Are you guilty of creating monsters?
Do you run frequent sales? Sometimes even on top of your own sales? Do you run flash sales more often than you have regular promotions? Have you devalued your product with constant price changes? If so you have taught your clientele to wait for the best or in most cases the lowest prices before purchasing.
Running an online business can be one of the most enjoyable entrepreneurial experiences, but done incorrectly it can become the bane of your business’ existence. One of the common complaints from e-commerce businesses is that it seems their clientele is always looking for a sale, deal or discount. Ask yourself, who taught them that behavior?
How can you change these habits?
1. Identify your ideal client, their spending habits, their income levels and price accordingly. If you have done the proper groundwork, the prices and what they are willing to pay should match up, avoiding having to discount just to make a sale. Build a clientele that will appreciate a true sale, but is not constantly seeking them.
2. Showcase the value of your products within your posts to social media platforms and how you speak of your product. You should be able to explain visually why the price is fair and what they will be getting for their money. This applies to services and products. Share customer testimonials, feedback and reviews. Showing how others have already invested in your brand makes your pricing seem more appealing.
3. Run valid sales. Holidays, business anniversaries, milestones, and important events in your life are all valid times to create a sale but plan them in advance. Flash sales should be avoided if you are just beginning.
4. Be patient. Growing a business takes time and consistent effort. Don’t drop prices just to make a quick dollar, over the long haul it hurts your business.
Always keep in mind growing your business will take time, don’t price yourself out of business!