I really do hope small business owners pay attention to the lesson here.
You do not have to be the cheap option to get clients. In fact, that's likely to lead you to failure.
People have money that they will spend. Target those people, not the cheapskates.
There's a whole community of people who won't spend any money on anything. You shouldn't be targeting your business at those people because there are plenty of people who do have money and will spend it.
You can sell your shoes for $20 targeting the budget customer and have to make that sale thirty times to make $600.
Or you can sell your shoes for $600 targeting an upscale customer and only have to make one sale to make $600.
It's the same shoe! Just choose wisely who you want to sell shoes to.
This is not a revelation to anyone who understands branding and marketing. If you position yourself in the market as the bargain option, you will attract bargain shoppers. If you position yourself in the market as a premium option, you will attract premium shoppers.
Keep this in mind as you plan your marketing strategy going forward.
Here's a link to a Washington Post article with additional coverage.
Here are a couple of books that will help you develop a “boutique business” strategy for your business:
Here’s a system you can apply to achieve the best academic outcome for your child AND yourself!
Consistently getting great referrals isn't something that just happens. But it is something that you can make happen…
The fastest way to grow a business is to partner with someone who already services your target audience.
In less than six months, video marketing has had a big impact on Chef Jazmine Moore's business. This case study shows how you can do the same.
A can’t-miss interview for young professionals looking to advance their careers.
Interested in tips for telling the story of your business effectively?
Are you a professional public speaker who'd like to have more paid speaking engagements on your calendar?
If you run a small business and you’re having challenges with marketing, this interview is for you.
If you’ve ever been nervous about attending a work-related happy hour or cocktail party, this is an interview you don’t want to miss…