How to Attract New Business in Price Conscious Times

Is It Time to Differentiate? How to Attract New Business in Price-Conscious Times.

Written By
Jon Mailer

CEO & Founder – PROTRADE United

With the economy shifting, consumers and businesses are becoming more selective with whom they spend their money with. History and even your own experience have shown that price is not the defining measure as to whether people choose you as their provider of choice unless there is nothing else to differentiate the options.

PROTRADE United Client Shane McAuliffe from McAuliffe Painting with CEO Jon Mailer

PROTRADE United Client Shane McAuliffe from McAuliffe Painting with CEO Jon Mailer

Here are some simple powerful ways to differentiate yourself. And remember… better is not better. Different is better.

Focus on Value-added Services

Instead of competing solely on price, differentiate your offerings by providing additional value-added services that are unique and appealing to your target customers. This could include:

  • Personalised consultations
  • Extended warranties
  • Complimentary product training sessions
  • After-sales follow up and support
  • Thank you/hand over gifts
  • Loyalty rewards programs.

By offering extra value beyond the basic product or service, you can create a competitive advantage and justify a slightly higher price point.

Emphasise Quality and Reliability

Highlight and communicate the superior quality and reliability of your products or services. In a price-conscious market, customers may be willing to pay a slightly higher price for a product or service that is known for its durability, performance, or dependability. Make sure you communicate the benefits of choosing a higher-quality option and demonstrate how it can save customers money or time in the long run by reducing the need for replacements or repairs.

Provide Excellent Customer Service

Exceptional customer service can be a powerful differentiator in a price-conscious market. Show up on time for appointments, communicate clearly, be attentive to customer needs and go the extra mile to ensure customer satisfaction. By providing outstanding service that exceeds customer expectations, you can build customer loyalty and word-of-mouth referrals, which will help you stand out from competitors solely focused on price.

Written By
Jon Mailer

CEO & Founder – PROTRADE United

Article Continues

Who are PROTRADE United?

Australia and New Zealand’s #1 Business Coaching and Advisory Organisation, dedicated to the Trades and Construction Industry. With over 20 years of practical experience, we have a proven track record of helping more than 3900 business owners gain greater clarity, consistency and choice.

Are you next?

Who are PROTRADE United?

Australia and New Zealand’s #1 Business Coaching and Advisory Organisation, dedicated to the Trades and Construction Industry. With over 20 years of practical experience, we have a proven track record of helping more than 3900 business owners gain greater clarity, consistency and choice.

Are you next?

Article Continues

Make It a Habit to Follow Up With People Promptly

It sounds simple, right? In my experience, and surveys regularly back this up, 67% (amazingly!) of people do not follow up in business. Did you know that most sales are not closed until the sixth, seventh or even until the eighth attempt; very few deals are achieved on the first few attempts, and yet only three percent of businesses follow-up more than twice. Whatever business you are in, if it involves making a sale, signing that contract, or building relationships, the best way to stand out from the crowd is to follow-up promptly, follow-through, and be persistent and determined.

Positions Yourself as a Specialist

Most markets are overwhelmed with generalists. A generalist is a jack of all trade yet master of none. This may be an effective way to start a business yet do you have the opportunity in today’s market to position yourself as a specialist in a particular niche. Think about the future of your industry and what guidance, support, and advice your customers are going to want and need. This may include cutting-edge technology, exclusive designs, proprietary processes, or unique customisation options. By offering something truly unique and valuable, you can differentiate your offerings from competitors and justify a higher price point.

Remember, in a price-conscious market, it’s important to carefully balance differentiation with price sensitivity. Conduct market research, understand your target customers’ preferences, identify their pain points and test different strategies to determine what resonates best with your audience. Always monitor your approach based on customer feedback and market dynamics, then adjust your strategy to stay competitive and meet the evolving needs of your customers.

For more guidance on how to deal with price consccious customers in your business, contact the team at PROTRADE United.

Make It a Habit to Follow Up With People Promptly

It sounds simple, right? In my experience, and surveys regularly back this up, 67% (amazingly!) of people do not follow up in business. Did you know that most sales are not closed until the sixth, seventh or even until the eighth attempt; very few deals are achieved on the first few attempts, and yet only three percent of businesses follow-up more than twice. Whatever business you are in, if it involves making a sale, signing that contract, or building relationships, the best way to stand out from the crowd is to follow-up promptly, follow-through, and be persistent and determined.

Positions Yourself as a Specialist

Most markets are overwhelmed with generalists. A generalist is a jack of all trade yet master of none. This may be an effective way to start a business yet do you have the opportunity in today’s market to position yourself as a specialist in a particular niche. Think about the future of your industry and what guidance, support, and advice your customers are going to want and need. This may include cutting-edge technology, exclusive designs, proprietary processes, or unique customisation options. By offering something truly unique and valuable, you can differentiate your offerings from competitors and justify a higher price point.

Remember, in a price-conscious market, it’s important to carefully balance differentiation with price sensitivity. Conduct market research, understand your target customers’ preferences, identify their pain points and test different strategies to determine what resonates best with your audience. Always monitor your approach based on customer feedback and market dynamics, then adjust your strategy to stay competitive and meet the evolving needs of your customers.

For more guidance on how to deal with price consccious customers in your business, contact the team at PROTRADE United.

What you’ll get in the complimentary 60 min session

Diagnostic Tool

Use a powerful diagnostic business tool, to understand the current reality

Identify the Obstacles

Uncover the obstacles that may be holding you back from more profits, time and freedom

Action Plan

Craft a realistic action plan to produce results in the next 6-12 months

Recommendations

Gain recommendations specifically designed for trades and construction businesses operating in Australia & New Zealand

Let’s Hit the Ground Running with a Business Performance Session
Would you like to gain greater clarity and consistency in your trades business? Book a complimentary ‘Business Performance Session´ with a trades business specialist and uncover what may be holding your business back.