During tough economic times, it’s easy to get discouraged by poor sales. Below is the ninth of ten specific things you can do starting today that will give your business the boost it needs to survive:

Click here if you missed part 1 , part 2, part 3, part 4, part 5, part 6, part 7, or part 8

Know your Value Proposition

Your “value proposition” is the combination of price, quality and service you offer. As a business owner, you know the old joke “fast, good, cheap – pick any two” has some truth in it. The local hamburger joint is fast and cheap (their value proposition) whereas the gourmet food store offers quality and service, but at a premium price.

What does this mean for your studio?

In a down economy, customers who normally tend to buy on speed or quality will think more about price. This means that even though your value proposition was “high quality/service” last year, that will not be enough today.

However, re-thinking your value proposition does not mean “lower your prices.” Instead, be sure your marketing message raises the value you bring to customers. For example, instead of offering a discount, find out what is important to your customers, and make that the focus of your marketing. See this article for more examples.

Not sure what your value proposition is? Look at your business through your customers’ eyes. This is tough for most of us to accurately gauge, so you may need to ask someone who is brutally honest with you.

Tags: marketing in tough times

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