There is a value perception that goes with price cutting. People often think that something is of greater value when it is priced higher. I recommend that business owners need to focus on offering more value to their client that is not related to price. There are also options to partner with like businesses to offer a sample of another product or service. For example: If someone ordered a book on line about interviewing skills, that order could also include a special value of a professional pen by another company. The two companies could then share the data of that on-line customer for future prospecting.

There was a speaker that found someone that had a product that complimented his program. He approached that company and when someone ordered the companies product or service, the speaker offered a complimentary 30 day membership to his coaching program. He has had over 60% of those customers continue on with the program. This is an example of a win- win for both organizations. The company was able to offer more value to their client and the speaker gained new customers without increasing his operating expenses. This is also a way to reach a new market segment that the speaker may never have been able to connect with on this own. This is a strategy you can implement today and continue to use tomorrow.

It is important that a company has a web marketing plan as well as a direct marketing approach. It is also important to bring the personal relationship back into the sales process. So often we have lost this personal touch, and now is the time that customer service needs to be a priority. Remember every customer wants to know what is in it for me.

You may consider doing a small survey of their clients to find out what they would like to see. Often our clients will tell us if we will just ask. Offer an incentive to have them fill out the information. It may be an expense, but this is invaluable. Not only are you getting their buying points but they are telling you how to keep their business.

Lastly, I believe that all business need to focus on building relationships. They need to join an organization and really spend the time and energy to get to know people and build a reputation of the go to person for their product or service. At the end of the day, people do business with people they like.

4 Comments on "New Strategies For Small Business – Value Perception"

Ben Waugh on Thu, 14th May 2009 5:27 pm 

I finally decided to write a comment on your blog. I just wanted to say good job. I really enjoy reading your posts.

Marketing Plan on Thu, 14th May 2009 6:07 pm 

Picking the wrong strategy will taste like Limberger cheese on your Jello. Marketing Plan

admin on Sun, 17th May 2009 2:37 pm 

Thank you, Ben.

I look forward to continue to coorespond with you. Please help me spread the word about my new book and coaching programs.

All the best,

Dallas

admin on Sun, 17th May 2009 2:40 pm 

Thank you for your comment. Yes, we all need to understand our individual markets and choose a strategy that works best for our business. Of course, understanding if our chosen course does not work we must adapt and change to succeed.