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One way to beat your competition is to charge less for a
similar product or service. But you can also beat your competition
when your price is higher. One of the best ways to avoid price
competition is to become a specialist in a narrowly defined
targeted market.
RELATING IS MORE IMPORTANT THEN PRICING
I recently spoke with the creator of a marketing program
for new business owners. He could have confronted the established
competition and competed with a lower price. Instead he decided
to target prospects in 2 types of businesses he had worked
with before -- insurance sales and MLM marketing. He knew
a lot about the operation of each business and the people
who worked in them.
He created a separate web site for each type of business
and customized the content to appeal specifically to prospects
in that business. The site for insurance sales people looked
the same as the site for MLM marketers. But the content was
totally different.
His plan worked. Sales are running almost 50 percent ahead
of projection ...even with a price that's 15 percent higher
than similar programs. He built a successful business in a
highly competitive market by becoming a specialist.
CUSTOMERS LIKE TO BUY FROM A SPECIALIST
People like to do business with a specialist who has a unique
insight into their situation. They feel confident about getting
what they expect from a product or service when it is proposed
by somebody who understands them and their unique needs.
Most customers or clients will even pay a little more to
buy from somebody who thinks like them. It's worth it to avoid
the risk of being disappointed because they bought from somebody
who didn't know anything about their special situation.
YOU'LL SELL MORE AS A SPECIALIST
Targeting a niche market enables you to design your sales
messages with great precision. You can cater to specifically
defined interests of prospects and communicate with them in
their own style. More people will buy when they feel you are
talking directly to them about their individual needs.
Special Benefit: Delivering results as a specialist establishes
you as an expert in your field. Customers and prospects will
automatically refer their associates and other prospects to
you. They value what you did for them. And they're confident
you can do the same thing for others in a similar situation.
3 SIMPLE STEPS TO BECOMING A SPECIALIST
Becoming a specialist is easier than you may think. You can
accomplish it in 3 simple steps:
1. Divide your primary market into several narrowly defined
markets.
2. Take each market, one at a time, and learn everything
you can
about the prospects in it.
3. Revise your marketing approach and selling materials to
appeal to
the specific needs of prospects in
each new market. Use their own
unique language and style of communication.
TIP: Existing customers who match the profile
of prospects in a market you've targeted can help you develop
your sales approach for that market. Contact some of them
and ask why they bought your product or service. What do they
like best about it? Why did they choose you instead of a competitor?
They'll give you a lot of information you can use to develop
your appeal to other prospects who are like them.
You'll always have competitors. But you don't have to lower
your price to compete with them. Instead, become a specialist
and cater to prospects in a narrowly defined targeted market.
Your understanding and insight into their unique situation
will establish you as the expert in your field. They'll want
to do business with YOU even if you don't offer the lowest
price.
Bob Leduc retired from a 30 year career of recruiting
sales personnel
and developing sales leads. He is now a Sales Consultant.
Author of
"How to Build Your Small Business Fast With Simple Postcards"
and
several other publications to help small businesses grow and
prosper.
For more information...BobLeduc@aol.com
Phone: (702) 658-1707 (After 10 AM Pacific time)
Or write: Bob Leduc, PO Box 33628, Las Vegas, NV 89133
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