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In today’s episode:
00:00 – Charging a premium
00:22 – Customer service that stands out
01:17 – Be better than the competition
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Transcription:
30 million dollars. That’s how much a 1954 Mercedes Benz just sold for at auction, which is a world record. That’s a fair bit of money for a commodity item. In this episode, I’m going to be talking about how you can actually charge a premium and get paid more instead of being a commodity or selling the lowest-priced offering in your marketplace.
Great Customer Service
So I just got back from an event, and I saw Mr. Wonderful Kevin O’Leary, talking about things that he looks for when he’s investing in a company. And one of them, which he places a value on, is customer service. And I’m talking about real customer service. The sort of service that I get from Greg when I catch a Qantas flight in the business class.
You see, Greg is different to all the other people. He goes out of his way to make sure that you’re comfortable, that he takes your jacket, that he gives you an extra little champagne, that he makes sure that you’re comfortable when you’re asleep.
He evens looks after you during the night with a special warmed up cup of cappuccino or espresso instead of having the filtered stuff. Because Greg puts himself in your shoes. Greg knows what it’s like to offer service.That’s why I’m more likely to pay more for a Qantas flight, than to just look up the cheapest fare or take the lowest bidder.
People pay for great service
How To Be Noticed
If you have a look at Gatorade, and then there’s Powerade. You really have to stand out if you possibly can. So if you’ve got an ability to add some extra customer service, do it in your business. Have a look at how companies like Apple make you really love the product. I notice that Dell just went private, they’ve purchased back the company.
Michael Dell’s really going to have to look for that softer side if he wants to be successful the next time around. Because the first time they were all hard and about numbers. So if you want to be a “me too” marketer, make sure that you have other things up your sleeve. There’s so many people willing to copy you in the marketplace.
Today’s action step is to think about how can you come to the market a little bit better, a little bit different, a little more service-oriented than your competitors. How can you stand out – just like Greg does on the Qantas flights? I’m James Schramko, speak to you soon.
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Feel free to comment below.
Good post James. I’ve been fighting the Walmart philosophy lately with not much luck with others I have worked with. You don’t want to offer the lowest price – that’s a race to the bottom that you can’t win. They offer great service too oddly enough, it would be great if they could recognize and offer a premium version to give their business a boost, but often old habits die hard. What would you say to change their mind?
Being the lowest price in the market is a terrible position. Walmart, Aldi and Amazon are there already. You don’t get the margins you need to get great profit, great staff, long term sustainability. I would advise they learn about marketing and keep in mind that price is not the only factor a consumer is interested. For someone like me it is almost never a factor.
Good post James. I’ve been fighting the Walmart philosophy lately with not much luck with others I have worked with. You don’t want to offer the lowest price – that’s a race to the bottom that you can’t win. They offer great service too oddly enough, it would be great if they could recognize and offer a premium version to give their business a boost, but often old habits die hard. What would you say to change their mind?
Being the lowest price in the market is a terrible position. Walmart, Aldi and Amazon are there already. You don’t get the margins you need to get great profit, great staff, long term sustainability. I would advise they learn about marketing and keep in mind that price is not the only factor a consumer is interested. For someone like me it is almost never a factor.
James – I’m with ya 100%. Unfortunately, it’s falling on deaf ears (when I share it with this small business owner). It’s a mindset thing – some of us aren’t ready for success…or not in a way other than what we expect or have experienced previously.
In that case you might want better customers http://jamesschramko.com/business/how-to-get-better-customers/
Great post James and just what I needed to hear. I am now thinking we do create great customer service and how can it be even better ??
Great post James and just what I needed to hear. I am now thinking we do create great customer service and how can it be even better ??
Exactly. Being open to discussion with customers and easy to reach is a great one.
serving others builds top value (hmmmm… now where have I heard THAT before?)
serving others builds top value (hmmmm… now where have I heard THAT before?)
Remember be a Servant! lol
Great service and going the extra mile are the keys to success. Ladybird carpet care has grown her business against the bigger and cheaper competitors because of this.
Great service and going the extra mile are the keys to success. Ladybird carpet care has grown her business against the bigger and cheaper competitors because of this.
Fantastic! Thank you for sharing!
Love the green James! Pricing is always a tough one. I have a prospect getting other quotes as we speak :(
Love the green James! Pricing is always a tough one. I have a prospect getting other quotes as we speak :(
Don’t worry about the other quotes – make yourself an orange not an apple http://jamesschramko.com/business/business-conversion-in-a-nutshell/
Thanks James!
Great video James + nice green shirt!
I love the videos you’ve linked to in the comments as well.. They have been super useful to me today!
Thanks Tom!
Great video James + nice green shirt!
I love the videos you’ve linked to in the comments as well.. They have been super useful to me today!
Thanks Tom!
Great video, awesome message.
Great video, awesome message.
Thank you
Thanks! WOW Service is the only thing that counts otherwise you’ll remain a commodity. Tony Hsieh and Zappos got it right. Read Delivering Happiness and Bridges to the Customer’s Heart for more!
Thanks! WOW Service is the only thing that counts otherwise you’ll remain a commodity. Tony Hsieh and Zappos got it right. Read Delivering Happiness and Bridges to the Customer’s Heart for more!
I have seen Tony speak at Yaniks Undergound and he was remarkable. Selling shoes online and getting a billion dollar buyout …. amazing
I love it. I think something like this has to be a part of who you are at the core. You can’t fake it, but I’m pretty sure you can develop it.
I love it. I think something like this has to be a part of who you are at the core. You can’t fake it, but I’m pretty sure you can develop it.
I am sure you can develop it too. Starting with observation about what makes you happy or not