The Streetwise Guide To Increasing Profits In Any Economy
Britain may be officially out of the recession, but that doesn’t mean we instantly feel the benefits of this. And knowing the track record of this country we could just as easily slip back into yet another economic crisis at any time. But that doesn’t have to affect you and your business. We have put together our Streetwise Guide to increasing your profits no matter what the economy to help your business to keep growing, recession or not.
YOU Determine Value Your Products and Services
The reason so many larger companies start and win price wars is because they are willing to and can afford to make a loss. This is why trying to sell your products and services based on a competitive price and that price alone is not a fool proof plan if you want to make any profits, as there is always someone bigger that you who will price you out. That doesn’t mean completely disregard what your competitors are charging, as knowing your market and competitors is always important in the pricing process. But if one of them is undervaluing their own goods, don’t feel the need to follow suit. Price your own products and services based on their value and demonstrate why.
Demonstrate The Value
My last point brings me to demonstrating why you value your products and services at the price you have chosen. The main reason why people will buy something solely on it being of the lowest price is due to the fact that they are simply given no other reasons not to. It is your responsibility to give them enough reason to want to pay your prices over the lower ones. These reasons could include quality, a guarantee, flexibility of services, etc.
Have Confidence In Your Prices
You should not be ashamed of charging higher prices; in fact it’s quite the opposite. If you wear your prices like a badge of honour and be proud of the prices you charge and your reasons for this then you will attract an increased quality of customers and increase your response rate. Have confidence in your prices and so will the customers you attract.
Want more advice and information on sales and marketing strategies that could benefit your business? Contact the Streetwise Team and check out our website.