Mistake #6: Low Price Leader
I love my Chanel sunglasses, Jimmy Choo shoes and Louis Vuitton luggage. I often joke that I can’t live without these VALUABLE items.
You may think that buyers always go for the lowest price, but if you do…you’d be making a big mistake!
If we only bought based on the cheapest price, there’d be No Chanel, No Louis Vuitton, No BMW, No Botox and definitely No Starbucks.
Customers make decisions based on Value, Not Price.
It’s your job to increase the perceived value of what you sell. If you don’t, the potential customer thinks you’re EXACTLY THE SAME as everyone else…and when you’re just like everyone else, they have nothing but PRICE to base their decision on.
If you want to charge a higher price than the rest, then be prepared to show them WHY they should fork over the extra dough!
So what am I telling you?
–You’d better be different. You need to create something cool and unique for your customers right now. Have you tried something new? Are you boring or are you memorable?
–You’d better create an experience. You need to have every detail in mind. Set the stage. You want people to walk in and go “WOW – I’ve stepped into an (Upscale French Boutique)!”
–You’d better be ready to prove it. From the marketing and the welcome, to the fond farewell and everything in between, don’t tell them—show them!
Do your research.
Find out what your customers value.
It may be a 5 minute head massage, fresh baked goodies, someone to hold an umbrella over their head so that they don’t get rained on to and from their car, or perhaps it’s a recipe card of @ home survival tips.
Don’t fall prey to the low price leader game. Use your noggin and come up with something that your customers value.