How do you know the price of these garden centre flower pots?
How do Customers Know the Price of Your Business Products or Services?
It might appear an obvious question when I ask it, but how do your prospects and customers know the price of your products?
Your answer will probably include answers like …. it is clearly marked on our website, details are given in our brochure, our products carry price labels .. or something similar.
That's fine if the customer can understand the website, brochure, price label .. but often , even though price is obvious to us, the customer has a problem understanding the price.
Websites are often confused with lots of options, brochures provide complex tables – think villa rental wites for example, there are options for time of year, number of bedrooms, number of people, well it is often confusing.
Even the flower pots above gave many people a problem. I stood next to them in the garden centre and asked several people if they could tell me what price they were. No one could. that waqs despite the price being on the small red label on the shelf edge. The problem is it was printed in faded black print on a red background and was illegible.
So here's an exercise for you. Before you leave this page list all the places your prices appear. Then go and ask someone to look at it and tell you what price the product or service is at each location. Test even the most obvious ones as like the flower pots above even the most obvious ones may be problematic to your customers.
When you write a note do you need a Montblanc pen?
When people hand write notes they can use a pencil, biro, roller tip, felt tip or fountain pen. Any of these will leave a mark on the paper and get your message over. So, in simple terms, to write a note we need a pencil or pen. But some people prefer a Montblanc.
Pens and pencils are quite inexpensive items. They also last quite a long time so no one is going to get rich selling a few pens. So how can you make much profit from pens and pencils .. or any other low cost product or service? I took a lesson from Montblanc when I visited their Lisbon shop.
How to make a profit selling pens.
The trick is to move from what people need, a simple pencil or pen, into selling something they want! You see no one needs an expensive pen when a low cost pen, maybe one they’ve been given, will do they job. But create the desire for something exclusive, expensive or hard to get and you can create a desire where prospects decide they need this and will pay almost anything for it.
Montblanc have perfected this changing need into want. Their biros and roller tips retail from around £210 with fountain pens retailing around £280.
Montblanc have taken this basic principle into other products; including leather belts at around £140 and that is before you look at their jewellery and other products.
How to learn about pricing from Montblanc
Montblanc can teach any business a lesson in marketing and pricing. Create a want rather than a need and you can start to charge the prices that Montblanc charge. Continue to fulfill needs and your price will need to compete with every other low cost supplier where customers are buying on price rather than quality, service, want or desire.
How can you create customer desire for your products or services?
If Montblanc can create desire for expensive pens when a freebie ball point will also do the job then it is highly likely that you can for your business service or products. It needs a bit of lateral thinking but is is definitely possible. In my own case I only take on a handful of private clients each year; I’m reassuringly expensive but clients report that their profits soar after a one to one session with The Marketing Magician. In the last few days I’ve taken on one extra client and have just one more place available; contact me if you’d like to learn how to market your business .. and we can work on making customers desire your products or services.
Very old fashioned way of doing things - reflected in his own website (not modern and broken links, images don't load)... went elsewhere and much more forward thinking... Questionable legitimacy of the other reviews posted.
Stefan is rightly known as “The Marketing Magician”. He has an uncanny ability to conjure effective marketing seemingly ‘out of thin air’. But unlike most magicians he’s only too happy to reveal the secrets behind his magic. His enthusiasm is infectious and he’s generous with his time and attention. So if you want to get to grips with the tricks of the marketing trade, Stefan’s your man.
Stefan seems insatiably curious about how our experiences affect the way we interact with companies; what attracts us to them. And he turns this all into original marketing ideas. Plus, he's quite the gentleman. Really glad to know him!
Stefan is chock full of ideas - but more than that, they are GOOD ideas. In the space of one hour he gave me what is probably a year's-worth of implementation. Yet, it's all stuff I can do myself if I wish - no voodoo to be contracted to consultants I cannot manage and whose results I cannot reliably measure.
I have just completed reading Stefan’s book on the marketing of hospitality. I found it outstanding from both the strategic point of view Stefan adopted and the many practical suggestions he offered. And his wonderful, slightly quirky self shone through, which added delight to the entire experience. Check Molly’s Place, A Bar & Grill, in Grenada, MS a year from now and see how we are doing!
I have had the pleasure of working with Stefan on two occasions and was thoroughly impressed both times. His marketing knowledge is excellent and he has the ability to execute a task to a high standard all the way through to completion.
I've had the privilege of working with Stefan on two book projects, and I have also benefited from his marketing wisdom in a private mastermind group. The man is a consummate professional, and he backs it up with a hilarious sense of humor. I highly recommend him.
Stefan is very thorough in his research and understanding of a clients requirements. He has a proven record of delivering comprehensive strategic marketing plans that address education / FE issues critical to the ongoing success of a college. I would recommend considering Stefan for any project that involves strategic planning, communication or digital marketing.