Stop Competing On Price
We often get asked by our customers, how they can convert more quotes on our products such as corflute and banners. Most people initially go down to price. But based on the data and trends we have seen; this is not necessarily the case.
What the Data Tells Us
From our top 20 customers, we have seen that they are all creating value in different ways. By doing this they are creating a more premium product they can charge more for. From the data it also tells us 2 clear things:
- That our customers are using our system to get pricing quickly. When their customer requests a quote, they are not waiting on us to get back to them. They are getting the quote accurately through our IQ system and getting back to their customer in minutes.
- These customers are in a niche and have developed a high level of trust with their target market. For example, they are in a certain market segment and they only do that sort of work. So, the reviews on their business are from target customers in that demographic. It creates a lot of trust with potential customers which they can charge a little more for.
Think About It on A Larger Scale
Typically, someone who needs print, it is not about the product. It is about solving a problem. They need the product by a certain date, or the print will be rendered useless. If they do not get it in time, then they have wasted the whole price on the spend.
By eliminating any potential stumbling blocks, you can nail the sale and take it outside of price.
What This Means For You
In your setup, it means you need to ensure you have a system which gets pricing out fast. It also means you need to narrow down and focus on your target market so you can be the go-to company in that niche.
If you want to chat and just get some feedback on how this applies to your business, feel free to get in touch.