Business Growth

Please, can I give you some money?

Imagine the scenario (in fact you will probably be able to recall a real-life experience) where you stand in a shop ‘wanting to’ buy something – but no one is there to help. Likewise, you will at some point have clicked your way around a website looking for the ‘buy’ button or even some contact details but been unable to find anything useful. It’s annoying isn’t it? More than that, it is really stupid!

Why would anyone go to the trouble and expense of being in business and displaying themselves to the world, but not be ready to open the till? Yet most businesses do this, perhaps not as blatantly, all of the time. Maybe it is even happening in your business as you are away from it reading this post.

How easy would it be for me to spend some money with you?

The first thing to do is to put yourself, physically or mentally, through your customer’s buying cycle experience. Remember to do this for new and existing customers as they will be different scenarios. You should be looking out for any barriers to a simple sell, unavailable options or stumbling blocks that might make people think twice.

Having found the ‘buy’ button or been helped by a member of staff to your till what would a new customer find? Letting them pay by the method which suits them best would be a good start. So give them cash, credit card, PayPal, instalments, direct debit or whatever options are relevant for the business. Likewise, you can offer a variety of delivery or fulfilment choices to best suit individual customers. Next day delivery, collection, a weekend slot or evening appointments are all things that will make the ‘yes’ decision easier in some circumstances. Is the whole process smooth, friendly, painless and designed to help customers feel they’ve made a good decision? Is there anything at all in your buying cycle that should or shouldn’t be there?

The price is rarely as important as you might think – I promise!

Price has nothing to do with the price! It is always about the value (perceived or real). If you had a budget of £1000 to spend on a new laptop and when you got to the shop you saw a much better one for £1100, wouldn’t you buy it? The question isn’t, ‘do I want to spend more money?’ and is unlikely to be, ‘I can’t afford 10% over my budget.’ It will simply be a question of whether or not you believe it is really that much better.

The reality is, for most people, that just 1% better or even a nicer colour is usually enough for a 10% higher spend on a ‘desired’ purchase.

I agree, there are some products that do fall into the pure commodity, ‘lowest price’ category! But not nearly as many as you might think. Are your products and services any good? (I can almost hear you passionately saying ‘yes’ as I type.) Well stop focusing on the price being an objection and put your effort and imagination into representing your value and making it easier to buy from you.

Add value, display value and market your value!

If you highlight what makes you different from or better than your competition (and believe me – being easy to buy from is a strong one) then people will not be as concerned about the price. If your products and services make people more money, save them time, give them an easier life, satisfy their need, share the feel-good factor, instil trust or just shout ‘I am well worth the money’ then you will have won.

And what is more, if you are as good as you think you are then the right price, for the right customers will

 

 

even become an attraction – not an obstacle.

Please, can I give you some money?

Imagine the scenario (in fact you will probably be able to recall a real-life experience) where you stand in a shop ‘wanting to’ buy something – but no one is there to help. Likewise, you will at some point have clicked your way around a website looking for the ‘buy’ button or even some contact details but been unable to find anything useful. It’s annoying isn’t it? More than that, it is really stupid!

Why would anyone go to the trouble and expense of being in business and displaying themselves to the world, but not be ready to open the till? Yet most businesses do this, perhaps not as blatantly, all of the time. Maybe it is even happening in your business as you are away from it reading this post.

How easy would it be for me to spend some money with you?

The first thing to do is to put yourself, physically or mentally, through your customer’s buying cycle experience. Remember to do this for new and existing customers as they will be different scenarios. You should be looking out for any barriers to a simple sell, unavailable options or stumbling blocks that might make people think twice.

Having found the ‘buy’ button or been helped by a member of staff to your till what would a new customer find? Letting them pay by the method which suits them best would be a good start. So give them cash, credit card, PayPal, instalments, direct debit or whatever options are relevant for the business. Likewise, you can offer a variety of delivery or fulfilment choices to best suit individual customers. Next day delivery, collection, a weekend slot or evening appointments are all things that will make the ‘yes’ decision easier in some circumstances. Is the whole process smooth, friendly, painless and designed to help customers feel they’ve made a good decision? Is there anything at all in your buying cycle that should or shouldn’t be there?

The price is rarely as important as you might think – I promise!

Price has nothing to do with the price! It is always about the value (perceived or real). If you had a budget of £1000 to spend on a new laptop and when you got to the shop you saw a much better one for £1100, wouldn’t you buy it? The question isn’t, ‘do I want to spend more money?’ and is unlikely to be, ‘I can’t afford 10% over my budget.’ It will simply be a question of whether or not you believe it is really that much better.

The reality is, for most people, that just 1% better or even a nicer colour is usually enough for a 10% higher spend on a ‘desired’ purchase.

I agree, there are some products that do fall into the pure commodity, ‘lowest price’ category! But not nearly as many as you might think. Are your products and services any good? (I can almost hear you passionately saying ‘yes’ as I type.) Well stop focusing on the price being an objection and put your effort and imagination into representing your value and making it easier to buy from you.

Add value, display value and market your value!

If you highlight what makes you different from or better than your competition (and believe me – being easy to buy from is a strong one) then people will not be as concerned about the price. If your products and services make people more money, save them time, give them an easier life, satisfy their need, share the feel-good factor, instil trust or just shout ‘I am well worth the money’ then you will have won.

And what is more, if you are as good as you think you are then the right price, for the right customers will

even become an attraction – not an obstacle.