not charging enough does your customer a disservice. This is due to the fact that all too frequently the vendor entrepreneur (i.e you) charges a cheap price which will enable him or her to aquire the customer, but can't give a good delivery due to profit concerns. This of course irritates the purchaser and ends in you getting a bad reputation as a result.
Many business owners have reported that they have a better relationship with the consumer when they bill higher "corporate" prices. These shoppers know that you the seller have a life outside of work (as they do) and so they don't telephone you when ever they feel like it or have excessive beliefs for the date of completing of the deliverable.
Invoicing a greater price tends to have the unforeseen result you get more people buying your product offering when they would not otherwise have bought it without hesitation, this is due to the fact that for a large number of individuals out there price and quality are associated.
If you do not charge enough then they believe that you or your product cannot be that good!
So this is awfully counterintuitive, the less you charge,the less sales you make and you can potentially get very tricky clients.
When you charge more you can make an increased amount of sales, and the value of each sale is far higher. This gives you a higher turnover and you can typically get nicer clients also.
The explanation for this strange behaviour is that perhaps the more wealthier clients are not struggling to make a living and realise that successful suppliers should not be struggling to earn a living either.
Given that your new marketing plan states that you charge more you currently have more money resources to give your clients a better service, perhaps hire more staff (who I would hope are earning less take home pay than you) so that you can focus on finding even more purchasers who are far more lucrative for you, when your staff costs less than you, your job is to bring in new customers and their job is to service the customers..
Given that your profits are now way higher you will find that you can publicize in better publications, and in fact start a pro marketing program which maybe will position you as a celebrity or expert in your service or product (be it marketing or Italian diners etc etc).
You are now not operating from a position of desperation and fear, which essentially repels potential clients.
You're now regarded as the significant "go to" place or person for your service.
In summary this work has shown you the best way to turn your practice around and raise your business and personal esteem or gravitas by increasing price.
This means that you can increase the quality of your service or product. This then has the tertiary effect you are now seen as a heavy player in your market-place.
Following through on this plan of action can significantly make your business the next big thing.
They seem to think that everyone makes buying calls solely on price. They know that no-one will pay the prices they would like to charge, so in desperation they charge a fee that makes them stay poor.
Not charging enough does your customer a disservice. This is due to the fact that all too frequently the vendor entrepreneur (i.e you) charges a cheap price which will enable him or her to aquire the customer, but can't give a good delivery due to profit concerns. This of course irritates the purchaser and ends in you getting a bad reputation as a result.
Many business owners have reported that they have a better relationship with the consumer when they bill higher "corporate" prices. These shoppers know that you the seller have a life outside of work (as they do) and so they don't telephone you when ever they feel like it or have excessive beliefs for the date of completing of the deliverable.
Invoicing a greater price tends to have the unforeseen result you get more people buying your product offering when they would not otherwise have bought it without hesitation, this is due to the fact that for a large number of individuals out there price and quality are associated.
If you do not charge enough then they believe that you or your product cannot be that good!
So this is awfully counterintuitive, the less you charge,the less sales you make and you can potentially get very tricky clients.
When you charge more you can make an increased amount of sales, and the value of each sale is far higher. This gives you a higher turnover and you can typically get nicer clients also.
The explanation for this strange behaviour is that perhaps the more wealthier clients are not struggling to make a living and realise that successful suppliers should not be struggling to earn a living either.
Given that your new marketing plan states that you charge more you currently have more money resources to give your clients a better service, perhaps hire more staff (who I would hope are earning less take home pay than you) so that you can focus on finding even more purchasers who are far more lucrative for you, when your staff costs less than you, your job is to bring in new customers and their job is to service the customers..
Given that your profits are now way higher you will find that you can publicize in better publications, and in fact start a pro marketing program which maybe will position you as a celebrity or expert in your service or product (be it marketing or Italian diners etc etc).
You are now not operating from a position of desperation and fear, which essentially repels potential clients.
You're now regarded as the significant "go to" place or person for your service.
In summary this work has shown you the best way to turn your practice around and raise your business and personal esteem or gravitas by increasing price.
This means that you can increase the quality of your service or product. This then has the tertiary effect you are now seen as a heavy player in your market-place.
Following through on this plan of action can significantly make your business the next big thing.
About the Author:
Paul Foley has contributed articles to various websites now he writes marketing ideas articles for business related websites. His likes to help small business owners to local internet marketing by employing time tested marketing methodologies in their business.
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