Most of the answers you need for your business are all around you–it’s often simply a case of listening more carefully.
Let’s look at your offers: your markets are telling you all the time what they do (and don’t) want to buy. They tell you this by demonstrating what they are (and aren’t) buying from you and what they are buying (from other businesses). Now this is where you might fall into the trap of thinking that your product or service isn’t as good as other people's–which may or may not be the case. If it is the case (and you’ll have worked this out by asking prospects what’s important to them and not seeing in your offers), with this information you can easily look at improving your own offers.
Other times, it’s simply a case of better Marketing (yeah, sorry about that!). It may even be that a competitor has an inferior offer to you but they are selling a LOT more. We’ve all seen this happen (and might have even bought it). This is usually explain by better Marketing–maybe you hear from this company more, or in a more detailed way, so it’s easier to make a decision to buy from them.
Other times it’s because they’ve taken the time to share content or build up brand awareness so the market feels more ‘connected’ to this other business. All things that are easily rectified. And yes, I know it can be galling when you know you offer a better deal–more experience, a better offer–BUT it won’t be the first time that ‘he who shouts loudest’ wins all the clients.
OR you notice that it’s something as simple as a great bonus or ‘add-on’ that is making all the difference (this is especially prevalent when what you’re selling is highly commoditised or a bit boring!). Think of the insurance companies who offer cinema tickets or cuddly toys that are enticing people to buy from them (I can’t imagine protesting you have ‘better insurance’ in this case is going to make a huge dent in your market share or conversions.
Your market is going to ‘speak’ and buy what it perceives to be the best deal to them and if it’s those ‘added extras’ then you need to have a better one that everyone else. OR you need to be the business that educates people on what they aren’t getting and why it’s important. This is also a good tactic–but might sometimes take longer (tip here: do both at once... have a great ‘extra’ AND educate).
Price is only one way of listening to your market, but it also can’t be ignored. If you are making different offers and there’s one price point that always creates the most interest and sales–listen! Perhaps it’s better to have MORE sales at that lower price point than less at a higher one. OR maybe it’s that the market you are currently reaching isn’t ‘right’ for your higher price point.
Use your ‘marketing ears’ to listen to what your market want. Sure, take time to educate them, but don’t ignore what they are already listening to–you’ll be making yourself hoarse that way!
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