There is one thing that can cause a shiver to run down the spines of business owners when they try and work out how they can do it...
RAISE YOUR PRICES!!!
But let me help you.
You see, if you understand the market you are in, know the customer you target well enough and can present the value in your product or service properly then you are more than halfway there.
And if there isn't enough incentive for you, being able to raise your price will drop all of that increase straight to your bottom line....as there are no additional costs to be incurred!
So follow this simple three part step:
- COMPETITOR ANALYSIS - Assess your major competitors at least every six months and understand what the strengths and weaknesses of both them and you really are - you need to be critical, however if you really dig deep into this you will know what you are up against.
- CUSTOMER AVATAR - So you know who you are facing to win the customer, but who is the customer? What are they looking for? What pain do they face that you resolve and how can you move them to the dream state that they are looking for? If you know exactly what their motivation is (to move away from something or towards something) you then know how to position yourself.
- VALUE PROPOSITION - Create the statement of why they should buy you over the competition. This is not about how "great" you are, but more about the quantifiable benefits that you bring - your years of expertise, your qualifications, the breadth of your services.
If you can really dig deep into the three points above, you can confidently position your price knowing that you have the best solution for the right customer, ahead of the competition.
So spend some time doing this and you'll be able to confidently price your "thing" for the right level of profit.
Have a great weekend!
James