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"P" Your Way To Online Business Success With Great Pricing
Hi...Jeff Schuman here with another article on making money from the comfort of your own home with my Amazing Sales Formula and Internet Marketing!
As we continue to look at the 6 P's in The Amazing Sales Formula today we are going to talk about Great Pricing!
What is the message you are sending to your customers?
When you factor in everything that it takes to make a sale the one thing that affects the bottom line of your business the most is the price.
Set it to high and you won't have enough sales to stay in business. Set it to low and you won't be able to cover your overhead and you will be out of business.
Most businesses fail in the first 2-5 years for 2 reasons.
1. Lack of capital to stay in business long enough to become profitable.
2. Lack of knowledge. Not lack of knowledge on their profession, but rather lack of knowledge in the steps required to turn a profit.
I've seen it over and over again. You talk to someone who appears to be super busy.
They are making sales left and right. Their phone is ringing off the hook.
They can't get the product in fast enough to fill the demand.
Then 6 months later their doors are closed. I always wondered how that could be.
The bottom line is they did not have their pricing in line to cover their overhead and eventually they ran out of money to stay in business!
When we are running our own home businesses we are lucky when it comes to overhead.
We don't have to deal with many of the variables a typical business has to deal with.
We don't have the additional costs such as rent, employees, payroll, benefits, office furniture, licenses, phones, utilites, warehouse, vehicles, insurance....etc...etc...!
This right there helps solve one of the first variables in setting pricing.
We should be able to be more competitive right away because our overhead is lower than a traditional business.
There our a number of tax benefits for owning your own home business. Depending on the tax laws in your country these benefits can be HUGE!
I can show almost anyone with a job in the U.S.A... (and other countries as well) how to start and run their own home business without taking a penny out of their own pockets LEGALLY!
Let your tax dollars fund the start-up and overhead of running your own home business.
But that is another course in itself!
If you look up the meaning of the word PRICE in a Webster's Dictionary the first meaning you see is this..archaic: value.
That really in a nutshell is what you are doing when you set the price for the products that you are offering. What is the value?
The value to whom?
The value to your customer. This right here is where most business people get confused! Have you ever heard the saying:
"You sure are proud of your product!"
What is the customer saying here? He's not saying your price is to high.
What he is saying is you have not given me enough reasons to "VALUE" this product for the price you have it set at.
For years I have sold heating and cooling products here in Colorado. For five years I struggled to get my territory to $1 Million Dollars a year in sales volume.
We were the highest priced product in town, but could not grow our market share. Then a wonderful thing happened.......
We changed our marketing philosophy and our business doubled and then tripled in 3 years. How!
We added more value to our product. We increased the benefits to our customers.
We DID NOT drop the price. We just changed our approach to our market.
When the perceived value increased we were able to increase our sales and our PROFITS without dropping our PRICE!
This is the whole lesson today on pricing. You have to know what your market will bear when it comes to pricing.
Then increase the value of your product to your customer and you will be able to sell at that price all day long.
How do you increase the value of your product?
Here a few simple ways to do it?
1. Make it easy for people to do business with you! 2. Make it easy for people to get your product! 3. Run GREAT PROMOTIONS that make people DESIRE your product! 4. Give great Terms like Buy Now, Pay Later! 5. Offer Freebies! 6. Offer more than your competition. 7. Increase the size! 8. Increase the content! 9. Offer FREE Delivery! 10. Have a better return policy for unsatisfied customers! 11. Offer referral fees to get hundreds of mini salesman promoting your product! 12. Try it Before you Buy It! 13. Contests! 14. Incentive Trips! 15. Rebates! 16. Offer Great service! 17. Be the expert on your product! 18. Offer better warranties! 19. Offer better technical support 20. Don't Lie! Tell 'em' the truth! Whether they want to hear it or not!
Etc. Etc. Etc.
These are all things I have done over the years to beat the pants off of my competition WITHOUT dropping my price.
If your product is good....Even better if you have a GREAT PRODUCT that you really believe in then you are only limited by your mind.....And what you can come up with to make people want to buy from you.
Price is not the determining factor.
About the Author Jeff Schuman publishes "Team-Schuman Marketplace" Newsletter! Subscribe here and check out their "Work At Home Resource Directory" Everything you need to make money working from the comfort of your home! http://www.Team-Schuman.com
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