Here’s another perspective on the importance of consistency in business, albeit from a different angle than our last post.
Your sales process – part of your company’s over-arching marketing strategy – should be consistent from one end to the other, top to bottom. It starts with a constant known as your ideal customer. Can you describe that individual?
Are they male or female? What is their age? How do they live? What do they like to do? How much do they use their cell or smart phone? Do they listen to the radio? Watch TV? How do they feel about your products and/or services? How do you want them to feel? What gives them pleasure? What causes them pain?
The more narrowly you can define your specific target by answering these questions, the closer you can come to arriving at a sales process and effective marketing strategy that addresses their needs, wants, and desires … and gets them to want (demand) what you offer at whatever price you want to charge or that the market will bear.
When you have a solid idea of what motivates your customer to purchase your products or services, you can devise a consistent message that inspires them to be loyal to your company. The key is to be consistent with the message and every aspect of your business that’s related to it. Varying from that consistency costs you money!
For example, if you have customers purchasing your service at $60 per hour and they pay it without hesitation, what do you open your company up to by offering a “special” rate of $50 an hour for “a limited time”? In a word, trouble!
By lowering your normal rate, you devalue your standards, especially if you continue to provide the same level of quality service. Do you want to offer lesser quality because you’ve lowered your rate? Not a good idea. How do your customers who have paid $60 an hour feel about the discounted rate when they find out about it? Not happy.
Sure, you have to justify that the service you provide is valued fairly at the rate you offer, but we have discovered that companies tend to under-value their products or services. The reason they do is the fear they won’t have any business if they’re too high priced but, again, it comes back to the value provided. This is where companies become their own competition. You need a clear understanding of the value you provide, and stay consistent with your offer. Another reason you can engage professional help to keep you on course.
While we don’t advocate raising prices “just because,” it is important to assess your product or service in the light of market conditions. If the consumer perceives the value is there, they will pay the price. If not, they won’t. Simple.