Pricing can be one of the hardest things to get right when you’re running your own business. Price yourself too low and people will wonder why you’re so cheap; you won’t get the sale. Price yourself too high and you won’t get the sale. The whole process can seem like a hit or a miss. It’s all too easy, then, to blame your prices when a look at your accounts suggests you aren’t making the sales you need.
Before you start cutting your prices in a panic, it’s worth considering whether there’s some room for improvement in other areas of your business.
You have a lacklustre website
There is so much competition online these days, simply having a website isn’t enough — you need the bells and whistles too. Browsers have high expectations and any number of reasons could make them click on to something else: your site loads too slowly; it isn’t compatible with mobile devices; it looks amateurish, and the content is poor or lacking a call to action. It’s vital you do whatever you can to give your website a bit of a lift and inspire people to hit that contact button.
Your target market doesn’t know you exist
Of course there’s little point in making your website all fancy if no one can find it. It’s time to consider your SEO ranking. It has been pretty well documented that internet users rarely search beyond the first few suggestions from Google. Consider adding a blog to your website to improve search engine rankings and be sure to install an SEO plugin to your site — or hire a professional to help you if you’re not sure where to start. Using the right keywords will go a long way to helping your target audience find your site.
Your market may have heard of you, but they can’t find you
If you’re not located right on the high street, you’ll need to give your customers a bit of extra help in finding you. Consider including directions or a map on your website and make sure your premises are adequately signposted.
Are you being social?
Don’t underestimate the power of social media. Many people are suspicious of businesses that don’t have any social media presence. At best you’ll look like you’re living in the dark ages; at worst customers will think you have something to hide.
You don’t have to be active on every platform but regularly posting on a couple of platforms (more on LinkedIn and Facebook here) can really help you build relationships with your audience and boost your sales.
Your lack of stock availability
Are you regularly turning away custom due to lack of stock? If so, this could be the root of your sales problems. You can’t expect customers to wait around. If you can’t give them what they need they’ll quickly find someone who can.
Your delivery times
By the same token, could your slow delivery times be putting people off? We’re increasingly impatient and with so many companies now offering next-day delivery as standard, can you afford not to follow suit?
Lack of an effective guarantee
Do you offer any sort of customer guarantee? If someone is on the fence about whether to buy your product, an effective guarantee can go a long way to reassuring them that it’s worth the risk.
How are your sales skills?
Maybe you’re great at building rapport but when it comes to closing the sale, you choke. Or perhaps you get carried away and spend too much time talking about yourself and your business rather than focusing on your customers. It’s definitely worth having an audit of your sales skills to figure out if there are any areas you could improve.
Concentrate on strengthening these core areas of your business and you’ll soon find you have plenty of clients, all willing to pay you a fair price.
Until next time,