There is a commercial for the Smart Car – a tiny two seater – that has all kinds of people proclaiming ‘Big’ from singers to politicians, business owners to children. At the end, one lone guy sees the Smart Car and says… Small! Implying Big is not the answer, Small is.
While I didn’t think the commercial is particularly clever, it drove the point home for me. Sometimes the solution you’ve been seeking is the opposite of what you have been doing all this time.
Many small businesses often start off by de-valuing their products and services to get things going and then we get stuck there.
I’m not saying having low priced products is bad or even a no-no. Sometimes you need that. What is a mistake though is staying or suppressing your pricing for everything you do, while maintaining a high quality product that in no way reflects your pricing. Very soon, you will feel like you’re working too hard, running out of steam. All of a sudden, the dreams of financial freedom seem just as far away as when you were working at a regular job. You may even begin to resent your business because it doesn’t seem like you’ve come very far. What can you do? Go the opposite way.
Start creating high end products that bring you more per sale, products that people want to buy more of – yes, believe it or not, low prices can reduce sales. Â Consider products from Apple. You’d call them anything but cheap. Yet, the iPhone 4S sold over 4 million units in just 3 days. The cherry on top, most Apple customers are fiercely loyal.
Wouldn’t you like to have a business like that? That’s why we invited Armand Morin a genuine Internet Marketing authority to share his knowledge about creating high end, high value products in an exclusive webinar.
The webinar is scheduled for this Thursday, October 27th, 2011 at 9 p.m. U.S. Eastern time. To join us, register here.
It is not everyday we can host webinars with legends like Armand so we are very proud to be able to offer this to you for no charge whatsoever. We’ve already invited people on the mailing list so the webinar has already begun to fill up. Because seats are limited, register today to make sure you save a spot for yourself.
We know you will get a lot of golden nuggets from this webinar. We always do when attending Armand’s webinar. Be sure to attend with pen and notebook in hand. See you there!
Competing on price is a no-win scenario, especially if the competitor has deeper pockets than you. Sometimes the higher price speaks volumes to the quality behind it. Typically, there is a reason why it costs and is worth more. Being able to charge more and get it depends largely on your positioning. Are you seen as the leader?
@Ed Roach @ I could not agree more Ed. Price competition is a dangerous game that can leave you holding the bag.I would just say not to have a high price point if your product can not live up to it.There is absolutely nothing wrong with a high price for a quality product but if you are selling junk high then your customers will take care of the rest of your branding for you.As you say ,if you typically deliver quality products then you can safely demand a higher price and get it.Customers will seek you out as well as speak highly about you.
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Great post, I admire the writing style 🙂 A little off topic here but what theme are you using? Looks pretty cool.
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Everyone wants to do their bit to help the environment but if you are using your car to transport your kids, then in an accident would you want them in a smart car or a landrover. When I am driving behind these smart cars I just wonder what would be left if they were involved in a smash.
@Printdesigns Exhibition Stands Everyone has a different situation and reasons behind decisions. I have a large family so it is not at all practical for me to utilize a small vehicle.Like you I can breathe a bit easier knowing my loved ones are surrounded by our SUV.That was not the point I was trying to convey in the article though 🙂 I hope you were able to get more.
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Good work. Thanks for the info. very useful tips indeed.
Good work. Thanks for the info. very useful tips indeed.
nice article thanks for sharing…
Thanks ken for such kind of good post, nicely done by you. Keep it up. I like it.