How to Make Google My Business Work for Your Brand

How to find the right price to maximise your profits and keep customers happy. The importance of appropriately pricing your products cannot be understated. Too high and you could lose out to more affordable competitors, too low and you could struggle to break even. Finding the right pricing strategy is key to boosting your business’s growth trajectory. Whether you’re starting a brand new business or reevaluating your pricing, this article outlines the five essential steps you should be taking to correctly price, or reprice your product or service. From calculating your costs, to understanding your customers, doing market research, monitoring sales and implementing price changes: this article guides you through the art and science of pricing. 1. Calculate your costs The very first thing you need to do when deciding on a price is to calculate how much it costs you to make or deliver your product or service. You need to identify all the direct costs – that is, raw materials or components, labour costs, packaging, shipping and any manufacturing costs. You then need to consider your indirect costs, these include rent and utilities, staff salaries, marketing or advertising, general supplies and insurance and taxes such as GST. Once you have a good idea of what each product or service costs your business, you can use one of the most simple pricing strategies: cost-plus pricing. This strategy involves simply adding a markup to the cost of your product or service. For many retailers that are on-selling pre-made products, this is a common pricing method that works well. However, it does rely on your cost calculations being accurate. So, to ensure you’re not undercutting yourself, it’s important to also factor in market demand and competition. 2. Research your competitors If you’re entering or operating in a crowded market, it’s critical that you understand what the going rate is for your product or service. Do your own market research by looking online, signing up for newsletters, monitoring social media or by discreetly going into your competitors’ stores or speaking to their customer service. If you discover that your proposed pricing is far higher or lower than competing businesses, identify why. Is your product or service lacking something that your competitors are supplying? Are you offering a customer experience or convenience that your competitors are not? If your proposed pricing is in the ballpark of the existing market, then you have a few strategic options. You might choose to adopt penetration pricing, by setting a relatively low price in order to quickly attract customers to try the product, with the view of increasing prices once your business has gained some traction. Or, if your product is new or highly innovative, you may want to initially set your prices higher than your competitors in a strategy that is known as skimming pricing . This capitalises on the willingness of early adopters to pay a premium. Then you can gradually lower your prices to target broader market segments. Or, you could simply opt for competitive pricing, whereby you set your prices close to or just under what your competitors are charging. Whatever you do, it’s important to remember that your competitors’ costs and customers aren’t identical to your own. So, the aforementioned strategies will always work best for your business if you implement them in alignment with your production costs and your customers’ spending capacity. 3. Cater to your customers Getting to know your customers is one of the most important business lessons you’ll ever learn. What they value and what you offer them can make or break your business; so it pays to listen. Talk to your clients and find out what they’re looking for, then bring them more of it. If you don’t have face-to-face interaction with your customers, having a customer contact management solution will help offer insights into their purchasing behaviour. If you’re operating within a demographic that values quality, they’ll likely be prepared to pay a premium for well-made goods or white-glove service. If this is the case, your business could benefit from implementing a value-based pricing strategy , which focuses on the perceived value of the product or service. Consider the benefits, quality, and uniqueness of your offering, and price your product or service accordingly. Or, if you are aiming to create an image of prestige, you could opt for a premium pricing strategy , whereby you purposefully set a high price to position your product or service as luxurious, exclusive, and superior quality. If your customers are searching for a bargain, either you’ll need to find ways to reduce your production costs to ensure your prices stay low, or you could adopt the loss leader pricing strategy. This involves deliberately selling certain products at a loss, in the hope that customers will purchase other, more profitable items as well, making up for the initial loss. For businesses catering to a mix of customers at both ends of this spectrum, having a tiered pricing strategy will help you accommodate the diverse needs of your clientele. By offering a range of prices, you cast a wider net for reaching potential customers. 4. Track your sales Once you’ve decided on a pricing strategy, it’s time to evaluate whether it’s working or not. Having a simple, integrated process that easily shows you what’s coming in, and what’s going out is key in this process. Whether you’re accepting payments via an EFTPOS terminal or through invoicing , Zeller’s all-in-one solution is a great way to evaluate your cash flow. Business expenses can be paid for using the Zeller Debit Card or through a direct debit from the Zeller Transaction Account , and sales can be tracked via an online dashboard and mobile app , giving you an insightful visualisation of your business cash position. Seeing the net balance of your funds over time will quickly tell you if your pricing strategy is working or not, and moreover, it will enable you to identify spending patterns, which can inform whether or not you implement a dynamic pricing strategy . Adjusting your pricing to align with sales peaks or troughs – whether over days, weeks, or seasons – can help bring in customers when business is slow, or capitalise on demand at busier times. Similarly, if your business operates in different locations, being able to compare your sales in different venues can help you implement a geographical pricing strategy if necessary, where you adjust your prices to local market conditions. 5. Adjust your prices (if you need to) After monitoring your sales for a period of time, you might decide you need to change your tack. If this means decreasing your prices, most customers will welcome the change. Just make sure you can reassure them that the quality of your product isn’t also decreasing. If, on the other hand, you need to bump up your prices, there are a number of ways to go about it to ensure you don’t get your customers offside. Soften the blow by offering discounted bundles when several products or services are purchased together as a package. Improving the quality of your product, or adding in extra features, benefits, or improvements can also help to justify the increase in price. Alternatively, consider incremental increases over time to allow customers to adjust to the changes gradually. Or implement psychological pricing by rounding them down from the nearest whole, $9.99 for example. Timing is also an important factor. Generally, the beginning of the financial year (after the sales) is a good time to adjust your prices. Otherwise, identify when your busiest season is, and implement the changes then. If you’re worried about backlash, notify your clients of the price increase either in-store or via email, and clearly explain the reasons. Educating your customers and being transparent with them will help build their trust and loyalty. Finding the right price starts with the right tools. Understanding your costs, customers, positioning, competitors, and ideal profit will help you pinpoint the pricing strategy that’s right for your products. However, it’s important to note that it’s unlikely you’ll ever choose one strategy and stick with it. Your approach will adapt and change over time and in line with the market, which is why it’s important to remain agile. Equipping yourself with the right tools to help you regularly evaluate your pricing will ensure you’re always ahead of the curve. Zeller’s end-to-end solution is your number one ally when it comes to tracking your business cash flow and using sales data to strategically grow your business.

