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Entries Tagged ‘do not be a commodity’

7 Reasons You Never Compete on Price

There will be times in your business where people will ask you to lower your price. This may be because they really want to work with you, but can’t “afford it” (though I would suggest that if they don’t have the money, they can’t afford NOT to work with you.) Sometimes, people will ask for a lower price because we are taught to always try and get the best deal possible.

As a service professional, it can be tempting to consider reducing our fee, thinking, after all, that some money is better than nothing. While this is easy to think, it’s the worst possible thing you can do for the long term growth and health of your business.

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How to Create Dividend Value in Your Business

There are two main types of value in your business, commodity value and dividend value. Commodity value rests on availability and convenience- you can go into any Walmart store and buy batteries, milk, or bread. These are the same batteries, milk, and bread that you could buy from Kmart, Target, or any of the big box stores. Commodities are valuable because they are necessary and convenient. They are not unique, which means that commodities are always extremely price sensitive. If you can buy the exact same product for less, with about the same amount of effort, most people will always go with the lower price.

As an expert in your industry, you want to avoid being seen as a commodity, in that your services or products are interchangeable with everyone else’s. Being viewed as a commodity is the death knell for being able to sell high priced programs.

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