If You Use a “Good-Better-Best” Model, Are You Maximizing Your Profitability?
Companies who offer products in tiers, such as the common “Good-Better-Best”, have a great opportunity to maximize profits by steering customers to the one tier that has the most profit built into it. A pricing strategy that include the “Decoy Effect” is one proven way to dictate customer behavior.
How to Align Your Value With Your PricingHave you increased your prices lately? If you answered yes, let me congratulate you! Sometimes business owners fear raising their rates, believing they won’t get clients and will lose out on prospects. I went through this as well in my earlier years.
Are You Drinking Your Own Kool-Aid?It’s best not to be so impassioned about your company’s product or service offerings that you forget why you exist: to fill a customer need. Here’s the story of the Edsel, one of the most spectacular marketing failures of all time.
Marketing Writing – You Can’t Sell Your Services Without a Clear Marketing MessageIf you are having problems selling your services, it might be that you do not have a clear marketing message. When a target market prospect reads your marketing writing, they don’t immediately “get” and understand what your business does. You have not communicated the essentials of how your business works, and the prospect is not able to ascertain how they could benefit from your business.
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The biggest mystery in marketing your services is understanding what a prospect needs to know about your business to decide to become your client. For many business owners, this is a question they don’t know how to answer. It’s not all that complicated though, if only you are good at understanding the needs of your target market intimately. Here is a list of the things that your target market needs to know about your business.
Marketing – How Do You Ascertain the Right Criteria To Qualify Clients For Your Services?It’s important to clarify the criteria you use to qualify prospects as potential clients for your services. What you’re looking for is a clearly laid out list of characteristics that will help you identify those prospects who both need your services, and will be most likely to be successful working with you. You can ignore the latter, but your business will be better off if you develop awareness of what kinds of clients will have the greatest success and turn out to be delighted clients.
Marketing – Aim For A Rich Target Market Where You Can DominateSelection of your target market is probably the most critical business decision you will make. Consider this choice carefully, and look for ways that you can position yourself and your business to dominate a rich market. For our purposes here, let’s define a rich market as one that is well funded, has a crying need, and where you would have few competitors. Look for a market where you have some specialized combination of skills that uniquely qualifies your business to handle specific client needs.