Growing an active, engaged online community is a tried and tested way to drive customer loyalty and increase revenue. To say that Instagram has the potential to drive business revenue would be an understatement. While it’s true that an engaged online community typically translates to dollars in the real world, the benefits go far beyond that. As restrictions and social distancing measures continue to pervade many aspects of our daily lives, the ability to reach your business’s intended audience online — while facilitating meaningful exchanges — is critical to achieving growth and forging deeper connections that bring customers back to your business again and again, and attract referral business. Read on to discover 5 tips to build a strong Instagram community. 1. Ask followers for their opinion as consumers Growing a strong community isn’t just about sharing your business’s story. Creating opportunities for your audience to speak up is equally as important. You can do this by using polls or directly asking questions on your stories, Instagram Lives, or posts. For example, if an apparel retailer decided to release a new colourway of their best-selling jumper, they could ask their Instagram community what colour they would buy. Tapping into your Instagram followers in this way gives you a snapshot for what your wider customer pool wants to see in-store. Plus, by deferring to your followers about what they want or like, they will be more invested in your brand and develop a deeper sense of loyalty and trust. Make sure to reply to your followers' comments and messages as much as possible, even during busy periods. Your interaction with them will make them more likely to engage with you regularly and become active members of your Instagram community. 2. Host an Instagram Live Hosting a Live on Instagram is a great way to show an authentic side to your brand and connect with your community in real-time. During the first of the COVID-19 lockdowns, Instagram Live views spiked , doubling in reach and proving the value of building an online community and forging meaningful connections. Pique your audience’s interest with content that is helpful in nature, rather than purely promotional. Content should be complementary to your products or services, without appearing like a sales pitch. For example: a plant nursery could teach followers how often to water common types of houseplants a restaurant might host a live cooking demonstration of a simple recipe viewers can make at home a bar owner could share how to make a seasonal cocktail an apparel retailer could explore different ways to build a capsule wardrobe a gift shop might walk through the steps to wrap presents at Christmastime Consider collaborating with like-minded brands on Instagram Live broadcasts, as this can increase your reach and strengthen your community too. 3. Make your brand values known Incorporating your brand values into your social media strategy is a surefire way to reach a demographic that aligns with your brand mission. For example, if your business sells locally-made or environmentally-friendly products, you might champion these lifestyle choices on Instagram to draw more eco-conscious consumers into your community. You might do this by sharing tips to become more environmentally conscious, such as upcycling clothing. Alternatively, you could promote a social cause you believe in and reach people who also hold the cause close to their hearts. As a retailer, that cause might be a clothing drive to help people experience hardship to get back into the workforce — such as Fitted For Work or Ready Set . 4. Develop a user-generated content strategy User-generated content or UGC is content created by consumers, not brands. This Instagram strategy can help businesses grow an engaged and lively community rapidly; it’s essentially free publicity to your followers’ own network. When users share a positive story about your brand’s products and services with their audience, it creates an authentic connection and acts as a soft introduction. The content may be a photo, a video or even a review and can include a brand-generated hashtag. You can then share this content on your business’s platform to boost credibility with your audience. One technique to get your members creating more user-generated content regarding your brand is to host a regular contest with giveaways and a specific hashtag attached to it. Asking your Instagram followers to tag their friends in these posts is another effective way to drive follower growth quickly. 5. Give back to your community Rewarding your community with giveaways, loyalty programs and discounts is a way you can thank your followers for their loyalty and engagement. For example, a hair salon could offer customers who mention their Instagram campaign a 15% discount on a haircut and colour. Another way to give back is by donating a certain percentage of your sales to a social cause. This gives your customers a sense of contributing to something larger than themselves and helping others, which can be very rewarding. Ready to get started? As you begin to build your Instagram community, you will figure out what strategies work best for your brand, what your followers enjoy seeing and how they like to interact with your business. The key to a community-minded approach is to be present and regularly post fresh content. A local business doesn’t need to have a huge following to reap the benefits. If followers are loyal and engaged — business profits will show it. Don’t forget to remain authentic each step of the way, so you continue to attract the people who align with your business. Sign up to our Business Blog for more tips to improve your online presence and drive more foot traffic to your business.

