Afternoon tea at The Savoy in London is over £110 and there’s usually a waiting list.
Of course, no one pays The Savoy all that money for afternoon tea. No. They can buy tea and cake from a shop down the street for 90% less. However, it’s not the calories people pay for.
They pay for The Savoy experience: The outstanding service. The amazing quality. The story they can share with their friends.
Sell them the experience
The vast majority of service providers sell the calories of what they do. These coaches, accountants, designers, trainers etc., offer the same predictable services and make the same predictable promises. They have turned their service into a commodity. They then attract fee sensitive clients, because clients buy commodity services based on price or fee.
However, the best service providers in every industry use the same approach as The Savoy. They discovered that they could significantly improve their income and profits, by making the experience of working with them so uniquely valuable, that people will pay a premium for it.
If you’re having to compete on fees or you’re finding it hard to stand out from the crowd, invest in creating an amazing experience, then sell the experience. Get this right and it will improve your business beyond recognition.
Tip: You will find this post extremely useful: The number 1 thing your business must know in order to succeed.
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Originally posted on this blog
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