If you run a small ecommerce business, most of the time, it is not a good idea to compete on price. Why? Because larger companies with bigger advertising dollars and smaller operational cost can wipe you off the field.
So how to compete for most of us? Here’s several ideas to increase the value of your products or services:
Exclusivity - Make your products or services unique to your company therefore you can increase the price.
Develop a strong brand name - A good brand name creates a relationship with your customers that makes them think twice before going to competitors. They will also recommend your company to their friends and their families, who then refer to their friends and families. Developing a strong image is very important. Hire a PR firm to promote your business. Donate or do charity projects with non-profit organization. They will only increase your brand image.
If the news is picked up by a reputable reporter, your business could be in the spotlight very quickly and bump your reputation over night.
Increase added value by:
- Offer a strong guarantee that will increase the value in your customers’ eyes. Your guarantee should eliminate any doubts that prevent your customers from buying.
- If you’re selling digital products you can offer free upgrades to attract more buyers.
- Offer access to exclusive community or memberships. People want to feel accepted in exclusive membership clubs.
- Offer personal consultation or free support. Make solving their problems as easy as possible. Always solve your customers problems.
- Offer high-quality bonus that can’t be refused. Find joint venture partners for this technique. For example, if you are a real estate agent you can offer interior design service for your clients. Partner with an interior designer and you have a killer bundle for your service. It will increase your products or services significantly.
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