Your Competition Doesn't Cut Your Lunch - You Do!
As you know, I work as Recruitment Consultant for Marketing in the UAE and Europe. I tell my client's straight off the bat that my service is more expensive than some other recruitment agencies. Does this scare them off?! Nope!
When we buy a car, we do buy the cheapest car? When we get a haircut, do we get one from the cheapest place? Well, I have before, and it didn't look so great...
When your client says they can only pay the lowest price, they may be lying, but it's because YOU haven't demonstrated your real value.
We all know sales can be a tough gig as it is, but when there are people out there charging less than what you are, it can leave you feeling under appreciated and ripped off.
HERE ARE MY TIPS TO PROVE YOUR MARGIN SO YOU CAN EARN THE MONEY YOUR HARD WORK DESERVES:
Photos by me. Today's powerful office look is a chic, striped dress from ASOS, Nude Aldo heels and faith clutch (look linked below).
CREATE THE LUIS VUITTON EXPERIENCE
Be proud that your service is priced higher as it sends out an image of quality. Your customers may even be curious about what makes you different. You don't necessarily need to wine and dine them (though this does help!) but guarantee you go above and beyond.
Don't just provide a service - create a partnership where all they can think about is the quality and effectiveness of your performance, not the price.
WHEN YOUR COMPETITION IS CHEAPER
Recently, a client came to me for help and said they had been struggling to fill a tricky Marketing position. When I told them how much I would charge, they stated that they had been working with two other agencies at 6%.
...OK, that's great, but if they had done a good job would you be standing here with me?
There will always be someone cheaper so ensure you understand your competitive edge - what do you have that your competitors don't?
PEOPLE BUY FROM PEOPLE
Spend time getting to know and understand your customers. As a Recruiter, I meet all my clients and candidates face to face so I can get to know their personality and exactly what they are looking for.
When you meet, it's a fantastic opportunity to discuss your process and to get an understanding of how they have previously operated with your competition - what worked for them, and what didn't?
When you take the time to develop a relationship, you build trust and create common ground. (See my related post on rapport building here.) We are far more likely to buy from someone having met them and liked them, rather than a voice on the phone, am I right?!
HAVE A CONSULTATIVE APPROACH
Rather than concentrating on the price - undertake the job from a more dynamic and consultative angle. Yes, you are providing a service but this is YOUR speciality, and you know best. If they ask for something that is near impossible for you (for example, a Digital Marketer who does all his work standing on his head), then push back and explain that may be somewhat difficult to find. Advise on some more realistic options and give them insight into your market.
ALWAYS ADD VALUE
Business is about providing and creating value so know your value proposition. What can you do for your customers? Who else have you helped that was a similar situation? What does your company provide that makes it unique?
The cost of a service is down to how you perceive it. If you believe your service is better than what your competition provides (which, you should!) and the value outweighs the price, then this will help you approach potential prospects with confidence.
BUY IT CHEAP, AND YOU BUY IT TWICE
The cheapest may not end up the most inexpensive. For instance, I've had clients come to me after having made bad hires.
Let me explain this in a relatable way. As ladies, when we are happy with acrylic nails we get in a salon, we refer all our friends there as we can expect an excellent service... Even if it is on the pricey side. If we have a bad nail experience, we have to spend more money getting a new one a week later. Urgh.
When you pay more for something, and the service is accessible, friendly and efficient, the cost is justified.
Pricing a service you give is different than pricing a product. You have to take into consideration what your time is worth, your expertise and how difficult the job was.
Do your job and do it right I say! If you spend time getting to know your clients and offering a consultative, Luis Vuitton quality service, then the price is irrelevant.
Be proud of your margin and your work!
Until next time,
Briar Prestidge xx
*This post contains affiliate links which mean I may receive a commission if you choose to purchase something. As usual, I only post things I love!