date added:2010-08-31 12:12:51 | modifed: 2012-02-26 02:46:44
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Sizing them Up -- More or Less |
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Many customers, these days, are looking for a deal. They want to pay the least amount possible to get their needs met.
And many businesses are accommodating them by dropping prices in order to compete.
But there are still consumers who are willing to pay for the best quality and all the bells and whistles they can get for their special purchase.
Don't give your product away to a customer who wants to pay what it's worth.
Here are things to consider in order to recognize the needs of your customer and provide the right product at the right price.
~Don't assume your customer needs a price break.
~When you cut your price, what you provide in return should be reduced accordingly.
~Know what your competition is charging and how long they can sustain their pricing.
Here are a few ways to work some intelligence into your marketing when pricing may or may not be the obstacle:
~Allow the customer to tell you what they need and how much they want to pay first -- don't assume they want a price break.
~Start with the full price, then offer discounts based on a reduction in services.
~Create bracketed pricing or tiered products or services: This may be "Economy" and "Premium" if your low end customers are looking for a great deal but your high end customers are looking for the best they can get. Or it might be "Gold" and "Platinum" if your all of your customers are looking for the best quality, but some are willing to trade a few bells and whistles for a price break.
~Provide coupons and other offers for price conscious consumers that provide you with some additional value, such as consumer demographic information.
~Offer price breaks in return for an ongoing commitment from your customer -- build customer retention into your offer.
~Provide price breaks on bundled products and services -- allowing you to move less popular products.
In these difficult economic times it's important to do what it takes to stay in business, and that means adjusting to your market's needs and budget. Just remember to keep some flexibility when it comes to pricing so you don't sell yourself short, literally.
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Customer Updates
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Trusted Brands with a New Look!
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Coming Soon -- Crush 2010!
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Open Mic at the Club -- Open to the Public
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"Raise your sail one foot, and you get ten feet of wind."
-- Chinese Proverb
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Copyright ©2010 Malaga Corp. All Rights Reserved.
2855 Telegraph Ave., Suite 203, Berkeley, CA 94705
One Industrial Blvd., Suite 100, San Francisco, CA 94127
By appointment only, please.
(510) 704-1777
(877) 477-7847 toll-free
(510) 295-2471 fax
malagasales@malagacorp.com
www.malagacorp.com
Toll-free 877.477.7847 |
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