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Customers Care About More Than Price DON’T FORGET TO LEVERAGE YOUR SMALL BUSINESS’S STRENGTHS!
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In case you hadn’t figured it out by now, people aren’t always rational, and they definitely don’t always make rational decisions. As a small-business owner, you’ve probably lamented this fact a time or two, wishing people would just do the rational thing so you could reasonably prepare for their actions and make a profit. But such is life — the only thing predictable about people is that they’re unpredictable. Be that as it may, small-business owners are in a unique position to take advantage of people’s irrational behaviors in one particular regard. Say the local big box store is selling widgets for $3 apiece. You sell widgets, so to get customers to your store, you price them at $2.50 apiece. A rational person would see that you sell them for less and, wanting to conserve their resources, shop at your store instead. Easy peasy, right? Well, yes, if it worked that way. As you may already know, customers don’t always shop at small businesses because they’re cheaper. They shop there because they get a number of other benefits. As a small-business owner, you can bring value to your customers that the big box stores can’t in the form of more personalized customer service and a better understanding of local issues and community needs. Even if your prices are a little higher than some other stores, you can still bring customers in the door by making them feel more welcome and comfortable in your business than anywhere else they might shop. Now, you might have already sensed this and capitalized on it — in which case, good! However, if your business has been struggling to get customers in the door recently, it might be a good time to think about not only how much you can affect prices before they hurt your bottom line but also about how you can tout your customer service and your impact on the community at large.
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