The world has just experienced the worst global economic recession during the last years. With the start of 2010 every body is willing to see a positive change in the economy through out the world. Some major economists have claimed that the recession period is over. Moreover, some major economies of the world showed positive trend in their quarterly GDP. It looks like everything is going to run smoothly very soon.
B2B is one of the sectors that suffer whenever recession hits an economy. The purchasing power of the power tightens and eventually the demand of businesses for purchasing different products and services also goes down. It is always considered difficult by the b2b marketers to attract visitors and make them loyal customers. During the recession period when people do not possess purchasing power it gets even more difficult to do that. In such conditions some b2b marketers stop marketing and advertising of their products, cutting down the marketing budget or reducing head counts to balance the profit and loss. All these acts by the b2b marketers create problem for them when the recession period ends. A lot of b2b marketers after implementing such strategies during the recession period lose customers as they did not market their products timely and then they have to put an extra budget on marketing to attract more customers. Moreover, reducing the head counts also creates difficulty for them in retaining the employees.
Ideally, they should bring a change in the marketing and advertising strategies during recession period but those strategies should be profitable in the long run. One of the most important strategies during the recession period is to retain the old customers. More focus should be on old customers as they are an important asset to the business. Keeping up with them and bringing them what they want during the recession period will lead them towards being loyal. Another way of marketing and advertising during the recession period is to bring the best value to the consumers. Marketing is the only tool through which a number of customers can be attracted by any business. Therefore, any changes in the marketing and advertising strategy should be made carefully. Besides, with the start of 2010 the global economic recession is headed towards improvement and the economies are recovering, still these things should be kept in mind. 2010 should be viewed as the best time for B2B marketer as the major economies are recovering from crisis and a game plan could be set in advance to avail this opportunity.
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Embarrassed to Discuss Your Prices...How To Overcome
Last week, a wonderfully-skilled computer technician fixed my computer which I have had some trouble with. She was competent, courteous and efficient. She answered all our questions simply, with skill and eloquence. I was amazed, as how might imagine, when I asked her how much we owed her, her embarrassed reply was, "Gee, is $50 okay?"
With the quality of work she'd done and the amount of time she put into it, I would have expected to pay double that amount. Her resistance to naming her price reminded me of my own business clients who have the same problem.
All entrepreneurs feel fear at some point, including attorneys, consultants, coaches and writers.It's a natural part of starting or growing your business. It can be uncomfortable to take risks, to name your price and tell a prospective customer that you want to work with them.
Roberto Goizueta, the late chairman of Coca-Cola, said, "If you take risks, you may still fail; but if you do not take risks, you will surely fail. The greatest risk of all is to nothing." Put this mantra into your head: Risk equals reward.
So, what's the problem?
Do you feel your fees are too high?
Do you think you are not qualified or experienced enough to charge that rate?
Are you afraid of rejection? (Or, possibly, afraid of acceptance, which will mean you will have to perform?)
Are you afraid the prospect will raise an objection to the fee, and you won't know how to reply?
Are you shy and uncomfortable talking with strangers?
Are you afraid to take risks?
Are you generally uncomfortable talking about money?
Where do these thoughts and beliefs arise? Is it part of your personality or is this a behavior you learned from your past experiences or culture?
In many families and cultures, it's taboo to talk about money or to ask to be paid. While it might be personally beneficial to look inside yourself for the reasons why you act this way, it's also important to get unstuck by using techniques which help you move forward, such as:
Have a good pricing strategy. Research the average fees for your type of business so that you know your prices are in line with expectation. If you can't get competitor pricing information, try Brenner Books. If your experience warrants it, increase your pricing to reflect your higher skills, knowledge and experience. If your're not sure how to create a pricing strategy, research it online to talk with a small business consultant or mentor.
Before discussing prices with a prospective customer, establish that the prospective customer needs your services or products. You'll feel more comfortable discussing your fees if you know the prospective customer really wants what you offer. Ask a lot of questions to see if their problem and your solutions are a good match.
Here are some more tips:
Put your fees on your website and brochure. In this way, prospects will know your fees before the sales conversation begins.
Be honest. Tell the prospect what the options are for your services or products, any quantity discounts you offer, and how payment is delivered. Practice saying this over and over again until the words and phrases slip comfortably from your mouth.
