I hear it from all of our Boutique Owner clients, they all say they have a product that someone else has, and their price is higher than their competitions. They always complain about how they feel they have to lower their price to match the competition. And I whole-heartedly disagree!
Providing exceptional customer service can help to build customer loyalty, even during difficult economic times.
You have to WOW your customer with your service level and they will happily pay the higher price. In fact, this is backed up by a survey by American Express, 70% of Americans are willing to spend an average of 13% more with companies that they believe provide excellent customer service. Think about that, if your dress is available at $113 and your competition is at $100, the customer will choose to pay the premium because of how well you engaged with the customer. If that happens 10 times a month, that is an extra $130 that you made simply by having a better service level. And over a year, that is an extra $1560 from just one item.
So, if your neighborhood competition has similar product, then you just need to have better customer service and you’ll win!
Looking for more tips to get your business growing and thriving? Check us out @ispeakboutique or at www.ispeakboutique.com
