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The 20 business development pricing tools, truths and techniques 41
Furthermore, even if your business is physically based miles away from
your customer, many prospects may be prepared to make the journey
because of the specialist nature of your business and extensive product
range. For example, when was the last time you saw a specialist board game
shop with both modern and vintage favourite board games in it? I saw one
recently in Whitby, a small seaside resort on the north-east coast. Despite
the prices being a little higher than some shops it was very busy with both
casual shoppers and people who had travelled there specially because of its
niche status.
12. Price for prole and experience
This is where your general business development, marketing, PR, social
media networking and pricing strategies should be integrated as business
partners. Although it seems obvious, there are many who provide personal
or professional services who ignore this simple equation:
Prole and reputation + special experience + results = higher prices and fees!
Ask yourself these questions:
How long have I been providing this service?
How high is my prole in my sector and how well known am I and
my brand?
How many people or businesses have I helped?
What is my track record of success, achievements, satisfaction or
results?
Am I regarded as an authority in my eld?
If you rank highly on some or all the above you should be charging signi-
cantly more than someone less experienced and with a lower prole. Don’t
be afraid to do so and make sure in any business development initiatives or
promotional copy that you include numbers and factual information on as
many of the above areas as possible.
The same applies to products. Why is it that people pay many times more
for Nurofen tablets than generic ibuprofen when chemically it is the same
product and has the same effect? Actually, there is no one rational answer
to that question. It may simply be ignorance on the part of the purchaser
or in many cases it is simply down to emotional factors and powerful
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