Edmonton Business Coach | Avoid Competing On Price
Many Canadians dream about opening their own business, according to Edmonton Business Coach. Inspired Method Marketing owner Trevor Samons says that while millions of Canadians dream about opening a small business, only a small fraction actually do – 95,000 last year. And those who do, are faced with monumental odds. And unfortunately, most fail.
In a tragic twist however, the most common reasons why small Canadian businesses fail, almost all of them are avoidable. Avoidable, if business owners knew what those obstacles were, and what to do to avoid them. And that’s precisely what Trevor and his team strive to do every day. They aim to help entrepreneurs have plans in place in their business, and are prepared to overcome those common obstacles.
Not Enough Customers Or Ineffective Marketing?
The first and most common reason why small businesses fail, according to Statistics Canada, is that businesses can’t find enough customers. There are many reasons for this says Edmonton business coach. Entrepreneurs think it will be easier to find customers than it is. They may not advertise their business well enough, hoping that word of mouth referrals and a great location will draw enough customers in to their business.
Or perhaps they are simply marketing their business incorrectly. Spending their entire budget on newspaper or radio ads, or billboards, with not enough of a return on that initial investment. Soon, their small marketing fund is depleted, and they haven’t generated enough sales. One of the key components of working with Samons and team is they will help each entrepreneur put together a marketing strategy that targets their ideal clients when they are ready to buy that product or service.
Edmonton Business Coach | Attracting Your Ideal Clients
They also help small business owners make the most of their marketing budget, utilizing free marketing initiatives to start. They also help entrepreneurs avoid mistakes in their marketing. For example, most small businesses underprice their products or services at the beginning. They don’t know how to adequately price with their new overhead and staff. They also think that the only way they will attract clients is if they are the lowest price.
While most of us believe we are very frugal shoppers, almost no one shops exclusively on price alone says Edmonton business coach. Almost all consumers, according to Edmonton business coach experts have some other quality as their top priority. Such as high quality, better service, or preferred hours from the business they are buying from. Many customers actually have more than one quality they are looking for first, and then they will look for the most inexpensive product or service that also fits their criteria.
This may mean buying brand name on sale only, for example, says Samons. But price alone is almost never the only characteristic the customer is looking for. Therefore, business owners shouldn’t be afraid to charge what their products and services are worth, and let the price shoppers go elsewhere. This will help entrepreneurs make it through the first years, by making more money per sale, rather than exhausting themselves filling orders and never seeming to get ahead.
Get in contact with the experts
When business owners listen to the experts at Inspired Method Marketing and Coaching, the best Edmonton business coach. They will not only have a great marketing plan that works with their budget. But they will also learn how to avoid the first two mistakes entrepreneurs make in business: not having enough customers, and running out of money. Since 50% of businesses fail within five years, just knowing these tips, and having a coach to help entrepreneurs stay accountable, hiring a coach can help businesses be all that closer to business success in the long term.