I’m back from a short weekend brake in Paris and this city never ceases to amaze me and I always come back inspired! Here’s my latest blog directly inspired by Louis Vuitton Paris!
Never compete on price. You can never be a world shaker when you do so. But people will pay any price when they see value in what they are investing in.
Don’t do cheap! Cheap prices will make you and your products look cheap. You're a brand not a commodity that will disappear from the market when it’s value is gone. It’s said that marketing is all about perception and when your products or services are cheap, people perceive them as not valuable and the contrary is equally true.
You can only keep customers by the value you provide! If you play on price, they will leave you as soon as competitors lower their prices. Think LV and the luxury brands!
They don’t compete on price but on the value that their products represent to their customers. They don’t think how much our clients will invest but what is it our clients are buying when they come to us? Notoriety, craftsmanship, durability, luxury, pride, culture, elegance...you name it!
You can easily and shamelessly increase your prices so long as you increase the value you provide and those who see value in it will happily pay. Don’t just solve a problem, make sure that your services and products help your clients be more and feel better about themselves. Your clients want to improve the quality of their lives and if you an help them do that, you can command premium price on your services and products.
You can absolutely create your own market where the value you bring to it is undeniable and cannot be questioned. In that market, you set the price based on the value you perceive you are creating for your market. In that market, there’s no competition because it’s yours baby!!
Your market is composed of your platform (s), your Facebook group maybe, your products and services and the overall experience you provide to your tribe when they come in contact with you. In other words, the ecosystem that you’ve created for your business to function with ease and flow and customers to experience you genius. That is unique to you because it’s infused with your core purpose, values and vision!
Usually, people pay premium to luxury brands because they want to share and experience the emotional attachment that comes from owning a luxury product. That’s what you want to recreate with your products and services, an emotional bond! Work hard at creating high value products and services that will help your customers create change in their lives and change the world. We’re all in this to make the world a better place!
If you want advocate and raving fans, align their perception to your products and services and they will sing your praises happily ever after. Position yourself as a high value brand and people will ignore the price tag. One other major factor to take into account is to keep differentiating yourself and being shameless about how valuable and different you are. Be bold and defend your position with all you’ve got!
Dare to be different!
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