How To Attract More Customers Without Lowering Your Price

Attract more customersAre you thinking of reducing your price in order to attract more customers?  Before you do that, hold on because it can do you more harm than good.

Lowering your price can destroy the perceived value of your product/service. You may also attract people who are not loyal to your business. You may attract people who may leave you for the competition once there is a cheaper alternative.

When you’re struggling to find customers, the default action is usually to lower the price especially when a prospective customer demands that you do that in order for him/her to patronize your business.

The pressure for cash flow is real. I have been in this situation a lot of times and I always think that I can reduce it now and increase it later. Please don’t give in to the pressure thinking you can increase your price later because it’s difficult to raise your prices after you’ve already lowered them. Your customers are never going to ask you “can I pay you a bit more?

You’ll be stuck with that price until you raise it again. Once you raise your price, the customers who came based on price leave you and you are back to square one.

What Should You Do Instead?

  1. Find out who would benefit the most from your product/service and will be willing and able to pay for it. Once you do this, then target those people through your branding, content etc.
  2. Find out what your customers value in regards to your products/services and give it to them. It may be faster delivery, more qualified staff, change in the packaging of the product etc. Exceed their expectations. Improve the quality of your product/service.
  3. Look for ways to add more value to your product/service than your competition. Add extras such as free delivery, free gift, warranty etc
  4. Let people know what makes your product/service great and more importantly, the benefits to be derived from using your product/service. Please note that this may take a while.
  5. Brand yourself in a way that will appeal to your target customer. Your branding should convey the right expectations, like great value for money, quality, trustworthiness and professionalism.
  6. Treat people well. Make your customers feel special. Great customer service will attract customers to your business.
  7. Offer flexible payment options that will not dilute your brand.

Focus your efforts on attracting people who want and appreciate the value of your product/service. Price according to what you need to make. Not everyone will be able to afford your product/service and that’s okay.

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Emem Ita

Emem Ita

Hello, my name is Emem. I'm a marketing & social media strategist with a flair for reading, research, pretty shoes and luscious cake.

Learn how to turn your knowledge & expertise into income by building online influence. Interested? Simply send an SMS now with your name & email to 08061683126
Emem Ita
About Emem Ita

Hello, my name is Emem. I'm a marketing & social media strategist with a flair for reading, research, pretty shoes and luscious cake.

Learn how to turn your knowledge & expertise into income by building online influence. Interested? Simply send an SMS now with your name & email to 08061683126

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