Episode 28: Stop Competing On Price – A ChatGPT Exercise To Help Charge More For What You Do
Episode Date: 4/17/24
In this solo episode of ‘The ChatGPT Experiment,’ host Cary Weston dives deep into a critical issue many small businesses face: the challenge of competing on price and the struggle of justifying higher charges to customers. Cary shares actionable strategies for using ChatGPT to educate prospects and customers about the unique value of your services, helping them understand why paying more is worthwhile. This episode is a must-listen for small business owners looking to attract better-educated prospects, differentiate themselves from competitors, and ultimately, command higher prices for their services.
Main Topics Covered
- The psychology behind competing on price and the guilt of charging more.
- Strategies for using ChatGPT to enhance customer understanding and willingness to pay.
- Building an audience profile to better target ideal customers.
- Developing and answering browsing and buying questions to educate prospects.
- Practical exercises and prompts for implementing these strategies.
Key Insights/Takeaways
- Understanding Overcomes Price Sensitivity: Educating your audience about the value and uniqueness of what you do can shift the focus from price to value, reducing price sensitivity.
- ChatGPT as a Strategic Partner: Utilizing ChatGPT for content creation can significantly improve how you communicate your business’s value, making it an invaluable tool for overcoming the challenges of price competition.
- Actionable Steps for Immediate Application: The episode provides clear, actionable exercises that any business owner can immediately apply, using ChatGPT to refine their marketing message and better address their audience’s needs.
Episode Index
- Introduction and topic overview: 00:00:00
- The problem with competing on price: 00:02:20
- How ChatGPT can help: 00:04:50
- Building your audience profile: 00:12:20
- Developing browsing and buying questions: 00:20:50
- Crafting answers and implementing the strategy: 00:24:30
- Wrap-up and final thoughts: 00:35:00
ABOUT THE AUTHOR
Cary is a seasoned marketing professional and partner in the Bangor, Maine-based advertising and marketing firm Sutherland Weston. He is a certified “They Ask You Answer” coach – a sales and marketing framework developed by Marcus Sheridan designed to help companies stand out as the voice of authority in their industry and drive measurable sales results. His specialties lie in developing practical and tactical strategies to help businesses overcome sales and marketing challenges. Cary is available for coaching, consulting, and strategy engagement with businesses and not-for-profit organizations. Connect with Cary:
- Podcast Website: www.ChatGPTExperiment.com
- Agency Website: www.SutherlandWeston.com
- LinkedIn: https://www.linkedin.com/in/caryweston
LINKEDIN NEWSLETTER The Chat GPT Experiment is also a LinkedIn Newsletter and you can find it here: https://www.linkedin.com/newsletters/the-chat-gpt-experiment-7110348839919702016/
MUSIC CREDITS The instrumental music used in this podcast is called “Curious” by Podington Bear. You can contact the artist here: https://freemusicarchive.org/music/Podington_Bear
Prompts
Here are prompts mentioned in the episode that you can use:
- AUDIENCE
“I’m working on understanding my ideal customer profile better to enhance my marketing efforts and ensure I’m targeting the right audience. Please interview me with questions that will help me define my audience’s demographic details, their common challenges, preferences, and decision-making factors. I want to create a comprehensive profile that includes their motivations, the solutions they seek, and the barriers they face in choosing a product/service like mine.” - BUYING /BROWSING
“Based on the audience profile we developed, please help me generate a list of browsing and buying questions. Start by creating ten browsing questions that a typical customer might have when first learning about my type of product/service. These should cover general information they seek. Then, generate ten buying questions that customers would consider when making the decision to purchase. These questions should delve into specifics that influence the buying decision, such as product features, company policies, support, and warranty information.” - ANSWER DEVELOPMENT
“I have compiled a list of browsing and buying questions based on my audience profile. Please assist me in developing detailed and informative answers for each question. These responses should not only answer the questions effectively but also convey the unique value and benefits of my products/services. Ensure that the answers are clear, thorough, and aligned with the interests and concerns of my target audience as defined in the audience profile.”
Voice Instructions
I have found instructions for both a PC and Mac and pasted them below in case you want to set this up and try it yourself. Find more on this topic in Episode 10.