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Match your fees to your promises
In the latest in our Series of Marketing Tips for Small Businesses, we discuss the value of your service. Its all too easy to undercut your competitors and come out cheaper, but does this give a perception of value, or does this create suspicion over quality?
You cannot promise the marketplace a high quality service and yet charge a bargain-basement fee! If you do, you will send people a mixed-message and it will lose you business every time.
Everyone knows that quality never comes cheap; that if something looks too good to be true, it is too good to be true! Make your services as valuable to the marketplace as possible and then charge accordingly.
Its tougher for the Smaller and Start Up businesses when competing with larger organisations, but remember, your business has the ability to adapt quicker, it probably has less overheads to start with, so these are your key selling points and where your value begins. One of our clients is in the competitive market of Property Services, they maintain their pricing structure, despite being regularly undercut by their competitors as they have a very strong referenceable client base. This seems a little risky, however, their experience has shown that in 2 out of every 3 times this happens, the prospect will come back to have further work quoted as their experience with the ‘cheaper’ alternative has been less than satisfactory!
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