Thoughtful Thursdays - High Quality for a Low Price

During recent conversations with potential new business owners I was impressed that the majority spent time talking about the importance of providing a high quality product or service to their customers. If they did not know it at the time, they were beginning to get an idea of value.

I say beginning, as the majority I refer to had difficulty or did not clearly relate quality to value. In most cases they were undervaluing their product or service.

Entering the marketplace with a strategy of introductory offerings equating to pricing slightly below the market is reasonable and often used. What many new business owners forget to do is tell their customers what a great deal they are getting and that the introductory price was just that - introductory.

Be sure invoices show the true value of the product or service. If a discount is offered, have it listed as a separate line item.

The likelihood of a new small business being the low cost provider is rare, and taking business on price without consideration of the consequences can be devastating for a business. You do not want to have your introductory price turning into your ongoing price. If this is what happens, your customer does not appreciate the value of your product or service, and that is a topic for another day.

Good selling,
Richard