There is a way to beat the competition and keep your prices at a reasonable level. A price you feel covers your business’s time and energy and allows you to bring in new clients with an attractive offer. I’ll briefly go through the method you can use to outsell your competitors at a higher price.
There is a good reason not to offer ludicrous discounts
When you’re in the thick of a competitive market you may feel the urge to undersell yourself to get business through the door. This can have a knock-on effect that goes throughout your business. If the price is too low your clients will see your services as a commodity, and not a service that they need. Not all will take it for granted, but the time and energy you put into a low, running on-cost contract will drain you.
You’ll need a lot more clients
If you’re running on a very low return for your work due to discounts and low prices you’ll need a lot more clients to make it worthwhile for your time. This means more time intaking in new clients, maintaining your list of clients, and the time to delivering the service. It’s the same as working on a product base for your profits you’ll need to sell a whole lot more to make the whole system worthwhile.
How to start selling at a higher pricepoint
When you sell at a higher price you have to attract higher-paying clients. This means all your marketing, content, and business assets need to reflect that price point. You need to look the part and provide enough social proof that tells people you are worth every penny and more.
This means…
- Having the right content that attracts your higher-paying audience
- Creating a smarter sales journey (bigger contracts require more priming)
- Consistently proving your credibility through value upselling
Let’s break these down…
The Right Content
Pain point posting is probably the most effective way to outsell your competitors at a higher price because your content will speak directly to them. It doesn’t work on a common issue anyone in that field may have. It works on solving specific problems that are so targeted the prospects tell themselves “this person knows what I’m going through and will solve the problem”.
Most will agree to spend a little bit extra to have a problem solved for them promptly and professionally. When the message through your content tells your prospects you can do that and it’s convincing you’ll be able to negotiate your prices with level footing.
Smarter Sales Journey
Complex contracts with higher prices will take longer to land. This means your sales journey needs to be smart to prime, prospect, and persuade each step of the way. From the initial contact all the way up to pitch to the board. Every interaction must be effective in telling your potential clients you are the go-to for this service. This is what we call priming your prospects for a conversation.
Methods of priming include:
- Sharing valuable content
- Interacting with prospective clients online
- Maintaining a base level of conversation to remain top-of-mind
The persuading stage is where the sales teams thrive with demonstrations, discussions, and testimonials all playing a part in closing off any doubt your business is worth every penny.
Value UpSelling
Value selling is much like priming, but on a level where you’re already working in some capacity with a client. Maybe a smaller offering or base-level service that solves a problem, but not on the larger scale of the business. Where you can show the benefits of more refined and complex services. If you want to outsell your competitors at a higher price, but always lose out due to price maybe create a smaller product that can be almost automated in its approach. But, works well enough for a client to experience your world as a business.
A lot of businesses work with long-lasting fans who will jump at the opportunity for a new service. These fans can become your highest-paying and key clients to drive your business forwards.
It’s always good to start somewhere right?
