No doubt you’ve heard that it’s a good idea to have a clearly defined market and to keep your prices as high as the value (rather than discounting all the time). It’s good advice.
Susan Oakes, however, gave a suggestion for expanding your offerings to suit a lower price market. Normally, business success doesn’t include going for a cheaper market but Susan’s idea of offering something new and cheaper is sound.
The idea is to make a product or service that either lacks the bells and whistles or is effectively a DIY version, meaning you can sell for less and appeal to a lower budget audience without detracting the price or value of your main product or service.
Want some examples?
- For those who don’t want to pay for a professional writer on small tasks, I produced a writing tips eBook. A much cheaper option for small businesses but still getting me a sale – all my eBooks follow a similar concept
- if you usually sell water tanks fully installed, maybe offer them for DIY homes as well
- wedding photographers used to sell a completed album, possibly in a package with the negatives. Now many offer a disc of images as a cheaper option as well as a full album with the disc
- a web designer could set up a series of templates and sell them as a digital product while still doing the more expensive tailored web designs as their main service
Is there a way you could expand your business to include a lower budget client? Think broadly or add your business in the comments and let’s see what ideas others can find for you…