What I really wanted to call this post was: My name is Preston Bailey and I am a shoe junkie–but I figured you’d want to know more about getting the big bucks, right?
Confession time: I am capable of being incredibly superficial. Nothing gives me more pleasure than walking into Prada and dropping $1500 on a pair of shoes. (Long ago, this is what my father made in a year).
As I prance down the avenue like a very proud fashion peacock, I feel like a better person when someone acknowledges my new overpriced Prada purchase. (I am sure I am not alone–you know who you are.) However, I still have the first pair of Prada shoes I purchased 12 years ago. I can safely say that as overpriced we might think Prada is, the quality of the shoes is excellent and I always feel a bit more special wearing their brand.
This week, I’d like us to work diligently in improving the quality and perception of our business to ensure that our clients feel special and proud of using our services. In other words, work on becoming a high end business. The question is: How can you make yourself and your services so unique that you can charge the big bucks like Prada?
To Do this week (and remember, this is just an exercise to test if you are ready):
- Start by doubling the price of your services or designs.
- Choose one about how you feel: A. My customer will never pay this amount; B. I am not worth that much, I feel like I am robbing my clients; C. I deserve this and I can make this happen by giving a very unique design mixed with great service.
If you chose:
A. You are one-hundred percent right. They never will if you actually feel this way.
B. Again, you are right. It’s up to you if you think you are not worthy.
C. I can assure you (based on experience) that with time and determination you CAN make this happen. I am convinced that anything we want the Universe or God conspires with us (and the world) to help us achieve it.
Making this decision is only the beginning. Tomorrow in Frequently Asked Questions, I’ll answer the question: How did you become a high end business? I’ll also give you a few tips on how to make this happen.
Which did you choose? A, B, or C? Please share at least one example about how you managed to improve the quality of your services. And actually, I wonder: Are you interested in becoming a high end brand and getting the “big bucks” or are you just happy where you are? (A lot of artists are completely content with where they are, and of course that’s okay too.)
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George Bernard Shaw once said: “You see things and say, ‘Why?’ But I dream things that never were and say, ‘Why not?’” That quote embodies how Preston Bailey approaches every event.
Ahmed Elkaswani
June 28, 2010
Thank you so much for this post Preston!!!! This topic often not discussed, and when discussed its always argued until we agree to disagree! However, believing in your service or product is the key for success! I look forward to your post tomorrow! thanks again
Kristin
June 28, 2010
I chose C – I deserve to get the BIG bucks. I truly believe that I service my clients. My thoughts and designs are AMAZING just like my business.
Angela-Renee
June 28, 2010
I agree with Kristen. I deserve the best. I once worked nearly 36 hours straight through for a client. My client had no idea that this happened. My event staff was exhausted and so was I. However, there were some changes in itinerary due to inclement weather and it threw the entire plan off for the next day. So I worked practically through the night to smooth things over. No one knew I had done that and everything came off smoothly. I do my best and I deserve the best. (*.*)
Charles David
June 28, 2010
By far, this is the single most important question any new business owner should ask him or herself! I couldn’t agree with you more! The service your business offers will ultimately place it’s reputation in that unique pack. More over, the power of word of mouth, will follow your business to the end.
One example of this such unique and rare service happen two weeks ago at the Ralph Lauren store on Madison Ave and 72nd street. There was a groom to be shopping in the mens tie pit, trying to find the right tie and pocket square combination for his wedding suit. He had apparently searched high and low throughout the city, but to no avail. (long story short) The sales person ( Mr Machioudi) who at that moment happen to be sporting the appropriate tie to complete the groom’s ensemble, removed his own tie and with no hesitation, offered it to the exhausted groom. You should have seen the groom’s face! He looked as though he had just received a new car from his future father in-law. It was a moment worth capturing.
Now, what particularly struck me about this was not only the gesture, but what the sale person said afterwards. He told us I had no problem doing what i did, because our company cares about us (it’s employees). They make us feel like we’re members of a family and this is how we see our clients, like extended members of our family! Bingo! Bingo! Bingo!
Another example of why some companies stand above the competition.
Thanks Preston I know your staff feels like family and this is why i love what you’re all about!
You are the real deal
Allison
June 28, 2010
Hi Preston!
I chose letter “C”. I have a heart for creating beautiful things. I go above and beyond to see that the people around me are happy. This year one of my clients took advantage of my creativity and genuine character. I felt used, over worked, and under paid. I have learned the hard way that I can still be creative, bring joy to people, and be profitable too.
