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People Always Look for the Lowest Price

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That’s what many business owners say – especially if they don’t make enough money. It is true – the great majority of people look for promotions, special offers and hot deals. They are typically people just who can’t afford top quality products or services, which just must cost more. Nothing wrong with that. Our potential market is made up of a number of segments, and you should know which segment you’re in.

The people who look for bargains typically don’t make loyal clients. They just go where the prices are lower without giving it much thought. And there will always be someone who will be ready to offer lower prices than you! So think twice before you decide to go that alley and compete on price.

Kevin Maney, the best-selling author of “Trade-Off: Why Some Things Catch On, and Others Don’t” writes about the conflict between quality and convenience, which each entrepreneur should understand. The book is fascinating; Mr Maney gives numerous examples of products and services you and I use every day. He helps us to understand how consumers and customers make purchasing decisions. The message is pretty straightforward: Your client looks either for the lowest price or the highest quality. And you need to decide which group you are selling to. 

Most business owners think that they should be offering the highest possible quality at the lowest possible price – and they are fucked! Why? because they are too expensive for clients who want the lowest price, and not good enough for those who need top quality. Does that make sense? 

Another misconception is that everyone is price – sensitive.

Believe me – not everyone! In some situations, I am not! And I am not writing it to impress you. Let me just give you two examples:

  1. Two years ago, I was looking for a fitness coach. I wanted someone who would help me get back in shape. I contacted a few personal trainers, and all of them seemed to assume that I was looking for the lowest price. And in fact, my priority was completely different – I wanted the top quality and didn’t mind paying more! None of them even asked what I was looking for – they just assumed that it was the best deal that I was after.
  2. I decided to take my partner to Mexico at the beginning of last year. And as it was a special occasion, I wanted to make it BIG – with all the extras! The agent I was on the phone with was talking about “reasonable prices and the times of the year when it was cheaper to travel”. She didn’t ask what trip I wanted, what was important to me – if she had, she would have known that it wasn’t the lowest price!

What do your clients look for?

How do they make purchasing decisions?

What do you do to find out? 

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The Meek Shall Inherit The World.

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One of the adages I really hate! It makes me think of all the losers who are frustrated with their lives, and who waste time “rationalizing” their situation rather than get their act together, decide what they want and get it! Remember – there will always be someone who will want you to stand in the corner and patiently wait for your turn. The thing is , your turn never comes, and the longer you wait, the harder it is to get out of that bloody corner!

So cut the crap out and tell me: “How much do you want to make?” One of my favourite questions! Is running a business just about money? I don’t know – you decide if it is ALL about money, but it is definitely ALSO about money, because if you don’t generate profit, you don’t actually have a business.

My clients come from more than ten countries, and it is interesting to see or hear that our culture has such a great influence on our relationship with our wallet. I come from Poland, where the entrepreneurial drive has had its various interpretations and faces over the last decades. You would be surprised how many people have a rather critical opinion of those who want to be financially successful.

We – Poles – must be among the most creative nations when it comes to coining words referring to people who have become financially successful.

Many of my  British clients drive me crazy with their “modesty”! I haven’t worked with many US Clients so far, but the ones I have worked with seemed to be the most comfortable talking about money, and they find it quite easy to talk about their financial aspirations. They also understand that if they offer a service that helps their clients solve a certain problem, or get them what they want, it is OK to expect the adequate remuneration for that. A lot of my clients develop business based on their passions and their willingness to help others, and consequently, some of them seem to have mixed feelings about helping and charging for that help.

Well, as this post is turning into a pseudo -sociological ramble/stereotype – labelling shit, let’s get to the point:

If you want to be successful, ALSO financially successful, steer clear of the debilitating voices and opinions – coming from people who typically have not achieved anything in life, and who will try to make you feel guilty about your aspirations – including your financial goals.

I remember some of the critical remarks I heard when I made it very clear that I wanted to have a prosperous business. “You’re turning into a workaholic”, “Watch out, or you may lose something much more important on your way!”. At some point, I just stopped listening to them, and I “fired” some of my “friends”!

If others want to live by some noble truths, like “The Meek Shall Inherit the World”, let them – they have their reasons, needs and visions. Nothing wrong with that. But don’t let them stop you from creating YOUR WORLD!