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Price vs. Value Part 2
By Terry | August 10, 2009
Our painting business is located in a small city in Ohio – one of the states hardest hit in the current economic slow down. Yet, 2008 turned out to be our best year ever. We did about the same number of jobs, and had the same size crew however we made more money. Why? Because I took the time to explain the real value my customers would receive by doing business with us. As a result, I was able to increase my prices by about eight percent.
You will discover most of your customers are willing to pay more if you provide sufficient value to warrant a higher price. Be sure to always put value first in the mind of your customers. Understand that your value determines the price of a painting job not the other way around.
So what is value? It’s what is important to the customer. It’s what they need, want, and are willing to pay for. Your job is to provide real value through the services your company supplies that will satisfy their needs and wants.
As the economy tightens each and every job counts. Painters and other business owners can no longer afford to just “go through the motions” saying whatever they think the customer wants to hear when on a sales call. If your marketing message sounds the same as your competitors your customers will find it difficult to determine the true value you provide. Without any real uniqueness your painting services become just another commodity.
Part 3 coming next Monday…
Terry Begue is the owner of Begue Painting and author of the popular e-book, “The Wealthy House Painter’s Guide to Having it All.” He’s been a successful house painter for 30 years and enjoys helping others start their own successful painting businesses, too. Terry has been published in “Professional Painting Contractor” magazine in spring 2009 for his article “Recession Proof Your Business-Five ways to help your company thrive in a stumbling economy.”
Discover more at: http://www.yourhousepaintingbusiness.com
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