What do you think is the greatest enemy
of your small business?
Nope, it’s not your competition… it’s
the price buyer.
You see, the price buyer’s entire lot in
life is to drain your business dry, while
they walk away with something that costs
less than it does to even produce it.
The price buyer gives you the most hassles,
is never loyal, brags to their friends
about how much they took you for, and
generally does not feel good about themselves.
…ok I made that last part up, but you
get the idea.
Fortunately, price buyers only represent
about 20% of the buying population.
The other 80% is the group that you want
to cater to, leaving the old PBs right in
the dust.
Unfortunately, too many business owners
cave when it comes to price buyers.
In fact, our whole Wal-mart, Target,
K-mart world where those guys are racing
each other to the bottom as fast as they
can, has altered the mind of the consumer.
The best thing that you can do is to
avoid deep discounting and provide
tons of VALUE.
Try and make your business something for
elite customers that want to spend with
you instead of messing with discounting.
When you discount on a regular basis,
all you are doing is TRAINING your customer
to wait for the next sale.
If you give them tons of value instead, they
will easily rationalize full-price and
buy from you even if you charge more.
In fact, yesterday I got a customer question
posted on the blog about getting into the
correct niche for an event planning business.
You can see the response at the bottom of
the blog post here:
http://www.underdogmillionaire.com/blog/why-on-earth-would-you-pay-money-for-that
That’s all for today.
Don’t forget to stay tuned tomorrow for
some more mystical price decoding.
The Ultimate Pricing Report is slowly
taking shape and it will go much deeper into
the world of the price, giving you a roadmap
for the best way to make a lot of muney.
Until tomorrow,
Joshua Black
*******************************************
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{ 1 comment }
Too many businesses don’t give any other ways to compare their product to other than price. Also they too often compare apples to apples, thats a bad idea.