Many businesses regard price as the only factor influencing their customers’ buying decisions and reject the proposition that a high price strategy will work. You might think it’s OK for some businesses, but it doesn’t apply to yours. Yet every business has the potential to command a premium price if it can market its products or services so that the customer perceives added value.
If all your marketing effort, all your advertising and all your sales dialogues focus on price, then you will be beaten on price every time a competitor comes along with a lower one. If you make price the critical factor, it will BE the critical factor.
The only way to get out of this trap is to promote other features and benefits you can offer your customers. For example:
- better quality
- longer warranty
- satisfaction guarantee
- 24-hour accessibility
- more convenient location
- greater resale value.
You need to show your customers the added value in your products and services and then follow up with impeccable service. Craft a buying experience for them so they return to you again and again.