Owning a small business doesn't mean sacrificing a large income. Charging low prices may attract a lot of customers, but the people who want discounts and low prices are always looking for the best value. To keep those clients, you'll be stuck in a downward spiral, with a business model that's dependent on consistently lowering your prices to stay competitive. You'll be forced to reduce your expenses, employees and ultimately, your profits. Making your company attractive to high end clients means doing less work for more money, while creating a brand that is well respected and admired. However, stepping into a higher market often means competing with seasoned professionals with years of experience and local clients that are fiercely loyal to them. If you're thinking about making the leap to a customer base with higher incomes, here are a few tips that can help get your company started in the right direction.
Have Premium Pricing
The human brain is prewired to associate value with cost. Someone who prefers luxury won't expect premium results if they see rock bottom prices. While it may seem like charging the cheapest rates in town will bring in more customers, you'll be working harder for less income and any clients you acquire will most likely be loyal to their bank accounts, rather than your business. When you work with high end clients, they are willing to pay top dollar if they know they are getting the best quality product or service available. Though it may feel uncomfortable at first, pricing high is essential to attracting premium clients. Just remember that top prices are a promise, and you'll be expected to deliver accordingly.
Upgrade Your Customer Service
If someone is paying a higher rate, they won't be happy if they feel neglected. High end clients are used to getting the royal treatment from experienced, professional companies. Don't make them leave messages for a week before you return their phone call. While it may cost extra, hiring a secretary to answer the phone, subscribing to a call center service or paying an assistant to monitor emails and social media will increase the chances that your new customers will be satisfied with their product or service and more likely to recommend you to their friends.
