Garage Sale- Don’t let your business turn into one
Rummage sale, yard sale whatever they call them. This used to be the start of the season where street corners were littered with obnoxious poster board signs begging for your attention; the lazy days of summer just around the bend.
A garage sale isn’t going to be the place where you realize your fortunes; it’s a fire sale true to form, a liquidation of value. The bargaining and price points are all arbitrary and negotiations are mindlessly numbing. The problem with garage sales is the fact that the people you are selling to don’t need your product. They are looking for deals and the only way you’re going to sell to these people is to, in the words of George Strait, “Just Give It Away.” Think about it, when you NEED “SOMETHING” you go to the “SOMETHING” store and pay FULL PRICE for “SOMETHING”. At this point a discount means nothing to you. You don’t have time to shop around and you understand in the long-run the discount is irrelevant. Reminds me of a time when I had to replace the alternator in my car so I could get to work the next day. Priceless! Might be why when you need a Mac you go to the Mac store and pay full price. Might be why Apple understands this and has found solace and success in the fact that their consumers are pioneers, advanced thinkers and most importantly see the value in their product. Your customers are also the face of your organization and your most vocal advocates, so choose wisely and build real relationships. You have the power to choose who you want to sell to, so figure out who that perfect prospect is. Is it the fannie-pack wielding coupon clipper, or the thirsty visionary? So when customers are asking themselves if they can afford it, you should be asking yourself can they afford not to.
Signs you’re business is turning into a garage sale:
- Boom or Bust- Meaningless one time transactions with customers
- Too Focused on the short term
- No Recurring Revenue
- Customers are focused on price and only looking for a deal
- You don’t know how much your product is worth
- Steep Discounting
- Seller’s Remorse
- You’re sleeping out on the front lawn