Sometimes for some new business owners, we consider some clients has been too expensive to patronize us, we think their taste for fashion or a brand will be too expensive and our business cannot possibly offer that type of service at this time. These classy customers are very important for our business simply because they are the ones who are going to offer more value for the product.
Have you had an encounter with trying to pitch a perfect product with to someone and the person just keeps telling you about how he or she wants something that has the highest price tag, no matter what you have to say about the quality of the less expensive one he or she will maintain the fact that the one thy want is the most expensive one and that is what they believe to be the best.
So many entrepreneurs are very scared of raising the price of their product because they feel everyone will leave their business, selling to a wide variety of audience will provide the appropriate needed energy and confidence to increase the price of an item when the need arises. It is not right to just think of only satisfying those who want to pay cheaper prices because there are also people who are willing to pay more for the same product.
Increasing your publicity has a good way of opening your eyes to the long list of other customers who are willing to pay for the product you are offering, surely not everyone might be able to afford it but do not forget some other people who are also very concerned about high pricing.
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I am not saying everyone should sell at an expensive rate but there are some entrepreneurs who are offering very high values that should cost more but there are cutting down the price for the purpose of being able to gain a lot of customers and in the process losing out on the profit that should be made. If you are offering a product that is a luxury brand, stop trying to de-value the product because you feel people will only buy cheap commodities.
We hear a lot of economic experts tell us that people tend to buy more goods that offer cheaper prices but the truth is there are some products that their value is irreplaceable and irrespective of the price offered, there are people who always choose quality products over again, never de-value your products for the hope of having more sales.
Greetings, very interesting as an economist, I think if we know our potential clients and know their tastes and preferences, we have the product, the strategies would be a dugital marketing where in a very punctual way, define and show our product and its benefits, in order to reduce the cost structure, then launch this product creating an offer where it is about offering the highest possible price, over time the demand will increase making possible a stabilization of prices, by that side income is optine and then invest in another campaign.
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In my opinion I would say that is one of the reason why it is important to have a specific targeted customer base, if your business is targeting the classy people in the society or the low classes individual, it will be easy for you to stick to a path of satisfying either of the categories.
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Hello friend @ireti, what great advice, that which you point out many times usually happens to us for fear of losing clients in our business and securing the money, but I have understood that if your work is authentic it deserves to be valued and not give away the effort made and the knowledge acquired over the years.
See you later my friend, have a great week !
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