Don’t tear down your pricing…build a vision of superior value for your prospects
By nature, DJs spend a great deal of time focusing on how to market their services to their customers. In doing so, they don’t often give great attention to how consumers engage in simple buying practices that affect our profession. In an on-going effort to recognize consumer perceptions, we’ll look at a buying characteristic that can be detrimental to our marketing efforts.
A Buyer’s Advantage
In real estate, as with other professions, a “buyers market” is recognized as a market condition that favors the buyer or consumer. This is often made possible by lower than normal prices due to a supply of commodities that exceed demand. In essence, more people want to sell than want to buy.
In a buyers market, the buyer has the advantage. This is because the overabundance of commodities or product (offered by the sellers) allows the buyer the opportunity to “bid” or “negotiate” a better price. Sellers are motivated because the movement of their product may be slow. In this situation, buyers are in a perfect position to “pick and choose”, “take their time” to find a great price on the product or service they are seeking.
A Seller’s Advantage
In a “seller’s market” the opposite can occur. Sellers have the advantage because they posses a product that is not abundant and therefore, is often in high demand. Buyers realize the need to “act fast,” as negotiation is not often a realistic option. In contrast to a buyer’s market, a seller’s market is indicative of more people who want to buy than want to sell.
Real Estate vs. DJs as Commodities
Nowadays, it is not uncommon for many locales to have an overabundance of DJs for the buying public to choose from. This is evident in the saturation of numerous advertising mediums that are immediately available to customers. With no shortage of DJs to contact, this means there are plenty of DJs to meet with and to book. With so many DJs working diligently at securing these customers and so many viable options for consumers to consider, it is apparent our industry has for some time been a buyer’s market.
Even though the outward appearance of such a condition may favor the consumer, one should not get overly discouraged by this perception. Let’s look at this in the same manner one would as a real estate agent. In a buyer’s market, there may likely be an excessive number of homes available to choose from in a particular area. But let’s say the area is a major new development that boasts a golf course, lake and/or nearby mountains.
Even though this is a desirable area with many new homes for sale, there are only so many properties available with golf course or lake frontage and mountain views. The more desirable properties are likely to be these homes. Basically a seller’s market exists within the larger context, but because of the overall number of choices available, the consumer perception remains one that is in their favor. After all, the customer does not have to “buy up” to the higher priced and more desirable property. This decision is optional.
There is a very similar to the current DJ market situation. There are plenty of DJs (houses) available at first glance. However, there are only so many professionally business-minded DJs (more desirable properties) to choose from. This number can further be narrowed by making your business stand out as more exemplary, by offering unique services or other extra value options.
Once again, customers will believe they have the advantage of a buyer’s market, when in fact the narrowing of the field of professional DJs will create a more realistic seller’s market.
Using this Perception to Your Advantage
You can effectively redirect your potential client’s perspective by separating yourself from the majority of available DJs. By thinking outside the box, marketing your unique characteristics and elevating your level of customer service, you can establish your company as a more desirable commodity in the eyes of your customer.
The starting point for most consumers is one that mirrors a buyer’s market, simply because of the volume of available options. When you have established your company as ethically sound and highly desirable, and communicated that clearly to your potential client base, then you have effectively created a sellers market, giving yourself the advantage of commanding top dollar, generating demand for your services, and providing a greater opportunity for consumers to decisively choose your service.
The beauty of the situation is that the customer feels great about their decision because they have succeeded in finding the perfect company-the jewel in the large haystack of available choices.
Larry Williams is the author of the acclaimed title, Mind Your Own Business, and is a nationally recognized seminar speaker. He serves as a chapter director for the American Disc Jockey Association and has also served with the national organization. In 2006 he was awarded the ADJA’s Michael Butler Humanitarian Award. For more information, please visit www.djlarrywilliams.com.
Filed Under: Business, Issues from 2009
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