When it comes to cutting your prices it might sound reasonable in the short term: If you lower your prices, you might attract more customers and boost your revenue. However, it’s not just a short-term plan. It’s also a short-sighted strategy. This article is focused on how to keep your business competitive without lowering your prices. In fact, these four alternative solutions can result in much greater revenue growth. 1. Focus On Your Value Maybe you charge more than your competitors. Embrace that fact and learn to work around it. The word “but” might seem unimportant, but it can make a huge difference when you’re trying to sell a product or service at a high price point. The idea? Acknowledge your high prices, then follow with the word “but” and add a value statement. For instance, if you’re talking one-on-one to a customer, you can say, “Yes, it’s true that our prices are high. But, we believe that our customers deserve and expect the best solution.” You’re sending the message that you care enough about customer satisfaction to set your prices at a premium and therefore deliver higher quality service. You can use the same strategy in your marketing materials. Instead of mentioning your high prices, however, focus on what comes after the “but.” Identify your unique selling proposition, or USP, and use it to your advantage. 2. Get the Word Out People care more about benefits and advantages than they do about dollars. While many consumers quibble about price, they’ll often abandon that barrier when they understand what they’re paying for. Make sure your potential customers know what value you bring to the table. Do you have the best customer retention rate in your industry? Have you served high-profile clients? What awards has your company, product, or service won? Tout those details on your website and other online properties. They not only communicate what new customers will enjoy if they buy your product or service, but they also communicate social proof. Other people or businesses have found your company spectacular. 3. Distinguish Your Business Differentiation is one of the key elements of sales and marketing for any business. You have to know what you offer that your competitors lack. Competitive research should have been part of your business planning, and you should keep doing it once your business really gets going. Continue to spy on the competition online so you can identify new differentiating factors, and keywords they are using on their website to promote their business. Use a resource like www.Spyfu.com to get internet intelligence. Add Product or Service Tiers You’ve run across companies that offer bronze, silver, and platinum service levels, right? And maybe you’ve seen different models of the same vacuum cleaner. This strategy has become prevalent because it works. Start by selling the premium offering. If the customer isn’t willing to settle, introduce the next tier down. You’re offering solutions that the client can use, and the customer still feels as though he or she has “won” the negotiation. Before you start changing your price tags, think about other ways to remain competitive in your industry. Believe it or not, consumer decisions don’t always boil down to price. For even more information about making your business succeed, download two free chapters of my best-selling book, “Become Your Own Boss in 12 Months.” The post 4 Ways to Keep Your Small Business Competitive Without Lowering Your Prices appeared first on Succeed As Your Own Boss. from http://succeedasyourownboss.com/4-ways-keep-small-business-competitive-without-lowering-prices/
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There are a number of advantages (and a few disadvantages) to becoming an S Corp (and filing S Corp taxes). With S Corp status, your personal assets are protected in case the business is sued. If you are currently an LLC, then you already have this type of protection from a legal standpoint but you… The post S Corp Taxes: The Ultimate Guide to Filing Taxes as an S Corp appeared first on . from http://fitsmallbusiness.com/s-corp-taxes/ What if you knew everything about your customers before they walked through the door? Surely selling would be much easier if you knew their budget range, favorite colors, method of transportation, living situation, and so on. No, this technology does not yet exist (*Sigh of relief*). However, as a small business owner, you can use… The post How To Create a Customer Profile With Template and Examples appeared first on . from http://fitsmallbusiness.com/customer-profile-template-examples/ Refinancing small business loans can lower your APR, reduce the frequency of payments, and even unlock additional working capital. The most common loans used for business refinancing are SBA loans and small business term loans. In this article, we’ll show you how to refinance business loans in three easy steps. Step 1: Prepare to Refinance… The post How to Refinance Small Business Loans appeared first on . from http://fitsmallbusiness.com/how-to-refinance-business-loans/ Commercial bridge loans are a flexible loan arrangement intended to provide short term financing until an exit strategy, like refinance or sale, can be executed. Commercial bridge loans act as interim funding, facilitating the purchase of a property and completion of upgrades, but not acting as permanent financing. A commercial bridge loan provides financing to… The post What are Commercial Bridge Loans and How Do They Work? appeared first on . from http://fitsmallbusiness.com/commercial-bridge-loans/ The state of real estate website design in 2017 can be a little bit overwhelming. Lead generation sites, optimized landing pages, A/B testing, Schema, and SEO can all sound like Venusian if you’re not constantly on the leading edge. This makes figuring out where your digital marketing budget will have the best ROI harder than… The post Real Estate Website Design 2017: 25 Tips from the Pros appeared first on . from http://fitsmallbusiness.com/real-estate-website-design/ Learning how to do payroll can be a pain. You have to make sure your business is registered with all the right agencies, fill out numerous forms for each employee, and often purchase workers’ compensation coverage – all on a tight deadline (less than 20 days for most states by law!). Even a seasoned business… The post How To Do Payroll: The Ultimate Guide appeared first on . from http://fitsmallbusiness.com/how-to-do-payroll/ Offering in house financing to your customers can boost your sales, improve customer loyalty and build a repeat clientele. In fact, the average order size of a small business that offers customer financing can increase as much as 120%. And nearly two-thirds of customers make an additional future purchase of $500+ in stores they receive… The post How to Offer Customer Financing: In House Financing Without Breaking the Bank appeared first on . from http://fitsmallbusiness.com/offer-customer-financing/ Form 1120S is the form that S Corps and LLCs taxed as S Corps must complete to report net earnings for the business to the IRS. Similar to a partnership, net earnings pass through to the shareholders of the S corp and are reported on each shareholder’s personal federal tax return. An S Corp must… The post How to Complete Form 1120S: Income Tax Return for an S Corp appeared first on . from http://fitsmallbusiness.com/how-to-complete-form-1120s/ There are several types of crowdfunding sites. In this guide, we focus on rewards-based crowdfunding. We looked at a large number of sites and decided to review Kickstarter, Indiegogo, and Patreon. These companies covered the range for small businesses in terms of traffic, fees, flexibility, and campaign tools & support. Read on for our comparison… The post Best Crowdfunding Site: Indiegogo vs Kickstarter vs Patreon appeared first on . from http://fitsmallbusiness.com/best-crowdfunding-site/ |
AuthorHello I am Teri Crawford 26 years old living in Toronto, Canada. I have recently finished my MBA and planning to start my own business. Archives
November 2018
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