Stop! If price is the most important factor – Why do people by Ferrari’s?
There are not many businesses that aren’t in a competitive market. Our customers have more choice now than ever before. But every bit of research on customer behaviour and purchasing reasons I’ve read, never puts lowest price as the first buying factor.

So why do so many salespeople and businesses believe price is the most important factor?

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Customers will buy on price if you don’t show or give them any other reasons why your product or service is different from your competitors.

Unfortunately most sales people and business are lazy. They take the easy option to win business. “I’ll just lower my price to win the deal.”

Big mistake, when you do it once you set a precedent for the next purchase. And the next, and the next…

In must industries what happens over a period of time is products become increasingly commoditised. The industry goes from a little concerned to full-blown panic and a price war emerges. This isn’t going to end well with suppliers losing margin in the fight for sales.

This is equally so for businesses. Just look at the number of big brands that since 2000 have disappeared. And why? Because they didn’t keep up with their changing market. And these are big companies with a big brand, huge resources and masses of intellect.

You’ve only got to look at the current situation in our high streets to see this for real.

However, there are a few retailers who are bucking the trend, one example is Lush. Yes, a store selling very smelly soap! Now think of all the places you can buy soap and cosmetics. But they don’t compete on price. They’ve got to know their customer really well, their stores are different and offer a distinctive buying experience, and it works.
People like Lush get close to their customers. They spend time to understand their values and needs. They carefully ensure their products are aligned to them and the keep talking to them. You can not under estimate the power of having a strong relationship and trust with your customers.

Action...

Stop Competing On Price!

You must stop competing on price!

  1. Put together a questionnaire and send out to your customers and ask some questions like:
    • Why do you buy from us?
    • What could we do better?
    • If you didn’t buy from us, who would you go to and why?
    • What other products (services) would you like us to provide?
    • What’s your biggest challenge at the moment
  1. Talk to your customers and ask the same questions.
  2. Collate all the answers (you’ll be amazed at the results) and use your team to discuss how you can change:
    • Your sales approach
    • How to develop your product to serve customer needs better
    • How you could add more value and further products to your customers
  3. Don’t stop, keep finding more and more ways to talk and build relationships and trust with your customers

“If you always do what you’ve always done, you’ll always get the same result” Henry Ford – Founder of the Ford Motor Company

So, what do you do now?

If you’ve read this far, you’re clearly not happy with your business. As I see it you now have 3 choices:

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Choice 1

Do nothing! And surprisingly many won’t do anything different. They’ll carry on seeking for the magic wand! Or better still bury their head in sand in a vain hope something will happen.

One of my clients and now good friends, Adrian, has a great saying (he’s from Yorkshire, so it’s even better in his accent!):

“Only s**t happens, everything else you have to make happen yourself!”

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Choice 2

Take action by implementing some or all the actions above.

Great stuff and good luck, you’ll be well on your way to very quickly having a much easier business to manage, you’ll feel rejuvenated and start to really enjoy your business again.

If you need any further help please check out the free tools on our website, www.betterneverstops.global

Choice 3

Take our Business Efficiency Test to find out how efficient your business runs and what improvements you could make today. It will cover all of the mistakes mentioned above and many more.

Check out www.betterneverstops.global