Edmonton Business Coach | Don’t Try To Sell to Everyone
Know your target audience or customers. A common mistake new entrepreneurs make when starting out, according to Edmonton business coach, is they try to sell their product or service to everyone. This makes a lot of sense to small business owners, especially when they hear that the most common reason for small business failure is not finding enough customers. There are many reasons why burgeoning entrepreneurs should be more strategic in finding their customers and selling their products and services.
Not everyone is your ideal client. Small business owners can waste a lot of time, money and energy trying to convince people to buy their product, when they aren’t even the ideal buyers. Rather than the futile attempt at persuasion, Edmonton business coach recommends taking the time to figure out the business’s ideal and likely buyers, and then simply inform them of the purchasing option. Since they are already more likely to buy, you can avoid the persuasion tactics that are far less likely to work.
Avoid Selling Based On Price
If you attempt to sell to everyone, you will be more likely to try to compete on price alone. Many entrepreneurs start their new venture believing that price is one of the most important determining factors. This often stems from our own thoughts regarding purchasing products and services. We tend to think that we are savvy shoppers, mindful of budget and cost. And while this may be true, price is rarely the only or even first consideration.
Cheap usually means low quality
Think of your most recent purchases, perhaps you bought things on sale, or used coupons, but think of the products or services you purchased. Did you purchase them solely on price alone? Or did you consider other things over price? For example, you may have purchased brand name clothes, but have done so on a sale. You didn’t go to the least expensive store to buy clothing. You valued quality, brand, durability, comfort just to name a few things. Not only that, but if your pricing is too low, you limit how much money you can bring in to help grow your business.
In fact, if we look at most purchases, even if price is one of the factors, it’s rarely the first or most important factor. Edmonton business coach says if that was the case, none of us would have the most up to date cell phones, we would have inexpensive burner flip phones from the gas station. Or we would be driving the most price conscious cars.
People don’t like cheap
However, we had other elements that were more important. For the phone, we may need it to do business, or stay in touch with family, use it as a phone, just to name a few. The car may need to have cargo space, better fuel economy, handle well on rough roads and so on.
Edmonton Business Coach | Your Differences Help Sell You
Therefore, small business owners should definitely take the time to calculate the cost of their products and services, taking into consideration all of their costs, fixed and variable. And ensure they have a fair mark up, so that they can fairly pay themselves, put money into marketing and prepare to bring on employees. Which means they will not be able to compete on price, which is why finding your ideal clients is so important.
When business owners are able to market to their ideal clients, they will be more likely to buy the product or service. Especially when the business owner is able to find them when their likely buyers are ready to buy that particular commodity. However, they must also stand out from the competition, so that those clients they are marketing to will choose their company over the other businesses. Edmonton business coach recommends putting the time and energy into figuring out how you are different and unique, rather than trying to convince people to buy from you.
How Is Your Business Unique
When your ideal clients see the benefits of going with you, those who value the things you do differently will be drawn to buying from you. They will also be far more likely to be repeat customers, regardless of the price you charge them. Think back to the earlier example of clothes, cars and cell phones. People value quality, durability, function and more. Other ways your products and services may stand out is by being the most convenient. Are you in a great location, or deliver your products?
Do you have a warranty better than others? Do you use unique materials, or have higher quality than other similar products? If you have a unique way of manufacturing your product? All of these things can be the reasons why your ideal customers will be drawn to you. You can sit down with an Edmonton business coach like Inspired Method Marketing and Coaching. They will help you identify what makes you stand out, and then help you find your ideal clients. All without having to drop your prices and devalue your company.
Let Us Help You With Digital Marketing
Once you know how you are unique in the marketplace, your Edmonton business coach can help you develop your marketing strategy. This includes figuring out your no brainer offer – what will compel your clients to choose you first. To get help on marketing or if you would like a coach who will walk with you every step of the way, contact Inspired Method Marketing and Coaching to succeed in business!