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#120: Tactical Tuesday: The Downside of Lowball Pricing

Healthcare Entrepreneur Academy Podcast

Release Date: 09/01/2020

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More Episodes

OVERVIEW: 

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about the downsides of selling low-priced products and services and emphasizes the importance of knowing your numbers.

 

EPISODE HIGHLIGHTS:

  • Many entrepreneurs believe offering the lowest price is the most advantageous strategy when entering into a new market.
  • While it can be beneficial in some cases, Jason doesn’t recommend considering this as your final business model.
  • If you’re launching a new product or service, offer a better pricing option versus undercutting competitors by offering the cheapest price. 
  • Ideally, your products and services should be sold based on the value delivered. Express the value and quantify it by using customer reviews and testimonials.
  • Aim to become the best on the block vs the cheapest on the block. 
  • Undercutting the competition is a good strategy for big box stores like  Walmart. Sam Walt went 10 years without a profit but he was well capitalized. For small businesses, it’s a losing business model.
  • Remember it costs time and money to acquire customers. Consider the cost for email campaigns, ads and staff to manage the acquisition process. 
  • Do the math on the backend and know your conversion rate by using tracking software. 
  • Jason shares examples demonstrating how quickly you can lose money when you sell low-priced products and services and you’re running paid advertisements.
  • Understand your numbers, especially in terms of marketing expenses and your costs for acquiring a customer.

 

3 KEY POINTS:

  1. Many entrepreneurs believe offering the cheapest price is a good strategy when entering a new market. However, it’s not sustainable and therefore, a bad business strategy, especially for small businesses.
  2. Rather than focusing on becoming the cheapest on the block, work on becoming the best on the block so you can charge more for the amazing value you deliver.
  3. Acquiring customers costs money so know your numbers and be aware of your conversion rate.

 

TWEETABLE QUOTES:

“You have to watch your numbers and you have to know these calculations.” - Jason Duprat

 

“If you want to charge more, then you have to deliver more value.” - Jason Duprat

 

RESOURCES MENTIONED: 

Sam Walton - https://www.entrepreneur.com/article/197560

Walmart - https://www.walmart.com

Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/

Healthcare Entrepreneur Academy for Brick & Mortar Businesses -https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/

 

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