Win Different New Business, with ‘Lower Cost Entry Products’
A characteristic of a good economic period is the fact that many businesses are able to successfully sell their higher priced products. People avoid and even ignore the less profitable areas of their marketplace because they like the ‘rarefied atmosphere of higher prices and quality.’
Don’t ignore the change in atmosphere now!
Entry level products and ‘trial’ options can be developed to attract new business; they also serve as a demonstration that you are sensitive to market conditions, and are able to offer a product or service for a reasonable price at an initial stage. This strategy is brilliant for database building, where you can log interest through this low value purchase, and later, when there is time and inclination, show the full value of what you can do for clients.
Look at your current packages and break them down into smaller chunks, possibly lower value areas, and sell them separately.
We’ve just done this with our business, developing three, 5 weeks courses that run on Zoom, introduced with videos and backed up with podcasts. We had to develop a new way to enable people to buy training, and open and online is the way forward.
Whatever you are selling, consider the range of customers who may buy from you. If you can develop an entry level, lower priced product, get creative, now.
What entry level product or service could you introduce?
Which product or service can you adjust and charge less for?
Can anything you have be sold as a digital product or service?
This is taken and adapted for this post from the new audio book The Perfect Storm, 30 ways to Drive Your Business. Download and play today with Audible.
Enjoy narration from West End Star and trainer Jo Bourne and I, co-writer Jeremy Blake.