Ep 28: Stop Competing On Price - A ChatGPT Exercise To Help Charge More For What You Do
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Apr 17, 2024
Discover how small businesses can shift the focus from pricing to value. Explore the psychology behind charging more and the guilt that often accompanies it. Learn actionable strategies using ChatGPT to educate customers about the uniqueness of your services. Understand how to build a targeted audience profile and answer crucial buying questions. With practical exercises and insights, this discussion equips you to enhance client understanding and trust, ultimately allowing you to command higher prices.
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insights INSIGHT
Value Education Reduces Price Competition
Competing on price often comes from customers not understanding your unique value.
Educating customers on your differentiation helps justify charging more.
question_answer ANECDOTE
Underselling Value Early On
Cary's wife initially undersold her value as a house call veterinarian.
Over time, she adjusted pricing to better reflect her worth and services.
insights INSIGHT
Ignorance Drives Price Focus
Customers often see more competitors than actually exist due to lack of information.
This ignorance drives price competition because price is the only understandable factor.
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In this solo episode of 'The ChatGPT Experiment,' host Cary Weston dives deep into a critical issue many small businesses face: the challenge of competing on price and the struggle of justifying higher charges to customers. Cary shares actionable strategies for using ChatGPT to educate prospects and customers about the unique value of your services, helping them understand why paying more is worthwhile. This episode is a must-listen for small business owners looking to attract better-educated prospects, differentiate themselves from competitors, and ultimately, command higher prices for their services.
Main Topics Covered
The psychology behind competing on price and the guilt of charging more.
Strategies for using ChatGPT to enhance customer understanding and willingness to pay.
Building an audience profile to better target ideal customers.
Developing and answering browsing and buying questions to educate prospects.
Practical exercises and prompts for implementing these strategies.
Key Insights/Takeaways
Understanding Overcomes Price Sensitivity: Educating your audience about the value and uniqueness of what you do can shift the focus from price to value, reducing price sensitivity.
ChatGPT as a Strategic Partner: Utilizing ChatGPT for content creation can significantly improve how you communicate your business's value, making it an invaluable tool for overcoming the challenges of price competition.
Actionable Steps for Immediate Application: The episode provides clear, actionable exercises that any business owner can immediately apply, using ChatGPT to refine their marketing message and better address their audience's needs.
Episode Index
Introduction and topic overview: 00:00:00
The problem with competing on price: 00:02:20
How ChatGPT can help: 00:04:50
Building your audience profile: 00:12:20
Developing browsing and buying questions: 00:20:50
Crafting answers and implementing the strategy: 00:24:30
Wrap-up and final thoughts: 00:35:00
ABOUT THE AUTHOR Cary is a seasoned marketing professional and partner in the Bangor, Maine-based advertising and marketing firm Sutherland Weston. He is a certified "They Ask You Answer" coach – a sales and marketing framework developed by Marcus Sheridan designed to help companies stand out as the voice of authority in their industry and drive measurable sales results. His specialties lie in developing practical and tactical strategies to help businesses overcome sales and marketing challenges. Cary is available for coaching, consulting, and strategy engagement with businesses and not-for-profit organizations. Connect with Cary:
The ChatGPT Experiment