I was reading an article this week about the choices that businesses have to make when choosing their customers and modus operandi.
You see, you cannot be all things to all people.
It is impossible.
You are welcome to try, but in so trying, you will only confuse your customers.
And in so doing, your customers will become unsure as to what you are trying to do.
Are you trying to win them by discounting and cost cutting?
Or are you trying to win business by providing a reliable product and a reliable predictable service in an excellent environment?
You see, it is impossible to do both.
You must choose one lane or the other for your business.
If your business chooses to compete on price, then you will need to be cognisant of what everything costs to deliver that good to your customer, so that you can do so and keep doing so at the lowest possible price.
On the other hand, if your business chooses to stand out in the market place because of its exceptional service and the World Class Experience that it provides to its customers and clients, then there is significant wiggle room available because in this lane your customers are expecting that their experience will come at a factored in price.
And as I’ve said many times, twenty to twenty five percent of the population out there are happy to pay for your goods or for your services without questioning your fee because of the great experience they receive doing business with you.
It’s simply a matter of finding those customers.
And looking after them.
Price conscious customers tend to be more fickle and less loyal.
Because of this, the profit per transaction is definitely greater in the Experience lane.
So to make the same profit, it is necessary to have significantly more transactions if you are working in the price conscious lane.
Which lane would you rather work in?
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