It seems that every newscast, magazine article, and water cooler conversation these days revolves around the state of the economy in America.
Consumer spending has dipped as the cost of living has continuously increased in recent years. As we are all trying to tighten our belt and stretch our dollars, hard choices need to be made. Items on our wish list remain just that – items on our wish list.
When consumers classify something, whether a product, service or experience, as “too expensive” what does that really mean? Does it mean they simply don’t have the funds in their budget? Or rather that they refuse to part with the funds from their budget and make something else a lesser priority?
The idea that American consumers are simply not spending money can be challenged by the record breaking attendance at the recent playoff games at Miller Park in Milwaukee, Wis.
On each of the game days the parking lot was full and the game was sold out. As they were playoff games, it is safe to assume that there were no “half-price” ticket deals or discounted parking available. In fact, it was quite the opposite. Ticket prices and parking actually increased for this rare and special event.
For many, the chance to watch the Milwaukee Brewers compete in the playoff series was a once in a lifetime opportunity, making the expense irrelevant. For the tens of thousands of attendees at each of the games, scoring a value on the price of the seats was not their objective as much as taking away something that was personally valuable.
How then, do we, as professionals, help our clients recognize that what we have to offer is valuable? If our product or service is not the least expensive option available, it is imperative that we can demonstrate our distinctiveness, that which sets us apart from the competition and makes the cost irrelevant. There are several business practices worth highlighting to our prospective clients.
- Personalized Service – Go beyond customary pleasantries to make your client feel as though they are your ONLY client. Communicate on a regular basis, meet or beat your projected timelines, be honest, sincere and direct. Develop a relationship that goes beyond the completion of the job. Touch base with them afterward to make sure they are happy with what you had to offer and are referring their friends and family members to you.
- Quality Craftsmanship – Don’t take shortcuts in your work. Be prepared to stand by your product and offer a warranty to your clients. There is no price tag on peace of mind.
- Customization – Offer a product or service that adds personal convenience to your client’s life. Much like money, time is of value as well. Saving time can often mean saving money. Be sure to demonstrate this principle to them with examples of past projects and client testimonials.
- Uniqueness – Remind your clients that your ideas are exclusive to their project. Once consumers graduate from their teen years, the desire to be “just like everyone else” subsides. More often than not, people want to stand out from the crowd. Don’t hesitate to point out any “one-of-a-kind” elements of your product or service.
While it is true that the spending habits of American consumers have certainly changed in recent years, it is also true that people will part with their hard-earned cash for the products, services, and experiences they find personally valuable. Until this economy becomes less challenging, be sure to appeal to your prospective clients in a manner that exhibits your uniqueness from others in your industry. In short, offer them something exceptional and distinctive.
John Phillips
Owner,
The Cabinet Maker, LLC