Is your pricing scaring away your business ?
This is Part 1 of a 2 Part post.
As a small business owner, one area of concern in running your business has to do with continuing to prospect for new customers to keep your sales funnel working and your pipeline full. This is made even more difficult in today’s challenging economy. How many times over the last few months have you heard or read about the economy? Whether it’s a jobs report, rising health care costs or discussions on raising the minimum wage. We have all heard them and as small business owners we know all too well, the significant impact these events play on our business success or failure.
Now with elections just a few days off, it might be time to reflect on these issues and maybe take another look at your pricing model and how it ultimately affects your bottom line?
Now I know it’s Halloween and this might be a scary proposition at best however, I think this is a good time to ask yourself a few important questions. I have provided a few thought-provoking questions below for you to conduct some research on.
- When was the last time you reviewed your pricing model(s)?
- Can you quantify and make an accurate comparison to your products and services vs. your nearest competitor?
- Does your competitor list their pricing information on their website and associated social sites?
- Do you conduct frequent research on your competitors using the internet?
- Is your competitor listed in search engines and other sites that you’re not on?
If you don’t do any of these items or if you haven’t done them in some time then, how do you know you’re not scaring your customers to your competitor?
Take a day or two, review your business and the answers to these questions and then check back here next week for Part 2 –“It’s all about the Turkey baby!”