In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.
Maintain your Business identity and Dignity
If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most suitable pricing strategy. Customers don’t mind paying for quality.
Never Compare Pricing Strategies with Competitors
Your competitor may be working on a different business model altogether. The price that you charge for services would be solely dependent on the kind and quality of services you offer. It may or may not be what your competitors offer or may differ from how they offer the service. So rely on making your services the most sought after for their own excellence, and you will be on the right track .
Defer from asking clients their proposed budget
If you have full confidence that your services meet the clients requirements and even exceed them, your pricing strategy should be in consonance with your quality. The client has approached you for your quality and reputation and hence is ready to pay the price you generally charge. Once you ask a client the budget you are unknowingly handing the authority into their hands. Also do not price your services on hourly basis unless it is metered. This often gives clients the chance for fault finding.
Find the Right Clients Who Will Pay the right price
Try to identify the clients who need your service and are willing to accept your pricing strategies. You certainly don’t want those clients who are looking for the free or the lowest price options. Here you can focus on the quality of good clients who truly need and seek your services rather than the quantity of clients who are never likely to give you repeat business.
Let your results speak
if your pricing strategy is questioned, make an effort to convince the clients and enable them to understand the quality of service and results you provide. Show the good reviews, achievements you have accomplished for your clientele. Pricing will not be a issue , if the client is satisfied to the fullest.
If you exude confidence and are sure about the quality and excellence of your services, clients tend to prefer paying for the quality rather than compromise for less. Quote your price deliver the best results . No one will raise questions about the pricing and strategies They will be ready to pay for service well done.