It goes without saying that delivering a better value or service at a higher price is better than delivering a cheap one at a higher price.
Cheap service at a high price
You want to stand out from what others are doing in your industry. The trend is commonly to make a cheap product and sell it for as much as possible.
Boo this model. Boo it.
Make the best quality product you can and sell it for as much as possible. Quality makes people come back over and over and over again.
What do you, or can you, provide better than your local competitors?
Start locally, for sure. Focus on who and what’s around you for now.
This allows you to insulate yourself from your competitors. Because the way competition works is this… if you and your competitors are both selling the same thing, the only factors that can differentiate you are A) Service and B) Price.
So you either operate at a better price or improve your service to set yourself apart.
Orrr… or you make your own superior, higher quality product or service to offer to the marketplace in order to differentiate yourself.
This will allow you to insulate yourself from the competition.
Because, then, because your customers will like your product/service better than the others. Quality naturally stands apart from the rest.
Those that love what you have to offer must come to you to purchase what they want… because they can’t get it anywhere else!
This gets you out of the price war with your competition. You then are insulated. Owning your own superior product or service is simply the best! This is how you can dominate your market. This is how you win.
Take for instance a five-star carpet cleaning company. How does a company like this set themselves apart from their competition? How do they get noticed and have people come to them again and again.
In this case, it really is superior service. These guys have a whole slew of repeat business, both corporate and residential, because they do a great job.
I even witnessed a 2-star Yelp review of theirs turn into a 5-star after the owner went back to the customer’s property and fixed the problem. The owner also told me that a lot of the big apartment and office buildings come back to him because he does such an excellent.
A lot of businesses won’t do that… go back to fix the problem. Of course, a lot will.
What’s great about these guys is that they still offer inexpensive services. They have the highest tech equipment on the market, use it well, and they still understand the process of profit.
So, instead of creating their own product, they’re beginning to dominate the market by doing both A and B… providing better Service at a lower Price.
Point taken! That works, too.