Act confidently when delivering your fees. Don't downplay your fees. State your fees, then shut up. Don't make excuses for your fees or ramble on about them. Look directly at the prospect while delivering tour fees.
Don't automatically offer discounts. This tells the prospect that your fees are soft and that they're negotiable. Instead, state your fees and options, then ask them which package is right for them.
Act "as if". How would an experienced person in your industry act, when discussing her fees? Act as if you are that person and you'll find your confidence increasing with each conversation. Practice, practice, practice.
Get Training. I you're uncomfortable with the whole sales process, get sales training. By attending a class, you'll learn different ways of saying the same thing, and you're bound to find a way that's right for you.
Refer Out. If the prospect really can't afford your fees and you can't afford to offer a discount, refer that prospect to someplace where they can find an alternative. Say, "If you can't afford my fees, you can try these online referral services where you might find someone in your price range."
Talking about your prices can be uncomfortable. But with practice and persistence, and a willingness to overcome your fears, you can begin to have comfortable conversations with your prospective customers.
With the quality of work she'd done and the amount of time she put into it, I would have expected to pay double that amount. Her resistance to naming her price reminded me of my own business clients who have the same problem.
All entrepreneurs feel fear at some point, including attorneys, consultants, coaches and writers.It's a natural part of starting or growing your business. It can be uncomfortable to take risks, to name your price and tell a prospective customer that you want to work with them.
Roberto Goizueta, the late chairman of Coca-Cola, said, "If you take risks, you may still fail; but if you do not take risks, you will surely fail. The greatest risk of all is to nothing." Put this mantra into your head: Risk equals reward.
So, what's the problem?
Do you feel your fees are too high?
Do you think you are not qualified or experienced enough to charge that rate?
Are you afraid of rejection? (Or, possibly, afraid of acceptance, which will mean you will have to perform?)
Are you afraid the prospect will raise an objection to the fee, and you won't know how to reply?
Are you shy and uncomfortable talking with strangers?
Are you afraid to take risks?
Are you generally uncomfortable talking about money?
Where do these thoughts and beliefs arise? Is it part of your personality or is this a behavior you learned from your past experiences or culture?
In many families and cultures, it's taboo to talk about money or to ask to be paid. While it might be personally beneficial to look inside yourself for the reasons why you act this way, it's also important to get unstuck by using techniques which help you move forward, such as:
Have a good pricing strategy. Research the average fees for your type of business so that you know your prices are in line with expectation. If you can't get competitor pricing information, try Brenner Books. If your experience warrants it, increase your pricing to reflect your higher skills, knowledge and experience. If your're not sure how to create a pricing strategy, research it online to talk with a small business consultant or mentor.
Before discussing prices with a prospective customer, establish that the prospective customer needs your services or products. You'll feel more comfortable discussing your fees if you know the prospective customer really wants what you offer. Ask a lot of questions to see if their problem and your solutions are a good match.
Here are some more tips:
Put your fees on your website and brochure. In this way, prospects will know your fees before the sales conversation begins.
Be honest. Tell the prospect what the options are for your services or products, any quantity discounts you offer, and how payment is delivered. Practice saying this over and over again until the words and phrases slip comfortably from your mouth.
Act confidently when delivering your fees. Don't downplay your fees. State your fees, then shut up. Don't make excuses for your fees or ramble on about them. Look directly at the prospect while delivering tour fees.
Don't automatically offer discounts. This tells the prospect that your fees are soft and that they're negotiable. Instead, state your fees and options, then ask them which package is right for them.
Act "as if". How would an experienced person in your industry act, when discussing her fees? Act as if you are that person and you'll find your confidence increasing with each conversation. Practice, practice, practice.
Get Training. I you're uncomfortable with the whole sales process, get sales training. By attending a class, you'll learn different ways of saying the same thing, and you're bound to find a way that's right for you.
Refer Out. If the prospect really can't afford your fees and you can't afford to offer a discount, refer that prospect to someplace where they can find an alternative. Say, "If you can't afford my fees, you can try these online referral services where you might find someone in your price range."
Talking about your prices can be uncomfortable. But with practice and persistence, and a willingness to overcome your fears, you can begin to have comfortable conversations with your prospective customers.
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