The WealthAbility Show with Tom Wheelwright, CPA cover image

Power Pricing Your Services

The WealthAbility Show with Tom Wheelwright, CPA

NOTE

Discovering What Customers Value

Clients often lack awareness of what they value, making it challenging to understand their needs directly. Instead of simply asking clients about their value perceptions, businesses should observe client behavior and spending patterns to uncover true value. Established businesses possess a wealth of existing customer data that can be analyzed to identify high-value clients and their characteristics. For instance, by examining transactional data, businesses can find common traits among their top spenders, enabling them to tailor their offerings effectively. It's crucial to avoid broad market approaches that can dilute strategic advantages, especially for smaller entrepreneurs who can benefit from focusing on niche markets. By understanding what behaviors drive spending, businesses can refine their strategies and create offerings that resonate with their ideal customers, leading to enhanced profitability and growth.

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