Does price matter? Some would argue yes, while still many more others would argue no. Take laundry detergent as an example. Specifically, let’s look at Tide. It’s clearly not the most affordable detergent on the market yet, many buy it no matter what. What about a bottle of water. At the super market it’s $1.50, at the movie theater, it’s $3.50 and at the stadium it could be as much as $5. So again, I ask you, does price really matter?
I say no. I say no because it’s not the price that determines whether it is purchased, it’s the perceived value and the belief that the product will completely solve the problem. Now, let’s look at your products and services. You’ve set your prices and people aren’t buying, no matter whether they are high, moderate or low. Why? Because you haven’t done a good job of clarifying the value of purchasing your product or service and you haven’t illustrated in its entirety the problem that will be solved when they do.
It’s that simple. Make the problem you solve obvious via your marketing, charge a price that makes you feel good for it and people will buy. Period.
Is it really that simple? Yes.
So why don’t more people understand this principle and sell tons more? Because they don’t know what they don’t know.
You see, people are too busy trying to mirror what they see others doing in the market instead of finding a way to market the differences that they and their products offer. Change the way you position your products and services and you will sell tons more. To help you wrap your arms around this new way of thinking, allow me to share three simple strategies with you:
1. Clarify the need of your ideal client prior to creating a product or service. Let’s look at the bottled water example again. Anytime someone purchases a bottle of water, the need is thirst. Thirst that is so bad that it creates strain and stress on the thirsty individual. Have you ever been so thirsty that you you’d pay anything for your next drink? If you can find out what your ideal clients are thirsty for, so thirsty that they’d pay anything or do anything to quench the thirst, you’re off to a good start. Offering quality products and services and ultimately setting prices that will allow you to achieve your goals.
2. Communicate the need in your marketing consistently. To really create experiential marketing, you must consistently speak to the primary need of your ideal clients. When you do this with consistency, you show them that you understand their thirst and that you are holding THE bottle of water that they must have to quench the thirst once and for all. Many business owners miss this point because they only market when they need clients. But if you want to have a steady following of clients, you must market daily and each day you must illustrate that you know the problem and have the solution. Learning to share this in a voice that resonates with your ideal clients each day is a skill that can easily be learned.
3. Set a price that feels good to you, is comparable in your market based on the value you offer and will make achieving your income goal easier so you can work smarter, not harder. Pricing really doesn’t matter as we’ve observed as long as you can clearly substantiate the value to be gained and the problem to be solved. So, when setting your price, simply:
- Determine your income goal.
- Determine how many people you want to work with over the course of the year.
- Compute how much your time is worth
- Design your package offerings – I do not recommend that you offer hours for dollars. Instead create packages that easily blur the lines of your “per hour” rate.
- Set the price that will allow you to earn the income you’ve set the goal for at the number of clients you’ve designated you want to work with and market to attract those clients.
4. Bonus: be sure that you are clear on your ideal client and that your marketing language is what they need to hear in order to invest at the level you need to hit your income goal.
When you follow these simple yet effective strategies, you will find ideal, paying clients at every turn.
©2012 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, The Incredible Factor Business Mentor and Coach, is the founder of Incredible One Enterprises.com and the Leverage Your Incredible Factor System® a proven step by step program for turning your passion into profit. For more information and a FREE audio download “How to Use Your Incredible Factor to Attract MORE Ideal Clients” visit https://www.incredibleoneenterprises.com
