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Welcome to my blog these beautiful Friday, I hope you are having a good time, today I'll be sharing a life hack that'll literally put our businesses on the limelight in both increasing our income rate and attracting more customers to patronise our business/skills set.
I believe the aim of every business owners is to make profit, and when such isn't in view that mean such business is driving towards lost or bankruptcy, so the best thing to do in such situation is to seek help/advice from elite in such field, who have made a name for themselves, or who's business thriving while yours is going the other way round.
I was heading that way in my Shoemaking business, because of the depreciation in value of our local currency naria which skyrocket from being around ₦500 per $1 to ₦710 to $1, and despite this huge difference and increase in price at which we buy Shoemaking materials, most customers are also lamenting and opting to rather purchase a fairly used shoe than making a new one, but we Shoemaking had to increase the rate we charge, so a to accommodate a little increase.
So as these continually lingers, the amount of customers who patronise us reduce, I decided to go out on a prizing survey of how much these fairly used shoes are sold, so I can decipher why people are now choosing it over ours and how I can make amend in my charges rate to attract more sales and customer.
To achieve this, I decided to visit all the store selling these fairly used shoes close to me, I had no intention of buying, only went with the mindset to just price and know the rate at which they charge, but I realize the ones who knew me and who that I'm a shoemaker refuse to communicate there price to me because, they must have guess the purpose of my coming.
Well I can't blame them, our lost is there gain, and revealing the secret(price) to me, will mean I might be working towards amending my prize, well since those who knew mean refuse to talk to me, I send a friend of mine, who went in disguise, and I even gave him money to purchase one so they'll be open to talk to him freely.
After he left, I also visit other stores in my price survey journey, and by the time we came back, here is our findings, comparison and difference.
- A pair of shoes that we me make at around ₦9000 ($13) is been sold at ₦5000($7.3), that's like a different of $5.7, and with that different, I can't remember blame the customers, since the depreciation didn't change their income rate, so I try to device a means where I make the deal a win win for I and my customers.
Normal I try to make at least $4 dollars interest on every shoes as my payment for workmanship, and that's was still effect after the depreciation of naria, but since it chancing our customers away to look for alternative, I've decided to reduce my workmanship fee to just $2, that mean if I purchase the shoe materials for $7 + $2 workmanship fee, that mean I'll now be charging just $9 dollars for Footwear's I usually charge $13 for due to the depreciation of our currency.
And luckily for me, ever since I implemented these strategy and put the price on display, I've been able to attract more customers than the provisions weeks, and since as been a blessing for me during this hard time I decided to share it here, with the hope that someone somewhere might also be facing this difficulties in their business, and hopefully my strategy will be a life saver to them as well.
Everyone wants a good deal when on the lookout for items, and being reasonable and considerate with our demand will open doors to attract more customers to ourselves, far more than our competitors we'll be getting.
Although it's very good to make profit, but demanding too much will chase customers away, but when we reduce the price we demand, it'll make us attract more customers than our colleagues and competitors in the same business.
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Have a blessed and productive weekend.
Return from Market Friday // The Important of Indulging in Price Survey to Business to vickoly's Web3 Blog
