People pay for quality. They’ll pay more for your products and services if you can build extra perceived value. I say “perceived” because you really don’t have to make a lot of big changes to become a high-end company.
Think of how much more you’ll pay for the same food in a restaurant that uses cloth napkins instead of paper. Or a hotel room with internet access and a tray of gourmet chocolates on the dresser.
“Quality” can have many meanings. Consider the differences between Mazda, Toyota, and Ferrari. You can choose how to position your company. Small changes in the way you do business can allow big increases in your perceived quality—and your income.
For example, I know a real estate agent who gives her clients helpful books on managing their personal finances. A dentist in Santa Monica promises business people that they’ll never have to wait. I get higher fees by offering lots of free advice and suggestions, both before and after I write the copy.
The change you make doesn’t have to involve your core business. Think of the baby grand piano in Nordstroms. Nobody goes to Nordstroms to listen or play the piano, but it add a touch of class.
As a result they sell their shirts for twice as much as the Gap across the street.
You can pick almost anything good you want your business to stand for, and find easy ways to promote it.
A few common examples:
• Honesty and reliability
• A product that lasts a long time
• Helpfulness and guidance
• Speed and/or convenience
Keep up the outstanding work you already do, add something to create a perception of quality, and you’ll jump over your competitors, even if they’ve been in business twice as long as you.