Products and Pricing
If this pandemic has taught us anything, it is that your whole world can be turned upside down in a matter of a few days. I have been fascinated by watching businesses deal with the suddenly mandated shifts. Shifts as in plural; multiple. New products. New pricing. New customers.
Most business owners do not made this many shifts in their businesses in one decade. Yet, somehow, they’ve been able to make multiple major pivots in a few short months. This tells me several things:
- That they’re stronger than they thought they were.
- That they’re more creative than they gave themselves credit for.
- Change won’t kill you.
So many business owners get into a routine of status quo. That’s not a terrible thing if status quo is rockin’ and rollin’.
The Game Plan Didn’t Change. The Whole Game Changed.
The thing that the pandemic did that usually doesn’t happen, is that it leveled the playing field for everyone. Everyone had to shift so that didn’t mean one industry or company was disrupting the market. The economy and health restrictions disrupted it for everyone.
A couple of things I noticed during these shifts is that some businesses began to offer new or abbreviated products/services.
A great way to remain relevant to your customer is to offer something new. Their needs are changing and therefore your offerings should also change. We get comfortable living in our sweet spot… you know the spot where your ideal clients love to pay you for your big-ticket items. That is truly the sweet spot. What happens to everyone else that doesn’t fit into that spot or can’t afford the big-ticket item? Does that mean that you ignore them altogether?
You may have answered yes to this pre-pandemic. That absolutely may have been the right answer for you. Post-pandemic, that likely will not bring in as much revenue. I like to think of products in categories. The value and price point of each category should be aligned.
Bronze – These are the lowest price point products/services. This is where you’ll build their foundational knowledge. They are designed for people new to your industry. For B2C businesses, these customers are likely are beginners in the exploratory phase. If you’re a B2B company, these companies are likely in the start-up phase.
Silver – These are mid-level priced products. These products/services are designed for people/businesses who have a solid foundational knowledge base and who are ready to start seeing results from their efforts.
Gold – These are your big-ticket products/services and are designed for people who have a good grasp on their goals and have achieved some level of success in the space. B2C customers are moving up to expert level. B2B customers are in expansion mode and are ready to take their businesses to the next level.
Take some time and see if you have products or could build products that fit these three categories.
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You see, the biggest mistake that business owners make is that they only work ON their business when something isn't going right or when they don't have enough business to meet financial goals. The truth is, if you work on yourbusiness continuously, you'd have less problems and less periods of feast or famine.
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