Building a tribe of repeat clients should be the primary focus of any business person.
Knowing who your core audience consists of is critical.
That way, you can position your business towards securing high-quality and high-value customers.
The high quality customers are those who are willing to pay for value.
Two Types of Clients
Typically, there are 2 main types of customer bases you could grow:
The first set of customers focus on low prices and don’t care about the value that you’re offering.
The second type are higher-paying and care more about value than cost.
Price vs Value
Each of the above customers are looking to buy a car.
They both look at a used car and a new car.
The customer-focused on price would immediately be drawn to the used car.
This is because the used car has a lower price.
Their thinking is the out-of-pocket amount to pay now is considerably lower.
The customer focused on value would be more drawn toward the new car.
They know that the used vehicle would need a yearly investment to keep it running.
The new car (which comes with a warranty) would be good for years.
Target Clients Who Seek Value
If you target the audience who looks at value over price, then you’ll attract the right client.
Just remember that in order to keep this level of clientele, you will need to show the quality of your product.
Demonstrate the value your product provides – now and ongoing.
When you are interacting with these high paying clients, make sure to go above and beyond.
These types of buyers often base their opinion of value on more than just the product they are purchasing.
High paying clients want attentive sales people and strong, friendly customer service.
The product itself will seem even better to them, when they are impressed with your client interactions.
When you are purchasing something that costs more than the competitor, you expect to get more for your money.
Personalised service is one of those things.
High Paying Clients Expect More
Think about the difference between a chain and a high-end jewellery store.
At high-end stores, the clients are high paying customers and aretreated as such.
They come in, get served immediately, offered refreshments, and doted over.
Do all high-end jewellery stores sell items that are of a much higher quality than the chains?
But the high paying clients pay for the value of the service and the product as a whole.
This can include private viewing rooms, complimentary gift-wrapping.
Many high-end clients appreciate and will pay for service at a time which suits them.
This can include appointment-based and after-hours shopping
Some customers are so valuable a store will open especially for them.
It’s always good to treat your customers the way you hope they treat your business in return.
Next time, we’ll take a look at the Value Stack Strategy.
It’s a great way to increase your revenue and create very happy customers.