You need a better message than “hire me because I’m cheaper than the other guys.”
Even if you ARE cheaper than the other guys!
Because sooner or later, you will find yourself being undercut by the competition.
Not to mention, it’s very difficult to build a business based on low-margins. You need a healthy profit margin to be able to hire staff, invest into marketing, and still leave enough left over to support your lifestyle.
I don’t want you to be cheaper than the other guys. I want you to build a premium brand that allows you to charge premium rates.
To make that happen, you need to make a compelling argument as to why clients and customers should choose to do business with you, regardless of price.
Here are a few different ways to do this:
✓ Your Personal Brand
If you’re perceived as an expert, people will pay more to do business with you. Not only that, but they’ll begin to seek you out and they’ll be willing to jump through some hoops in order to work with you. For example – if you or a loved one is facing a serious illness, you’re likely willing to travel across the state or even across the country to work with a recognized-expert rather than the generic medical provider in your town. (Click here for practical steps to take control of your personal brand.)
✓ Unique Product / Service
If you provide something that nobody else can provide, you get to set the market value without regard to your competition. This is a powerful position to hold. The key is that you effectively and clearly communicate what makes your offering unique.
✓ Speed or Convenience
If you can get it done faster or more conveniently than your competition… that’s an advantage that people will pay extra to enjoy. You can charge more for a one-hour oil change, than if you require people to drop their car off all day.
✓ Premium Product / Service
Perhaps your product or service is similar to others in your market… but better. Premium ingredients, more highly trained staff, some sort of “secret sauce” that nobody else has. You’ll pay 3x or 4x more to get your haircut at a premium salon than you will at SuperCuts or Great Clips. It’s still just a haircut, but the delivery and execution are very different.
✓ Premium Experience
This is my favorite. What can you do to create a truly premium experience for your customers and clients? Make your customers “members” instead of just customers? Hold awesome appreciation events? Make your office / waiting area / store a really fun experience? (For whatever reason, orthodontists have figured this one out better than anyone.) Provide exceptional client and customer service? Disney World is the ultimate example here. They think-through even the tiniest detail in order to provide the best possible experience. That’s why it costs 3x more to visit “The Happiest Place on Earth” than it does your local amusement park.
Ideally, you can combine two or three of these characteristics to make a powerful argument.
For example, a strong personal brand paired with a premium service and a premium experience.
And please hear me on this point – I’ve never worked with a business that can’t make at least one of these arguments.
There’s no good reason to rely on “I’m cheaper!” to be your primary selling point.
Danny Decker
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