For many of us, our entire business and marketing strategy revolves around being the cheapest option out there for customers but why is that business model fundamentally flawed? In today’s episode of Business over Breakfast, Bree James and Andrew Griffiths tell you about the advantages of being the most expensively priced choice for your audience. As a business owner, there are serious benefits to selling a high-end product of service and Bree and Andrew tell you how you can shift your positioning in your industry. Because Andrew is Australia’s number one small business author and is in the process of writing a book about this very topic, he is serving as the interview guest as well for this episode. Andrew shares his wisdom in how he was successful in increasing his rates for his companies multiple times throughout the years and why he thinks pricing to be the cheapest is the worst business mistake you can make.
We also discuss things like:
- The lack of loyalty of those clients seeking the cheapest options
- Where becoming the cheapest choice for customers stems from
- What it says to customers when you are the lowest priced competitor
- Why you should charge what you are worth
- How staff morale will be impacted by an increased price
- Reprogramming your mental approach and strategy to your business
- Being prepared to change your community and network
- Telling more stories about your brand and why you do what you do
- Making your customer experience extraordinary
- Accepting that you will lose customers as you transition your pricing model
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