One of my mentors once said that "If you can't be the cheapest in the marketplace, there is no strategic advantage to be the second cheapest. But, there is every advantage to be the most expensive".
I learned the lesson the hard way when I was the owner of a night club back in the days in an upscale district of Taipei that cost me 6 figures.
Instead of trying to position our unique competitive advantage, we were simply competing for lower price, which led to negative cash flow and racing price down to the bottom.
In the end, not only did we not create awesome experiences for our clients, but also, the business is no longer in operation and lost economy.
Here is the punchline...
When you have high-ticket product/service in your offerings, you have tremendous leverage to create the best unique experience for the clients and a sustainable business as a result.
It's always a win-win proposition!
Let me know your thoughts in the comment below!
