Devising a successful marketing strategy leads to charging higher prices for your creative products and services.
It also works the other way around. If you increase your prices, you will have to devise an improved marketing strategy.
Whichever way you tackle it, you can increase prices with a winning marketing strategy.
This is because a successful marketing strategy involves understanding your competitive advantage, focusing on what you can do that competitors cannot, then concentrating on the specific customers who want what you can uniquely offer. Doing this means that you are no longer competing on price but on your rare expertise.
The same would happen if you simply increased your prices. You would lose the customers who could buy cheaper elsewhere, but they never wanted your rare expertise, just something many others could supply. You would then be forced to go only to those customers who really need and value the products only you can supply. In this way, you are forced to discover an effective marketing strategy.
This is an extract from David’s marketing book ‘Chase One Rabbit: Strategic Marketing for Business Success. 63 Tips, Techniques and Tales for Creative Entrepreneurs’.
Read this and 62 more inspiring and practical marketing techniques on your smartphone by downloading this strategic marketing book as an eBook. It is also available as a paperback and as an Audiobook. This highly-acclaimed marketing book is also available in Spanish and French.