“If you can’t be the cheapest, be the most expensive.”
A wise marketing guy relayed how his mentor once told him this.
I’ve always believed this, but he put the idea into words better and more succinctly than I could have.
The second-cheapest product doesn’t get purchased: there’s a cheaper option next to it. Furthermore, the second-cheapest product is rarely of very much quality. Wouldn’t it cost more if it did?
Unless you’re Walmart or Amazon, being the cheapest isn’t a sustainable business strategy — at least, not if you’re in business to make money.
The opposite of cheap, though is not “expensive.” The opposite of cheap is “valuable.” And Value need not be reflected in a super-high price (though it can be).
The equation for value is simple.
What I Get (minus) What I Pay = Value
Meaning, when your audience, prospects, and customers see the gap between what they get in your offering and the price of your offering, as a larger gap than that of any possible competition, sales happen, because you’re the best value.
And, here’s the thing about value: it is created.
After that last situation with a low-funds client who compounded their crime by being slow with the money, I had my new policy in place: full price or nothing.
Someone emailed me soon after, inquiring about the same type of work. They asked my fee. I told them a number that was FIVE times higher than what I’d received from the previous client.
They paid, full fee, up front, without asking a single question.
What had changed?
In Thursday’s live training, I’ll share what, and I’ll share how you can use it yourself.
Register for the free training here: http://WorkOnMyGame.com/Live