- It seems everyone competes by reducing prices, giving back profit to the customer, be it wholesale or consumer. It seems everyone wants a lower price and thus competition is focused on just that, discounts, sales, special deals always supported by lower prices.But this does not mean you have to start out or even end up at rock bottom to compete, not so. There is also the top of the feeding chain, the high end market, were customers are still excited about discounts and special deals, but demand the best and thus remain at the top of the scale satisfied with with very high pricing.
Expensive cars, clothes, jewelry, homes, every product line has a high end. Every service has the best, be it lawyers, accountants or architects, even some doctors are very high priced. They have earned it through their own success and thus are very much in demand or simply provide the best service and get the best price.
There is a very significant market place wanting the top end and willing to pay for it, still wanting a discount or a good price but understanding that top end work gets top end pricing. In fact there is typically competition at the top end as well but not as much, so while the top end of the market may be smaller then the bottom end as far as the number of potential customers, the competition is less, the profit is far greater and the opportunities are immense.
In fact perhaps the best business strategy may be to find niche markets that are not yet over exploited at the top end and fill that niche. For example there are high end lawn care firms, cutting the same grass with the same tools as the low end but some how they are getting more for their effort. Why? Typiclly they are giving more or better service or doing something that represents higher value added service or product, or guaranty, or follow up services, deliverig the peception and the reality that they are the best, offering the most, and providing the top end the industry has to offer and thus getting the highest price possible.
In the end, in order to be successful at the top end of the price chart, to build a reputation and a successful business one has to deliver top end service and top end results. It is not just about pricing high its about pricing high and delivering high, satisfying expectations. This can be accomplished many different ways, depending upon the nature of your service or business, but the customer who is willing to pay the highest price intends to receive the best product or service and deserves it, after all that’s what they are paying for.
Less competition, a large identifiable population to draw from, and highly profitable. That’s were I would want to be. Make certain your delivering the best possible product or service and you can succeed…..and they will still want a bargain on occasion or a discount or a special deal…but its worth it. Call me for help 413-549-2966.
