by Stacy Zemon
Going in to a meeting with a prospect, you have to assume that she/he wants to save money rather than spend more of it, so DJs who position their services in the premium price range have an immediate challenge. However, with the right formula, you can earn the right to charge clients more than your competitors do.
Do you want to establish and maintain a premium price position? Here are a few ideas to help you reap the rewards:
- Be Only a Premium Provider. Identify the features that are considered high-end on the value scale. Then highlight those crucial elements in your marketing. Resist the urge to offer a basic service level. Stick with the premium level if you plan to maintain your premium pricing strategy.
- Define Your Value. Help your clients understand why your prices are higher. If you know how competitors are undercutting your prices, and you feel the competitors’ lower cost equates to poorer quality or service, explain this difference. In other words, don’t hide your price; instead, explain your value to the customer, and be prepared to demonstrate the return on investment (ROI) associated with your services.
- Don’t Play the Discount Game. Many of your competitors are quick to cut prices to earn business. Don’t play their game. You don’t want to fail because you can’t generate sufficient cash flow to sustain this discounting strategy. A premium disc jockey firm is not a commodity, and therefore does not offer discounts as a way of gaining business. If you have carved out a distinctive market by not discounting your services, then your challenge is to create and sustain a brand that supports your premium pricing strategy.
- Go the Extra Mile. Nearly every business claims to offer great customer service but a relative few really meet the acid test. Always under promise and over deliver. Keep every commitment that you make. Do what ever it takes to make each and every client feel that she or he is the most important one you’ve ever had. Be prepared for and put on a stellar performance at every event.
A large number of DJ companies focus on the weaknesses of their competition as a way to earn business. Don’t use that strategy. Do keep this in mind: The true measure of a premium provider is a company that focuses less on what the competition does or doesn’t do, and more on selling and delivering value to its own clients.
What strategies do you use to maintain premium service status in your marketplace?