Australians are showing their values with their wallets, and ramping up local spending. From buying produce at the farmer’s market to splurging on the local high street, consumers are becoming increasingly community-conscious when it comes to their spending. In fact, 73% of Australians say they are making a conscious effort to spend with local brands and businesses to help them recover from the financial blow dealt by the pandemic, according to a Mastercard survey. This is great news for business owners: a local customer is more likely to become a regular, and refer other locals your way. But how can you attract more conscious consumers? Keep reading to discover more about this trend, as well as five tips to attract more local customers. Shop Local is here to stay While the impact of the various lockdowns cannot be understated, one unexpected silver lining has emerged: a resurgence of local shopping areas.  With fewer consumers traveling to large shopping centres, whether due to restrictions or an unwillingness to visit potential exposure sites, many smaller shopping hubs have seen an uptick in sales. Even as restrictions on movement are lifted, it’s unlikely we’ll see a shift back to the way things were. The Shop Local trend is part of a drastic evolution of consumer spending habits, and clear proof of a shift towards more conscious consumerism. Ben Lazzaro, Chief Executive of the not-for-profit Australian Made Campaign Ltd (AMCL), believes the COVID-19 pandemic has changed consumer perspectives. “The pandemic very quickly highlighted our over-reliance on imported product and provided an impetus to address that imbalance,” he says. “I think it brought it home to a lot of us that the way we choose to spend our money can have an impact on Australia’s self-sufficiency as well as our economic future.” How to cash in on the trend People want to spend locally, whether that means purchasing craft beer at the local brewery or a birthday present at a neighbourhood retailer. However, in order to spend money at your business, consumers need to discover it. Here are five tips to attract more local customers to your business. 1. Make your business more discoverable on Google A recent study by Facebook found that the majority of today’s shoppers are searching the internet to plan their store visits in advance, which means it’s crucial that potential customers are able to find your business online. Understand the tools, websites and channels your target customers are using, and ensure your business has a strong presence in those areas. You’re probably already using Facebook or Instagram to promote your business, but what about Google? Add or claim your Google My Business listing, then populate your profile with your business’s contact details, store hours and other important information. Add photos of your store and products, and encourage customers to rate and review your business. 2. Accept more payment methods Offering more ways to pay isn’t just a convenience win for customers — it can also help you increase profits. According to the latest Mastercard New Payments Index , offering more payment customers can also help increase consumer spending. 74% of consumers would spend at small businesses more often if additional payment options were offered. Since the outbreak of the pandemic, contactless payment methods have been put front and centre as the ideal, hygienic way to pay. For those operating on a cash-only basis, it’s critical to understand the impact this operational decision is having on your bottom line. Not only is the cost of running a cash-only business higher than most people think, it also costs businesses customers. Getting more local customers in-store is only half the battle. Enable your staff to accept every payment from every customer by looking for a provider that supports payment via digital wallets, such as ApplePay and GooglePay, and QR codes such as Alipay. 3. Run a localised advertising campaign Geo-targeting allows you to run online campaigns targeted to potential customers in a specific area. Targeting your local area can help find the right customers for your business. Both the Google Display Network and Facebook allow you to target your ads to a particular country, state, city as well as postcode, however we recommend using the specific radius address. You tell the platform where your business is located, and it will target ads to people within a specific radius of that location. To help your ads stand out, localise your messaging. Do your research — if you’re the only local retailer that stocks a particular brand, or you have the lowest prices in your area, make it a focus of your ad text. 4. Offer curbside pickup To meet social distancing protocols and provide consumers peace of mind, consider setting up curbside pickup. It’s a convenience measure your customers will appreciate, allowing them to get items on the same day without stepping into the store or paying for rush shipping costs. For an even smoother customer experience, take your EFTPOS terminal to the curb so you can exchange goods for payment as seamlessly as possible. 5. Set up an online destination If there are other businesses within walking distance, consider setting up an online community. Show consumers that they can come to your business for a birthday card, then get a bottle of wine next door, and flowers from across the road. The impact is twofold: you’re helping to keep dollars in your hometown, and showing your community that you care for it and are willing to invest in it. “If communities do well, your business does well. That’s just how it works,” says Sandy Chong , CEO of the Australian Hairdressing Council. Many local shopping areas have recently undertaken such a community initiative, tapping into the power of the internet to connect with more locals. For example, the Chapel Street precinct has its own website (and independent destination marketing association), informing readers where to eat, drink and shop in an effort to drive more foot traffic into the area. Many shopping centres have an Instagram account that highlights sales and special events — send the account holiday a direct message to discover who’s running it, and provide them with content. Or, reach out to other business owners in your area and create your own online community. Attitudes towards supporting local economies have strengthened since the outbreak of the pandemic, creating a huge opportunity for small businesses to grow their customer base and increase profits. For more tips on growing your business, sign up to our Business Blog .