In many businesses including mine, owners feel obliged to chase down what they see as the competition, and match their low prices. It is a race to the bottom in terms of fees and makes the profit margin on many clients very low or almost nothing. Yet we are in a business to make a profit, or how else will we live?
This race to the bottom often involves small businesses trying to compete with large ones, who “pile them high and sell them cheap”. There is of course room for such big businesses otherwise they would not exist, but it is impossible for them to offer a good personal service individual to the client. That would be too expensive for them.
Personal service is the major advantage a small business can offer. Of course that still comes with a price, but the client who pays more and receives a great service will feel more valued, and value you and your business. A client like that will recommend you.
Conversely, if you try to chase down the market to a low fee level such as that offered by the big boys (and girls) the sort of client you get will value you no more than the big providers, which is probably hardly at all. You will be just another commodity to them, and not appreciated and valued or recommended. Of course because of the low fee they will be of little value to you.
Do not sell your services or your business cheap, and don’t sell yourself cheap either.
