You get what you pay for, right?
Well, most of the time. You’d like to think so anyway….
In an ideal market you would probably say that there’s a direct correlation between the amount paid comparatively to the quality of the product. There are plenty of exceptions though. Selling a poor product for high ticket isn’t being a brilliant businessperson, it’s just misleading. Is your skill:
Providing a good service or product?
Using marketing to “Dupe Suckers”?
I know where I’d rather be.
The Rational vs The Emotional mind
“People buy with their heart and justify it with their head”
Can you purchase equally as competent, sometimes better alternatives to the iPhone, iPad, iMac and Macbook? Yes. But you want the Apple anyway. Why? Because it’s what you want. You can’t touch the value your heart places on it but you understand how owning it makes you feel. If this wasn’t true, Apple would be a niche market, not a 40 billion dollar annual profit company.
So how do they do it? They know their customer. Whatever you call it: Ideal Customer, Customer Avatar, Customer Profile – they understand their positioning. They know what their customers want, they give them what they want and they don’t compete on price because their customers aren’t looking for the cheapest option.
Features or Benefits?
So, are Apple “Duping Suckers”? No. Their products are still brilliant. That feeling they deliver through ownership is a benefit not a feature like processor speed, screen resolution or weight.
Imagine “Features” as your business and “Benefits” as your clients. Talk about your clients. People buy with their heart not their head: Talk about the benefits, not the features. Of course you have to explain the features, the nuts and bolts of what you do help your client understand how you achieve the desired outcome, but benefits will beat it every time when it comes to pulling the trigger.
Think about it in my case, what sounds better:
“I provide consulting for you and your business.”
“Never again should you feel stressed about the direction you and your business are travelling. I help you get better clients, more financial freedom and improved personal development while you focus on your business.”
The first one is about the business, the second is about the benefit to the client. The bigger picture.
Conclusion: What does this have to do with positioning yourself as premium?
Those that provide a quality service also want quality and will pay the premium for the peace of mind that comes from that level of service. Not only this, they will be better customers themselves. Not ‘Problem Clients’ who bleed your resources dry and are the ‘something for nothing’ type. In my business people ask why customers are free to leave if they choose with no contracts. If your service is good, a quality customer will want to stay.
- First and foremost, you must provide a high quality service, not a poor product disguised as premium product. A good customer will realise they’re getting what they pay for. Make sure you provide this and you will attract the right kind of clients.
- Secondly, understand your positioning. Know where you are in the market, give your clients what they want in the premium space and you won’t have to worry about competing on price because you shouldn’t be there in the first place.
- Lastly, focus on the customer (the benefits). Again, a good business recognises it’s not about them and a good customer will recognise the quality of service and how that benefits them and their business.
Hope that was helpful. Until next time!