How to Make More Money Than Your Competitors

You might assume that I would give you a very sneaky answer, but it's actually very simple.

If it's an even playing field—same market, same numbers—there is only one tried-and-true way to make more money.

I am going to forewarn you! It's something a lot of us don’t like doing and it's natural to want to avoid it.

You need to charge more money.

Why Is This a Challenge?

You don’t want to be turned down, so it finds its way into being a touchy subject that most want to slip and dodge.

It's a debate as old as time... What should I charge my client?

Well, here is my rule of thumb: just charge more than your competitors.

You could double your phone calls and work twice as long, or you could just double your fee.

You might have a hard time convincing yourself that your service or product is worth more, but if your competitors are charging it, why can't you?

In Business, Perception is Everything

When a client is looking at your business for the first time, they form an opinion that is hard to change and the most significant marker that will influence their perception is your price.

Consider these examples that you have likely encountered but might have not noticed:

What's the first thing that comes to mind when you picture your friend saying, "I'm going to go buy a really nice sports car"?

Probably something in the $60,000 to $150,000 price range because those are considered "good cars."

You see the price tag of $150k and think, "Wow, that must be a really nice car."

Meanwhile, other cars on the market may have a nice body kit and go just as fast for a quarter of the price, but that just doesn’t sit right in your head. It must be better because it is more expensive. Find a $20,000 car and a $60,000 car, and I guarantee you that mechanically, there is not much of a difference.

The same goes for your competitors.

Add a Zero, Take a Big Gulp, and Go For It

Sometimes I mean this literally, and this approach isn't about reckless pricing; it’s about recognizing and charging for the real value of your services.

Take Starbucks as an example. Their pricing strategy isn't just about coffee; it's about the experience, the brand, and the status that comes with every cup.

They charge more, and people are willing to pay for what they perceive as a premium product.

Want your business to be perceived as a premium product? Charge more.

If you want more tips on how to implement these changes and effectively market them, click the link below to schedule a free marketing evaluation.

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