You probably struggle with having a competitor that is willing to do what you do (or claim they do) for cheaper. But how do you make sure price isn’t a sticking point with your clients? It starts with having these five key ingredients right in your business and following a model we call the boutique business model. It’s a model that has built my photography business to one of the most profitable in the country after just 5 years in business.
Ingredient 1 – Brand
Most small businesses fall down here. They have something wrong with their brand that attracts price sensitive buyers from the start.
Your brand is more than a logo. It’s how your ideal client feels about you.
Other businesses might try to copy a lot of the things you sell. But they can’t copy you, your ideas, your passion, and your ability to serve the customer.
Ingredient 2 – Understanding your numbers??
There are a lot of ways to price your photography, but most just don’t work if you want to charge what you’re worth. Copying your competitors or even a high performing business in another market isn’t the answer.
Ingredient 3 – Marketing??
To charge what you’re worth you must have offerings that are not easy to imitate, like FINAO albums. Marketing starts with products and services that your customers can’t easily get elsewhere. Your clients should go gaga over you if you want them to pay more for you.
Ingredient 4 – Promotion ??
Promotion is what you do to tell people about your offerings – and it goes beyond paid advertising. For the most part, boutique businesses should steer clear of traditional advertising and focus not on reaching the masses, but instead reaching the right people who may be drawn to what you do.
When you spend time on the wrong clients, they wear you down and make you lose your passion. And worse, you start making decisions on price and service based on the wrong buyer.
Ingredient 5 – Selling??
Boutique selling isn’t about schmoozing, high pressure or manipulation so if that’s what you’re doing this may be where you’re going wrong. In boutique selling there is high engagement between you and your client. You need to build rapport, get to know your customer and spend time educating them.
To start charging what you’re worth and to learn more about these 5 key ingredients you can download a free chapter of Sarah Petty and Erin Verbeck’s New York Times best selling book, Worth Every Penny, at www.wortheverypennybook.com