Sharon
June 28, 2010
Thanks for the great post Preston! I’m interested in developing my brand into a high-end brand but, as a relative newcomer to the industry I fully realize that it will take time and determination in order to gain the necessary experience to provide the highest quality to my clients. Although I have confidence in my design and abilities, I don’t believe I can or should necessarily charge high end rates (yet). As I improve the quality of my work, my prices will increase accordingly. I want to be able to offer exceptional value to my clients, give them a high-end experience, and have a unique offering so they’ll feel that they are getting great value for their money. In almost every industry it takes time to reach the top and to be able to command the high-end prices!
I am working on improving the quality of my services by continually evaluating my performance and learning from mistakes.
Daisy
June 28, 2010
Bonjour Preston,
I can completely agree with you 150%!!! I started my own on-line Paper Boutique creating handmade stationery. At first I was afraid if I would sell anything at all, now I have perfected my craft and I increased my prices and gave and give top of the line quality and customer service and my customers never stop buying!!! I insist I owe it all to the confidence in myself, and paying attention to detail. I listen to my customers and follow what they are buying which allows me to keep offering more of what they like and create the unexpected, which they love. I pamper my customers with beautiful luxurious gifts with each order and they just come back to order more of the gift that was included!!! I also wrap their stationery in luxurious scented wrappings and they love it:))
Great article!!!
Royale wishes,
Daisy
La Petite Plume Designs International
Annapa
June 28, 2010
Wow.. I am C all the way Thank you Mr Bailey. I just have to keep going.I really needed this today. I am so with you on the shoe thing. Annapa Red Shoe Events London England
Dona Carmen Milagros
June 28, 2010
Hola Preston. What would we do without you or your wisdom and talent? You always manage to make [it] crystal clear; never a guessing game. So thank-you for being “real” and “straight-up.” My comment/response to your question is that I think that the majority of us want to make the “big bucks” and almost always will go above and beyond the call of duty giving the BEST of what we’ve got. However, because of “fear factors” i.e., lack of confidence, rejection, criticism and going out of business, most will shy away from charging the big “cha-ching” for their goods/services. That’s why “high-end” businesses are in the minority; there are many many talented, undiscovered individuals that will never get a piece of the pie… But thank God for YOU! for it is people like you that through your generousity of sharing, encouragement and advice, that help others to say “show me the money!” Thanks again Preston. Look forward to more of you
Barbara Ramoutar
June 28, 2010
I do like this ,,and will love to make more money,,for my older years,,when I can’t climb and do most of it my self….also like to teach ,,hope by the I do learn from you I won’t be too old hehe love Preston.
Bayu Weddings
June 29, 2010
Err, I’m the Wedding Consultant with the Prada shoes, I guess … But, wait, the struggle more like what Mr Mandela wrote in his “Long Walk to Freedom”, I guess, and I can say that it’s “Long Walk to Prada Boutique”, LOL.
We started big, offering “wedding consultancy” that translates to “we give you peace of mind” or in other words, we take the headaches away from you. Many clients are happy to know that everything is in order, appointments are on time and they are reminded of everything. There are doubts though, when the goings sometimes got too tough, but, hey, with the more than colorful kaladeiscope the Asian weddings could offer, and wedding elsewhere, I know, we, wherever you guys are, will walk that walk to a Prada boutique with your chins up.
Vivian's Decor
June 29, 2010
I chose “B” because at this point, I’m not worth that much. I started my biz because I thought decor was grossly over priced, so I set out to be the the decorator for the brides who buy their bags at Coach Outlet, dig through the sale racks at Banana Republic and Google everything. “Simply fabulous for the simple, yet fabulous bride”, that’s my motto – I have a niche that I’m really happy with. I am quietly raising my prices and adding better quality items to my inventory and raising the bar a little bit on the design end of things.
Navjot
July 1, 2010
It is always good to learn something new from your expert advise. Life is a continuous learning process. Learning the very tools and implementing in regards to the positive result is never easy. Most of the time we never reward ourselves.Thanks as always
Nishaka
July 8, 2010
Thank you so much for this article. I have been in business now for 3 years and was afraid to really review my price structure and increase pricing. Not only do we delivery a high level of excellent systems and execution for our clients, we have done that for clients that did not pay for the service and we delivered it in spite of. In order to be truly profitable and maintain covering all expenses, we have to go up and I can say officially today I just did it! Over the last 2 weeks, I’ve been reviewing our price structure and finalized the increases on today. Thank you so much for helping to shift my mindset for the business.
Blessings & Favor to you and your team,
Nishaka
Events With Excellence
Meta
August 2, 2010
Thank you! I so needed to hear what you said in this blog. Thanks. I am a firm believer that what we need to hear God will let some one say. You said what I needed to hear based on prayer and meditation this morning.
Meta
Heidi Reeder
March 16, 2011
Though my passion and willingness would have me be a C, I chose A because I’m brand-new. People respect quality and experience, and though I may have a great quality, I don’t have the proof!
Cheers to the roughing-it of getting started.
Thank you always Preston, you remind me not to sell myself short.