It’s something every profitable service pro has done, but you may not know how to go about it correctly.
You need to learn a competitor’s quote for two reasons: it informs your pricing strategy, and it boosts your marketing potential. Without it, service pros have difficulty gaining leverage over competitors, but one small mistake could tip competitors off that you’re spying on them—or worse, sending customers to their business instead.
This article will teach you the correct way to get a competitor’s quote and clever tactics for landing more jobs.
Don’t follow this terrible advice
I’m sure you’ve come across some awful advice when it comes to getting information about competitors’ pricing.
One popular opinion is that you should talk to your customers and find out their thoughts about other service pros or if they’ve heard about your competitors.
But before you move forward asking prospects about what they know, consider this fact: they might not be aware of the other options.
Customers are always looking to save a buck or two (even with slightly lower quality), and you don’t want to accidentally steer them straight to your competitor’s front door.
How do you ask about a competitor’s quote?
Here’s a better idea: Ask customers, “Did you consider any other options before using ABC locksmiths? If so, do you remember their names?”
Don’t ever mention your rivals’ business by name unless the customer does first. If customers throw out a name, you can then research their offers and compare them to yours.
Use Workiz’s business data and statistics to allow you to see if bookings and sales are increasing and which techs bring in the most income.
Now that you know your competition’s offer, recognize your strengths and most valuable employees, it’s time to build your competitive advantage.
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Advantages of getting competitors’ quotes
Strengthen your pricing strategy
If you set your prices after researching your competitors as well as the average market cost, you’re engaging in competitive pricing.
With smart tactics and specific end-goals in mind, your strategy can beat out the biggest service pro on the block.
Getting a competitor’s quote will let you fine-tune your pricing model and understand how to use it to gain more customers. Let’s review your options:
- Low-Cost Strategy:
Price your services lower than other service pros to attract price-sensitive customers. Take on this strategy if you’re a new business trying to gain market share or if your home service business is profitable enough to provide services at a lower cost.
- Premium Strategy:
You price services above market (or above your biggest competitors). This strategy benefits service pros who use special techniques and added features or who have decades of experience and respect. If you’re a beginner, you’ll have to work twice as hard to prove your high rates to customers.
- Price-Matching Strategy:
Your prices match competitors, and your services are practically identical. You steal your competitors’ customers by delivering better quality for the same cost.
You can win using all three strategies, but it must be executed and timed correctly to reap the advantages of competitive pricing.
Finding out your competitors’ prices may include getting a quote for several services and using a mixture of all three pricing strategies at once to bring in more projects.
Level up your marketing
A strong marketing campaign pulls in customers who relate to your message and are already open to your price points.
Stay on top of which online and offline advertisements bring in qualified leads and monitor where they’re coming from with Workiz’s call tracking and reporting data.
Our performance tracking also gives you data about gross, profits, averages, and cancellations by metro, city, and zip code. Spot any location-based advantages you have over competitors and where you can adjust your pricing.
Once you get quotes on competitors, it’s time to distance yourself from the crowd with a perfectly timed offer and irresistible savings to your customers.
Get the quote
You don’t have to be Sherlock Holmes to get the lowdown on your competitor’s prices.
Intelligent service pros ask one simple question: what other locations were you thinking of checking out?
If the customer mentions another competitor, educate them on why your services are worth their weight in gold. Always go the extra mile to explain how they’ll save time, and money, and get better quality. Sign-up to stay one step ahead of competitors with Workiz and manage your flow of new jobs.