Don't try and compete on price. Learn to sell on the value you bring to the customer, and why your business needs to go digital.
Episode 006 of InkSoft’s The BIG Idea podcast is now live, and believe me when I say it’s a must listen for any business looking to grow sales. No matter what industry you’re in.
Back to what is in store for this week…
Increasing Sales by Creating Your Value
Many decorated apparel businesses still focus on price. I mean why not? When sales aren’t going well, it’s easy to say, “oh well, we’re just too expensive, let’s lower the price and the customers will come.”
However, competing on price is only a temporary solution, and is not a viable long-term strategy.
One of my favorite quotes I learned from a speaker in grad school is – “You can’t survive competing on price; compete on value. Competing on price is entering into a race to bankruptcy. Rather deliver the total consumer solution, not just a piece of the solution.”
This applies directly to businesses like your own. Your customers aren’t coming to you just for the cheapest product. You are NOT selling a commodity. They are coming to you for something more than decoration, and are willing to pay a premium for that.
Mark Coudray Gives Tips on Boosting Sales
Someone who has been on the forefront of this movement to focus on the lifetime value of a customer and not his transactional value is industry veteran and, #MaxProfit 2018 guest, Mark Coudray.
This week, Marshall sits down with Mark to talk about this very subject.
In this episode you’ll learn:
- How to move away from the lowest price mentality in your shop’s pricing
- Why you should focus on improving your shop’s value proposition and not what the guy next door is doing
- Why your shop needs to “go digital”
- How InkSoft can help make your shop “sticky” to customers and increase the lifetime value of that customer
- About Mark’s new project, Catalyst Plan, and how it can help your shop operate in the digital economy