Originally published on the Shirlaws Business Coaching Blog, 2007-2010.
My recent life experience (I’ve just relocated my coaching business from Australia to the UK or, as I’ve taken to calling it, I’ve made the ‘Brisbane to Brixton’ run) provided a quick lesson I thought I would share: the importance of creating compelling value in making your clients’ purchasing decision EASY.
Having just relocated, one of my first observations in changing from $ to £ is that suddenly everything looks half price. We are so attuned to seeing the number, not the symbol, that we forget (however momentarily) to recalculate. So whether it’s a £500 suit, a £10 bouquet of roses or a £1.95 coffee, my first reaction is ‘grab it, that’s unbelievable value!’
How fantastic would it be if all of your customers had the same reaction to the products you were selling? Naturally, if you were to halve the price of your products (hourly rate, service offering etc), it would be compelling to potential clients. Event more naturally, that’s unlikely to be a smart strategy – and it’s not one we’d recommend.
But what else can you do to be more compelling? What is there in your packaging that can excite people to buy from you? Our team have experience helping businesses create compulsion, usually using product, service, or market specialisation rather than price.
What we often uncover is a hidden asset, that not only drives sales but increases equity value as well.
If that sounds like an interesting conversation, I’m in town, and the coffee here is so affordable…