Pay more? But they won’t even buy at today’s prices!
Picture this scenario with your sales teams.
“We are down on sales guys, we need to convert more opportunities. What can we do”
Sales Team (Pulling from their stock of excuses):
“We are too expensive, we can’t compete with our customers”
Actually, imagine if you were able to charge more than your competition and customers were even happy to pay a premium!
Thats right, in a recent poll 86% of customers said they would be happy to pay more providing they were getting great customer experience. 10% said they would HAPPILY pay over 25% more if it meant getting great service.
So here is the thing.
You don’t need better pricing to sell more, you need better service!
What about Products? We need better products surely?
Customers again are happy to live without certain features to be bleeding edge if they have an experience that makes them feel special & valued. Any Apple user that has moved from android & PC world to Mac/iPhone will tell you that they put up with some pretty crazy design features to live with being part of the Apple tribe. But they put up with it because of how sexy the products look, feel and the experience that you get with being part of the Apple Advocates!
And guess what, Apple charges a significant premium over its competitors for similar spec items. So if the most valuable company in the world can do it, surely that gives us a blueprint to follow?
You don’t have to be as cool & successful as Apple to lead your industry sector. I know banking is boring, but so is logistics. You just have to deliver an experience that is differentiated from your competition in your sector to lead it! So don’t try and copy Apple, that might not suit your industry. But do deliver a great experience that differentiates you from the competition. Leaving your potential customers with an easy choice to make when deciding who to use in your industry will be worth millions!
So when you are deciding whether you need those sexy new products (I know what you sales guys are like – Magpies!), or whether you would be better to spend the money on improving the experience on the products you already have, answer yourself this question.
Would this new product increase my transaction value by 25% as well as uplift retention by 80%? (See this blog post)
Do the maths. If the answer is no, do the right thing. Invest your ROI in what can make a sustainable difference to your cashflow!
Until tomorrow, keep loving your audiences!