If you are competing on price when you market your product or service, you are heading in the wrong direction. Let me use the watch as an example. Owning a watch used to be a luxury, at least it was so over a hundred years ago. I remember when Timex started selling watches at under $25. They sold a product that showed the time. Today, my grandson along with millions of other children have a cell phone that shows the correct time. Being able to know the correct time was a side benefit of owning a cell phone. Last week I received a free watch in the mail as an enticement to purchase a more expensive item at a cost of $29.99 plus tax and shipping.
My point is that a product that tells time no longer has a lot of value, or does it? Rolex and others are selling a watch for tens of thousands of dollars. In fact, some of these high-end watch producers are having great years.
So, what are they selling? They cannot just be selling a time piece! If we look beneath the surface, you can determine that they are selling two things: First: a piece of fine jewelry and Second: prestige for those that can afford such a timepiece.
Your challenge for this week is to look at your product/service and see if you are selling a Timex or a Rolex. How are you perceived by your customers and target market, a Timex or a Rolex?
Can you market your product or service in the same light as a fine piece of jewelry? Is there prestige involved? Will I feel better mentally and emotionally because I am purchasing your product or service?
Small business owners have to compete on things other than price. Amazon, Walmart and Target, just to mention a few competitors, have greater buying power and certainly more marketing dollars.
How can you differentiate yourself in the minds of your customers and target market? This challenge is something that every small business owner has to work on everyday of their business life.
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