Is being competitive on your price the best strategy to have for your business? Well, sadly many industries have NO choice but to compete on price. If you are a supermarket, utility company or fast food chain you have to compete for market share by offering the best price for the same goods offered by rival companies. In this commercial environment it is the customer that determines the low price by voting with their feet. There is little loyalty in this sector and low moral with staff.
However, if you are in healthcare, a niche industry or a specialist tech company like Apple, you can push the ceiling up on your selling price yourself, pulling the customers with you.
“When I first set out in business I set my prices high and then built the service around customer expectations at that level”. Clifton Bradeley
In this space your market dominance is only challenged when a product or service of equal quality enters the market place at a cheaper price. It is your brand loyalty and the trust you earned with your customers that maintains your customer base. Companies like Nike and Apple are high energy and innovative with loyal customers who are hungry for their latest releases.
So, how do you built trust with your customers. These days you can’t just go straight out and sell to potential customers. We are all so fed-up of being bombarded by online and smartphone sales techniques that we quickly put up barriers and switch off.
We will however read an interesting blog or watch an entertaining or informative video offered by suppliers if we first gain something free from the relationship. Successful businesses understand that they have to feed your customers needs and offer what they want in terms of information and service before money is exchanged. The skill is to create a group of people who need what you offer. That group might one day develop into a movement and then you can change the world.
Be creative in your relationship with your customers and be patient and persistent when you produce content for your tribe. The quality of your work is the new ‘social truth’. If your content is good it will create trust, if it is not they will seek a supplier that is. The best advice I can give you is to start now, be patient and be consistent. It might take a year or five years to build your tribe. If the contact is good they will come.
Another comment I would make about this subject is to look after and create for your existing customers. Don’t chase after new customers constantly. Once potential customers look in on what you are creating for your existing group, they will soon join in and become part of your tribe.
“Exchange the word ‘sales’, with the word ‘trust’ and the whole process will be more fun and energised,
because you will now be rewarded for your integrity and not a cold sales process”.