Are You The Premium or The Bargain Basement?

Transcript:
Do you want to be the cheapest company in town or the best? Do you want to serve everyone no matter what, or should you be selective about your clientele? The answer may surprise you, so let’s explore it together right after this. Hi, I’m Doug Barra. And in this episode of businessSUCCESS, we’re going to unearth the truth around trying to be everything for everybody. First,

however, please take a moment and Like this video. I am committed to getting these messages out to as many business owners as possible, and you can help. By liking this video, you tell the “Algorithm Gods” that this video is relevant and important. That way it will get shown to more people. You can also help by sharing it with your friends and colleagues who will get value from it.

Have you ever seen a trendy nightspot where the bouncer at the door has a red velvet rope? And there was a line of people behind that rope waiting to get in. Then a particular person or group approaches the bouncer, and they go straight in. What if you could create that for your business? The concept of the velvet rope is something to consider for your business.

It can be a potent Business Growth strategy. I used to think that what I wanted, no, I needed, was to work with every possible client. So how could I turn down business? And besides, these people need me. The problem was that I spent so much time with people who couldn’t afford what I was offering, or were just never satisfied, that I didn’t have time for the people I wanted to work with. It wasn’t until I got this concept for myself,

that I was able to turn my business around. So why do you need a red velvet rope? Think about this. You have limited resources, you and your team have a limited amount of time. You likely have a limited number of products and services that you offer. Trying to meet the needs of an overly diverse set of potential customers is not practical.

The adage that you cannot be everything to everyone is very true. So why wouldn’t you limit who you work with? Here’s an example of a red velvet rope in action. Let’s say you own a plumbing company in a big city like, let’s say Miami. Your customers are commercial property owners. Your team, supplies, equipment are geared to the commercial market. Your marketing and sales efforts focus on the commercial segment of the market.

You are not a residential plumbing company. What happens if a homeowner calls you about a clogged toilet, that is where the red velvet rope comes in. That homeowner has a legitimate plumbing problem, but it is not one that you usually handle. What do you do? You let that homeowner know that your company does not take residential customers and refer them to a company that can.

You have put up the red velvet rope. How can the red velvet rope improve your business? To give your customers the best experience possible with your company, you need to focus your efforts on them. That means knowing who your ideal client is. The plumber in that example knows the target audience for that business is commercial property owners. Therefore it does not include homeowners.

Know what your client wants. What are the typical problems, concerns, issues, desires that your client has? For example, commercial property owners have different plumbing concerns than residential property owners. Know how your company can address your client’s needs and desires. How can your products or services address your target market? Having the team’s experience and equipment to address commercial plumbing concerns is how this plumber does it. Make your ideal customer believe they are important.

You can manage that target directly when you address your marketing and sales efforts towards a specific target like commercial property owners. You can address their concerns and show how your company can help them out. Using the red velvet rope is one of the best business growth strategies you can deploy. You are focusing your resources on a specific audience. You are addressing their needs with your products and services,

and you are making them special in your eyes. So they are more likely to want to work with you. How can you put up a red velvet rope in your business? Leave me a comment and let me know. Now, would you like to experience freedom in your business ownership? What if you could have your business create more wealth for you without having to devote more of your time?

This is available when you build a solid foundation for your business. I have created this resource to show you the roadmap to that kind of business success. I call it the insider’s guide to success in business, and you can download your free copy by clicking the link below this video or by visiting www.insidersguidetosuccessinbusiness.com. Remember, please like this video and subscribe to our YouTube channel and be sure to click the bell for all notifications so that you don’t miss a single episode.

Once again, I’m Doug Barra. And now it’s your turn. Click the link, download your free guide, take your business to the next level, and I’ll see you in our next video.