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Beating The Credit Crunch Ep V – Give Them What They Want October 23, 2008

Posted by liverpoolchamber in Top Tips.
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Here’s part five of our series of tips on how to beat the credit crunch. Put together by our good friends Freedom Coaching, this week we look at making sure you’re giving your customers what they want.

Step 5

Develop new products and services to meet the new needs of your customers. Set up meetings with your existing and trusted customers and find out what they want.

Deliver what they want and they will buy.

Do the same during sales appointments, ask for feedback from your sales team and respond, carry out prototype modelling to make sure the product and service will work.

You don’t need fancy marketing materials to do this, just create your elevator pitch and sell. If you receive orders you have a new product, if you don’t, try the next idea.
Keep it simple and effective.

The next stage of the process is to find your first customer. Sales are everything. No sales = no business.


The first customer is someone who will give you some money for your product or service. They have handed you cash for your product or service, proving that you have provided some value.

There are two types of products/services: the ones that sell and the ones that do not sell.

The ones that do not sell are the ones that looked like a good idea, but in the end people will just not part with their hard earned cash.

Why?

They say to you it’s a great idea, but they still will not part with their cash. That is just the way it is sometimes. This is the main reason why you have to test the concept before you upscale and waste money, this is the whole purpose of this workbook.

The products / services that sell are those that are either just what they need right now or something someone they know needs. In these cases, customers part with their cash easily. It’s just like taking sweets from a baby.

Again it’s just one of those things!

An important point at this stage is to test the price.

Some products won’t sell as they may be sensitive to price.

Others will sell even if you double the price. It’s all about perceptional value.

A successful business is one that has products and services that people want and will part their cash for them.

Next week, we’ll look at leadership.

Bob Evans, Freedom Coaching

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