Choose one (and only one) from the following list:
- Low Price + Low Service = Junk
- High Price + Low Service = Rip-off
- Low Price + High Service = Bargain
- Medium Price + Medium Service = Boring as hell
- High Price + High Service = Quality
It’s time to get real and decide what you want from your business. There are 2 choices:
- Retire early with a steady stream of passive income?
- or Word hard until the day you die, a slave to your own business?
Which of the 5 choices will get you there?
#1 Providing junk?
Maybe.
It worked for The Warehouse for a long time, but even they are growing tired of the junk image and they’re trying hard to shake it off and move into #3 Bargain.
It works pretty well for $2 Shop and all the copy-cats.
But will it work for you?
Probably not.
You need huge economies of scale and you’re too lazy to set that up, right? I don’t blame you.
#2 Ripping people off?
Nope.
It might work for 10 minutes and then you’ll be found out.
Think of the shame!
Think of FairGo knocking on your door!
That’s not you.
#3 Providing Bargains?
No.
Surprised?
Customers love bargains, right?
Sure they do but the margins are too slim and providing such a high level of service for little in return will wear you out (and your staff).
#4 Being Boring As Hell?
That’s what happens when you choose the middle of the road.
Your customers are disloyal. If your competitor has a special on they’ll queue up outside his shop.
Does being boring promote Word of Mouth advertising from your most loyal customers to their friends and family and whoever they meet?
No.
#5 Providing Quality?
This is what business is all about.
Raise your prices so that each transaction provides you with the funds for improving your products and services even more.
Will you lose customers?
Sure you will. You’ll lose the disloyal ones (let them go) and retain the ones that buy from you for the quality.
A few more ideas about how you can provide quality:
- Create a story around your brand (we all love a good story, and we love spreading good stories)
- Take a stand for what you believe in (differentiate yourself, add to your story and uniqueness)
- Be a leader in your industry (declare “We’re heading in this direction, have you got the balls to follow or are you going to be left behind?”)
- Communicate your passion for your business (it’s infectious)
What next?
It’s really hard to move from one category to the next.
But you can do it.
You must do it.
I can help.
Call me: (07) 575 8799
Cheers,
Sheldon.