USR 333: Competing On Price Will Destroy Your Brand And Your Business
The Kelly Roach Show
Kelly Roach
4.9 • 965 Ratings
🗓️ 15 January 2018
⏱️ 15 minutes
🧾️ Download transcript
Summary
Your pricing determines so much in your business: your positioning, the number of clients you can take on, where your income will land for the year, and more.
One common mistake I see with entrepreneurs is greatly undercharging for their products or services or lowering their prices when things get hard. But neither of those things are the solution!
Today's episode will help you navigate your pricing, sell to people who buy based on value instead of price, and position yourself as a premium brand.
2:56 "In every market there is going to be a segment of buyers that buy based on price and a segment of buyers that buy based on value. You have be sure that you are positioning yourself the right way to communicate and associate with the group that wants that value - not the buyer that wants the bottom dollar price."
5:50 "Don't do things in a vacuum. Ask your buyer. Ask your market. Communicate directly with them. Use keywords and phrases they use. Speak their language and use their knowledge and insights they shared with you to share with other people you are looking to connect and engage with."
13:21 "Avoid those pitfalls of thinking that your sales problem can be solved with a lower price. Where you position yourself from a pricing standpoint is ultimately where you are positioning your brand. It is your credibility and authority of your brand."
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Transcript
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| 0:00.0 | Unstoppable Success Radio, episode 333. |
| 0:05.0 | I'm Kelly Roach and you are listening to Unstoppable Success Radio, |
| 0:10.0 | the podcast for achievers, believers, Dreamers, and Doers who want to build a profitable sustainable business around a life of purpose, fulfillment, freedom, and family. Now let's get down to business. |
| 0:25.0 | Welcome to Unstoppable Success Radio. |
| 0:28.8 | I am your host, Kelly Roach, and I am thrilled to be back here with you today. |
| 0:33.1 | In today's episode, we're going to be digging deep |
| 0:35.3 | into pricing, why it matters, how it is going to impact |
| 0:40.0 | the success or failure of your brand and the pitfalls to avoid as you build your team |
| 0:46.2 | that's out there selling and marketing for you. Now it can always be tempting |
| 0:51.8 | when you want to grow faster and you want to close more clients to ask yourself |
| 0:56.1 | Are we charging too much and if we dropped our prices would we be able to close more clients faster and get more sales for our business. |
| 1:04.4 | And in most instances, the answer is a big fat no. |
| 1:09.8 | And in fact, there are new dangers today to competing based on price that didn't exist even |
| 1:16.1 | a few years ago. |
| 1:17.7 | One of those big dangers being Amazon. |
| 1:20.8 | You see, everything in our culture is becoming a commodity. And the second that your |
| 1:28.2 | brand, your business, your product, your service, your program, whatever it is becomes a low dollar transactional commodity, it is going to easily |
| 1:39.0 | be beat out every single time by other people providing a similar product or service |
| 1:45.7 | from overseas or via Amazon with low to no overhead. We're seeing it every single day as more and more retailers are |
| 1:56.2 | announcing dozens if not hundreds of store closures all around the world. So if this is not raising the red flag for entrepreneurs |
| 2:06.2 | to say how important it is to focus on building a stellar brand of |
| 2:11.4 | integrity, quality, and premium pricing. |
... |
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