Photo via Seeker9
You often hear customers say they can get it cheaper down the street. Taking this statement at face value is simply not true. What can they really get down the street? You likely have no clue.
Knowing your competition is key, especially in today’s fast-paced, often cutthroat business world. What are they selling – same or different brand? Do they offer the same warranty? Does it include a service agreement? Is it in stock? Will they deliver?
As you can see, there are lots of values which can differentiate what you are selling from what the competition is selling, and that’s before price is even discussed.
What really differentiates you from others in the marketplace is how you provide exceptional value to the customer. Each customer has a complex system of wants and needs which they consider to varying levels when making the decision to purchase something.
You need to know what these values are in order to properly address what really influences the customer in their buying decision. There may be values you haven’t thought of.
Once you understand the customer, you can take this information and focus your sales offering on the target customer. You don’t need to address the competition at this time. What you need to do is demonstrate how your product or service best fulfills the expectations of the customer.
You need to position yourself as the expert on the topic so they will come to rely on you as being able to fulfill their needs.
If you do a good job with your sales/marketing presentation, the price almost becomes a non-issue. If you haven’t done a good job, then the customer won’t be sold because they don’t understand how what you’re marketing better meets their needs than products or services they can purchase from others.
Ask yourself what values you take into consideration when making a large purchase. Apply those values and every other value you can possibly think of to your marketing strategy and watch the sales roll in.