In this hugely informative episode, Jay answers one of the most frequently asked questions
What do you do when the market gets competitive?
If you want to know not only the answer but how to make sure your business is successful in a competitive market listening to this podcast is essential.
The client will always demand a lower price because it creates more profit for them, but they will come to an agreement over price If you explain the level of service and value you are providing.
Building a positive, honest relationship with the client based on trust is key to ensure that if there are issues they can be quickly resolved.
To build relationships it’s important to get in front of the client as much as possible during a job. Ensure that you are in regular contact and offer lots of information, these actions show that you care.
Tell your story – people love a story and it helps to make you stand out from your competitors.
Be realistic about timescales and make sure you can deliver as agreed. Late delivery breaks the trust you have with the client. If there is an unavoidable delay be honest and immediately contact the customer so that they are well informed about any situation.
Identify what a competitor is not doing or taking out to achieve a lower price. Make the client aware and be very clear about the service you are offering and the advantages you provide.
You must justify why they should pay that price rather than the competitor’s price.
It’s a downward spiral if you do keep reducing your price. You will ultimately reduce the value in your product and won’t be able to deliver the service required resulting in loss of the client.
‘Makes it real because they know who you are’
‘Show that you care’
‘Little things do make a big impact’
‘If you have an honest relationship it helps you to get better’
‘Need to work with clients who value your product and services’
‘You had 100% fulfillment can you come back in’
‘Everything in business is built on being competitive, that’s what keeps it healthy’
‘If it was easy you wouldn’t be innovating’
The Business Mentor Podcast series: https://itunes.apple.com/gb/podcast/business-mentor-podcast/id1370793386?mt=2
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor, and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0-500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look (to name a few).
Its huge success inevitably brought about outside interest and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly-coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone 95% of business fail within the first five years and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.