When I meet with clients about their business I ask what their business strategy will be. Some say “I’ll charge less than my competition.” Wrong answer!

Let me ask you a question. What do these companies have in common?

Rolex, Mercedes, Gucci, Starbucks

Do you think their marketing strategy is to “charge less” than their competition, or to provide more? They have built their businesses and reputations by differentiating their products from the competition. Sometimes we don’t know what is “different”, yet we know that people are willing to pay more for their product than the competition.

What is it about Starbucks that gets normal people to dig deeper into their wallets to buy a cup of coffee for a price that could have paid for a breakfast sandwich and a cup of coffee at their competition? It’s still coffee. Is it that much better or is part of it the experience?

I used to frequent an independent coffee shop in Boulder where I paid more than I would have paid elsewhere. My latte was pulled from an antique manual lever operated brewing machine. The Barista created latte art – different art for each customer throughout the line. My decision to stop by the shop and to pay more was absolutely because of the experience. It was the way I was greeted, the beautiful antique manual lever brewing process, the latte art and the atmosphere in the shop. It was because everyone was treated as if they were special; each customer, each and every day. They got it right.

So, instead of “charging less” than your competitors in whatever it is you do, what can you do better than your competition? How can you make your customers feel special? This is how you build a successful business with loyal clients who are willing to pay more. This is a great business strategy.

Would you like to brainstorm ideas about how to set your business apart from the competition? Call for an appointment. I’d be happy to meet with you and help you build the business that stands in a class above the rest. 931-456-4910.