Never Compete On Price. Here Are 5 Things To Compete On Instead.

You can’t always compete on price. Sometimes, larger businesses simply use rock bottom prices in an attempt to outbid freelancers. Other times, you just know that accepting a series of low paying gigs will sabotage your income goals.

Competing on price is a trap you should never fall for. It’s a race to the bottom where everyone loses. This is true for all industries. When you compete on price, you think you’re going to win more businesses, but you’re telling high paying clients that you’re cheap and are happy to lower standards.

Do you want to be the ‘thrift store’ version of your profession, or an exclusive brand? The answer is rather obvious. Remember that people seek value, not the cheapest price tag.

So, what do you do once you’ve decided not to compete on price? You find other great ways to stand out as a freelancer and woo potential clients. Take a look at these five factors that you can compete on.

1. Offer a better customer experience

Make it a pleasure to do business with you and your clients will gladly pay you what you are worth. Start with your website. Make sure that it’s professionally designed and easy to navigate. If you offer online payments, make sure the process is safe and intuitive. Make your policies clear, easy to read and ditch the legalese. Here are some other tips:

  • Work on improving your onboarding experience for new clients.
  • If you cater to more than one customer persona, personalize your CX for each one.
  • Make sure your invoices are easy to read and have clear payment terms.
  • Add your contact information to a conspicuous place on your website.

2. Add a free perk

People love a freebie. That’s why so many companies draw in customers by offering a free gift and why buy one get one free sales are so popular. As a freelancer, you can show up your competitors by using similar tactics. Here are a few examples:

  • Create a whitepaper and share it with clients when they place their first order.
  • Add small touches to your services without charging for them. For example, if you are a freelance writer, include images in your posts as a gratis.
  • Make a digital product such as templates and give them away from time to time.
  • Offer a free video course in your area of expertise to leads.

Freebies are a great way to attract customers in every stage of your sales funnel and you can design different offerings for different customer segments.

3. Broadcast your expertise

Your clients will be willing to spend money if they are convinced that they won’t find someone with more expertise elsewhere. Take every opportunity that you have to share that expertise. Start by creating a portfolio of your best work and making it accessible on your website and linking to it on  your social media pages.

The next step is to establish yourself as a thought leader in your field. There are several things you can do to make this happen. These include:

  • Starting a blog to share your insights and advice.
  • Answering relevant questions on niche Q&A sites.
  • Participating in industry relevant conversations on Twitter.
  • Writing articles for industry related publications.
  • Filming how to videos and explainers.
  • Holding webinars.
  • Guest blogging for other influencers in your space.

There’s an added benefit to doing this. In addition to proving your worth to potential clients, you create a sense of obligation by sharing your knowledge freely. This can help you get potential clients to convert.

4. Convince customers of the value of your services

As you market your services, focus on benefits. Your customers don’t want to know what you can do for them. They’d rather know how they will benefit from hiring you. In other words, how can you save them time or money? How can you help them increase their revenue, or reduce their stress? Tell them and then prove it. Use case studies, statistics and other data to back your claims.

5. Reconsider your customers if they are too price focused

If you have customers who are constantly haggling with you over price, the problem may not be with your services. It may be with their ability to afford you. Remember that you aren’t responsible for ensuring that your prices match every budget out there. Find clients who are prepared to pay for your services at the rates you are worth.

Forget competing on price. You’ll just look desperate for clients. Instead, focus on competing on the basis of the value and skills you bring to the game. That’s the best way to stand out.

Click to go to the full article:
https://www.forbes.com/sites/abdullahimuhammed/2019/06/29/never-compete-on-price-here-are-5-things-to-compete-on-instead/

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