Doc's Marketing Mojo

Don’t Be So Eager To Cut Your Prices.

From our videographer friend Case Marsh:

Over a time period of the last couple weeks, the same story has played out with both a wedding video job and a corporate video production job. The story is the same for both and goes like this:

Customer contacts us and pays a visit to the studio to see what we do. Likes us and what they see, but declines to sign on. Says they have an appointment with another outfit. Comes back a week later saying they visited the other videographer, and the other outfit will do exactly what we have said for a “fraction” (like, 1/2 and 2/3, respecively) of our price.

They ask us to meet the lower price.

We decline to lower our price, saying that it is a fair price for what we will do and a great value to the customer. We figure the prospect is dead. A couple of weeks pass, and they email us asking if we will reconsider our price. They give additional rationalizations for their lower price request. We decline.

The next day, they call and say they want to sign on with us. A wedding with the first customer. A corporate piece with the other one. Like I said, same story. Two customers in two different markets. Same outcome: two jobs that pay well.

:::

The point is, don’t lower your prices too fast. A lot of customers out there are playing the recession card. You don’t have to work for peanuts. Look for the clues that reveal that they are just playing the “recession card.” The second they come back to you asking you to meet somebody else’s price, you know they want you. Why else would they have bothered to call? They like you better, and really want you over the other one.

Don’t cave in.

Let’s talk about this.

Related posts:

1. Phone Books On The Way Out
2. 8 Great Ways To Promote Yourself For Free
3. Business Card Blitz
4. 5 Ways To Build Customer Trust With Your Website
5. Tell Your Prospects What To Do Next.
6. Don’t Tell Me What It Is, Tell Me What It Does.

Filed Under: Get Your Mojo Workin', Good Business Mojo on