Do You Have A Premium Product Or Service?
If not, why not?
Did you know that 20 percent of your customers will pay more for a premium product or service? So then the next question is - do you have a premium product or service? And if not, why not? Especially when it can earn you more revenue ...
Having a premium product or service really does work!
You have only got to look around at the major companies and they all have a premium product or service range. For example, first class seats in theatres, on flights, VIP treatments, the very best table at restaurants, and supermarkets' premium foods.
"You name it and they've got a
premium version of it!"
As a small to medium sized business owner you may currently have one or two main products or services, but by offering a premium one you could possibly sell it for 50% more than your standard products.
This means you could possibly generate 100% more gross profit! How great does that sound? And if that doesn't get you thinking, I don't know what will!
So what can you do to increase your sales and profits by offering an additional quality product or service that can not only attract your current 20% of customers to pay you more, but also attract potential new customers?
"I'm sure that with a little bit of creativity you could soon offer your own premium product or service?"
But wait ... I can hear the doom mongers saying that "it doesn't apply to my therapy business!". Well, think again as you can charge more during peak periods and your standard rates remain for non-peak times. People will pay if they're in pain!
Another example is for Accountants and Bookkeepers - as most businesses have a start and end dates of the normal April to March financial year. Well, if a business owner is not organised to get their financial affairs in order three months after their end of year deadline, you could charge them a 'premium rate' for doing their books in a hurry.
Ok, so changing your pricing structure may lose the odd customer along the way, but pound to a penny you probably should have sacked them anyway; yes, sacked them! My performance coaching business BlueSpot Solutions has three categories of silver, gold and platinum products - so what are you waiting for?
Remember that 80% of businesses in your sector are average so be different from the norm and you'll become super successful!
As a performance coach, I'm great at spotting these little business nuggets that will help you become super successful and I'll motivate and encourage you to embrace them.
Call me on 0333 335 0421 or click here to send an email and let's arrange a coffee and a chat to see how I can help you.
Until next time ...
Remember, old performance coaches never die, they just keep asking SMART questions!
Keith established BlueSpot Solutions to fulfil his highest intention of working with individuals and groups to empower them to ‘Be the Difference that Makes the Difference’.
Having 40 years’ experience in training and development working in engineering, F&HE colleges in England and Brunei (SE Asia) as well as private and public organisations in the UK, Brisbane and Miami.
Keith has a wealth of experience as a trainer, facilitator, coach and consultant. Keith is also a NLP (neuro-linguistic programming) Trainer, Master Practitioner and Master Coach.
Keith also works with sports people having completed trainings with Europe’s top golf coaches Karl Morris (Master Mind Factor Coach) and Brian Hemmings (PGA approved Golf Psychology Coach). Keith is the very first Master Mind Factor Coach in Northamptonshire.