How Your Price Could Be Your Downfall
How price points can make or break your business overnight.
So many know the price of everything and the value of nothing.
Anon
Price is never the issue! Think about it if a loved family member was gravely ill and you needed half a million USD to save them, the time you could do inside for the crime you would commit to get the cash, would seem worth it right? Of course it would!
People spend too much time on the cost of their product and service instead of coming up with something that everyone wants and needs.
Once you have an incredible unique selling point that gives the end user what they really wanted the price is irrelevant.
Add Value, Never discount
At a training session for mentors and startups organised by the UK trade department, 30 people were asked:
You run a grocery stall and sell Bananas for 50 pence a kilo, a Supermarket opens up around the corner and with their ‘stack it high sell it cheap’ policy they can sell Bananas for 40 pence a kilo , what would be your response? Many discounted to compete however the lecturer was looking for diversification. What would be better she continued is to ‘bundle’
“Get 3 Apples , 2 Oranges and a bunch of Bananas and sell that at a discount , wrapping up the fact your bananas are more expensive and selling more for what seems like less. Never discount with the Supermarkets, you will lose , it is their game and they will sell free if they have to, meaning you can not compete. use a different strategy always. Discounting is weak selling.
It’s a lot easier to start off expensive and come down.
if you start at the bottom and try to go up, it will never wash with buyers. Like when may startups use ‘Groupon’ and other similar price selling vehicles to develop some brand engagement. It’s vital to make sure the client is fully aware the price offer is a one off.
I always refer to the drugs trade only because their product gets inside the consumer’s system and is hard to ignore, and people will prostitute themselves and rob stores to get the cash for their next fix, is your product that strong?
Word of mouth is still the most effective and profitable marketing there is, and people power is more powerful; through social media today. Whereas it took crack Cocaine to become a deep concern for authorities in the time spam of months, you could, if you went online with a real revelation of a product, go viral in hours.
When Apple phones first came out the demand was so strong people slept for days outside to be the first to get one in their hands, did they have to spend hours writing press releases? Nope! The Television news did that for them free, did they worry it was too expensive? Nope! They made Apple cool and the kudos of being the first to own something cool is priceless.
Educating the public why your product or service is ground breaking and is going to save them time or money will be your main challenge.
In today’s market place the best way to educate is via content marketing and social media sharing.
Online Press releases are a really quick and effective way to showcase a product or new service offering to a mass market. Online press releases are like online business sections of newspapers where you announce something newsworthy about your business and the best ones give away tips about what is working for that business. We all love good luck stories and the more personable the story the better it is received and your brand gets some much needed engagement.
Syndicating a press release is where it will be shared on many news websites across the internet and this provides massive Link love for your website and more often than not a good headline from an online press release goes to the top of search engines quickly.
Remember Search engines don’t want to be a shopping mall they want to be a library and they deem Press releases as information giving pieces so they get priority.
We can interview your business and write out a press release and add it to our press room and get it syndicated to many sites for your Search engine optimization and for a good read for your potential clients to know you are growing so you must be doing something right. We also can share your news to our 500,000 real people on our social media accounts for extra eyeballs.
See our press room here
There is a style to writing PR’S and if you try just writing some news and submitting a hashed up account to a Press room it will be rejected for not being laid out in the style they need. It is difficult for a media business to get a news room now, but we have had one for years and all our P.R.’s get published and syndicated and shared.
We write rarely, but only the best content.