Last week I spent a day down at Entrepreneurs Circle for my Mastermind group. There are eight business owners in the group, and we get together every couple of months for a session with Nigel, who runs EC, where we get to work on our businesses.
When we’re down there, we’re in the boardroom upstairs. Downstairs on the ground floor, there are usually a couple of courses running at the same time.
Now, one of the things you get when you go to EC is you always get fed very, very well.
The menu downstairs included some lovely rice with prawns, and roasted vegetables, plus some vegetable ratatouille. Honestly, everyone downstairs would have been very, very happy with the food. It looked great.
But upstairs was a step up again.
Because, as Mastermind members (which is the highest level of EC membership), we get treated a little bit differently. Our menu included the roasted veg and the vegetable ratatouille too. But it also included moules mariniere, lamb shank…and lobster.
And that little difference is a perfect example of how you treat your premium customers.
Your premium customers are the ones who have chosen to upgrade what they buy from you and, therefore, pay you more money. And when they’re paying you more money, you can deliver a higher level of service, and perhaps a few little fringe benefits too.
Like the lobster.
Any business can find an upgrade – a premium version. It might be bigger, faster, simpler, more convenient, more hands-off, more supported… but definitely something that is more valuable to your customers so that they are willing to pay more.
It’s one of the topics we love talking about with our clients, because finding your premium product to increase your average price is one of the quickest ways to increase your profits.
And it’s also one of the topics I’ll be talking about at our next live web event.
Pricing for Profit
The live web event is called Pricing for Profit and it will go live on at 10am on Wednesday 25 February.
If you’d like to attend, please click the link below.
| Reserve Your Place |
And even if you can’t make it live, click the link anyway and we will send you the recording.
It will be a great event… but because it’s on the web, I do apologise, we won’t be providing lobster.
Many thanks
Jon