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Last updated on 2024年9月12日

What do you do if your financial services pricing strategy is not attracting customers?

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When you notice that your financial services pricing strategy isn't drawing in the clientele you anticipated, it's a sign to take a step back and reassess. In financial management, pricing strategy is crucial as it directly impacts your revenue and market positioning. If customers are not biting, it's time to investigate the reasons and make necessary adjustments. You must consider the value you offer and how it's perceived, ensuring that your prices reflect both the quality of your services and the needs of your target market.

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Fabian De Sousa

Director, Commercial Finance and Pricing at Southern Glazer's Wine & Spirits

1 Evaluate Pricing

Start by thoroughly analyzing your current pricing structure. Compare it with competitors to ensure your rates are competitive and offer value for money. Understand the costs involved in providing your services, including overheads and the profit margin needed for sustainable growth. If your prices are too high, customers may be deterred; if too low, they may question the quality of your services. Adjustments should be made thoughtfully, considering both market conditions and your business objectives.

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Rohit Kumar S.

CTS Senior Analyst at Accenture | Ex- Genpact | Corporate Finance
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It involves setting a value on a product or service and may be influenced by factors such as production costs, competition, market demand, and overall business strategy.

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2 Understand Clients

Understanding your clients' needs and financial capabilities is essential. Engage with them through surveys or direct conversations to gain insights into what they value in a service and what they're willing to pay. This feedback can highlight misalignments between your pricing strategy and customer expectations. Tailoring your services to better meet client needs can justify your pricing or prompt you to create tiered options that cater to different segments of the market.

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Nanci Denney

Nanci Denney Sr. Loan Specialist and Owner NMLS # 20073 ORCA WA LLC/dba Motto Mortgage Orca NMLS # 2418986 9317 State Ave Ste A Marysville, WA 98270 360-630-9000
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Understanding clients and matching their energy is so important. Confidence is important but to not be overpowering is equally as important. Compassion and listening and asking questions are important strategies to getting to know your clients. The ABC's are important but you can't close if your client doesn't trust you. Take the time to build the trust.

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Rohit Kumar S.

CTS Senior Analyst at Accenture | Ex- Genpact | Corporate Finance
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Pricing affects how customers perceive the value of a product or service. It can influence purchasing decisions and brand loyalty.

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3 Adjust Offerings

Consider adjusting your service offerings if your pricing isn't appealing to potential customers. Introduce tiered pricing models that provide options for various budget levels, or bundle services together to offer more perceived value. This approach can attract a broader range of clients while also accommodating those looking for premium options. Flexibility in service offerings shows responsiveness to customer needs and can lead to increased satisfaction and loyalty.

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Rohit Kumar S.

CTS Senior Analyst at Accenture | Ex- Genpact | Corporate Finance
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Pricing helps position the product or service in the market. For example, higher prices might convey a premium quality, while lower prices might attract cost-sensitive customers.

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4 Communicate Value

Effectively communicating the value of your services is paramount. Ensure that your marketing materials clearly articulate the benefits and competitive advantages of your offerings. If customers understand the value they receive relative to the price, they're more likely to engage with your services. Highlight testimonials, case studies, or endorsements that reinforce the quality and effectiveness of your financial services, strengthening the justification for your pricing.

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5 Promotions and Trials

Introduce promotions or trial periods to entice customers to experience your services firsthand. Limited-time discounts or complimentary consultations can lower the barrier to entry for new clients. Once they recognize the value of your services, they may be more willing to pay the full price moving forward. Use these promotions judiciously to avoid devaluing your services in the long term.

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6 Monitor and Adapt

Continuously monitor the market and customer feedback after implementing changes to your pricing strategy. Financial management is dynamic, requiring regular review to ensure that your pricing remains relevant and competitive. Be prepared to adapt further as you learn more about what drives your customers' purchasing decisions. An agile approach to pricing can help you stay ahead in a fluctuating market and maintain customer interest.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Fabian De Sousa

Director, Commercial Finance and Pricing at Southern Glazer's Wine & Spirits
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In my experience you need to understand the competitive set, in price, brand awareness, distribution reach etc. the reaction has to be quick but not a knee jerk reaction, the changes in price have be driven by offering better value and touching the whole revenue chain to make it feasible and sustainable

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Eduardo Martins

Líder em Estratégia Operacional | Growth e Eficiência Organizacional | Lean e Six Sigma
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Se a oferta n?o está sendo aceita pelo cliente, você n?o está gerando valor suficiente. Nem tudo é sobre pre?o, muitas vezes as experiências e benefícios gerados, valem muito mais.

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What do you do if your financial services pricing strategy is not attracting customers?

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1 Evaluate Pricing

2 Understand Clients

3 Adjust Offerings

4 Communicate Value

5 Promotions and Trials

6 Monitor and Adapt

7 Here’s what else to consider

Financial Management

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