Tuesday, 26 July 2011

"I Will Pay More For......."

Complete this sentence. Write a list of at least 10-15 things you "will pay more for...." Here's a few ideas:

  • Better service
  • Jumping the queue at the movies
  • IT Support that is based in Australia
  • Great seats at a concert
  • A tradesman who turns up at a set time
  • A goods nights sleep on a long-haul flight

In this day of increasing competition and sameness your business needs to offer something different to new and existing customers that will attract and retain them. The customers you want are not those shopping for the cheapest accountant or the cheapest Doctor or the cheapest fence builder. Target those you are willing to pay more to get more.

I will always pay more for  convenience. Time, to me is a precious resource. If I can save time then I'm willing to pay extra. These are the customers you need to target and sell to. I just paid a measly $2.20 extra to book movie tickets and get the seats I wanted on-line and in advance. But the best thing is that I get to use the "Jump the Queue" line at the movies instead of waiting behind 20 people queuing to get the tickets. I figured I saved 20 boring minutes standing in line!

Customers today will buy from you if you offer convenience in your product or service. You just need to find them and they will pay more.  Don't build your business on being the cheapest (unless you want a high volume low margin operation) There are plenty of people out there today more than willing to pay you more if you can offer convenience and save them time.

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