In a tough economy, many businesses panic and start competing on price alone. You don’t have to make that same mistake. Fight back by concentrating on your strongest asset—the value and benefits you offer to your customers. Tony Cram of Britain’s prestigious Ashridge Business School (and noted author of “Smarter Pricing”) recommends conducting a “benefit audit.” Here’s what that entails:
- Examine whether there are innovations you can offer in your product line. Consider how you can improve the range of choices you offer your customers.
- Reconsider customers’ needs. Are they changing? If so why…and find out how you can keep meeting those needs.
- Reinforce peace-of-mind in the mind of the buyer about choosing you. Offer a money-back guarantee, or extend the warrantee on your product.
- Personalize and position yourself as a leader or expert in your field. Be more than a provider to your customers, be a resource. That’s something that has unique value in any market.
Committed to ensuring 2012 is your best year yet!
Colleen
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