don’t compete on price when you compete on price it’s a race to the bottom
on price it’s a race to the bottom
on price it’s a race to the bottom because it’s always somebody who’s going
because it’s always somebody who’s going
because it’s always somebody who’s going to undercut your prices to scoop the
to undercut your prices to scoop the
to undercut your prices to scoop the customer up customers are not loyal to
customer up customers are not loyal to
customer up customers are not loyal to you when you compete on price and it’s
you when you compete on price and it’s
you when you compete on price and it’s really hard to build a long-term
really hard to build a long-term
really hard to build a long-term sustainable advantage in business when
sustainable advantage in business when
sustainable advantage in business when it’s only on price I got a question from
it’s only on price I got a question from
it’s only on price I got a question from one of my youtube viewers love you guys
one of my youtube viewers love you guys
one of my youtube viewers love you guys Colin wrote in on one of my videos I
Colin wrote in on one of my videos I
Colin wrote in on one of my videos I mentioned competing the prices recipe
mentioned competing the prices recipe
mentioned competing the prices recipe for failure and he’s wondering why is
for failure and he’s wondering why is
for failure and he’s wondering why is that he said he rents a house in
that he said he rents a house in
that he said he rents a house in Pretoria it’s a it’s a rental property
Pretoria it’s a it’s a rental property
Pretoria it’s a it’s a rental property for him and he has a resistance on the
for him and he has a resistance on the
for him and he has a resistance on the price and every time he drops the price
price and every time he drops the price
price and every time he drops the price he gets more business and when he
he gets more business and when he
he gets more business and when he increases the price people don’t want to
increases the price people don’t want to
increases the price people don’t want to go with him anymore here’s the thing
go with him anymore here’s the thing
go with him anymore here’s the thing call and this is a challenge for every
call and this is a challenge for every
call and this is a challenge for every entrepreneur because we typically
entrepreneur because we typically
entrepreneur because we typically undercut our prices you have to find
undercut our prices you have to find
undercut our prices you have to find something else to make your property
something else to make your property
something else to make your property stand out beyond how much is it price is
stand out beyond how much is it price is
stand out beyond how much is it price is always a factor in any buying decision
always a factor in any buying decision
always a factor in any buying decision but you want to decrease the importance
but you want to decrease the importance
but you want to decrease the importance of it for your customers and it comes
of it for your customers and it comes
of it for your customers and it comes from increasing the value of what you’re
from increasing the value of what you’re
from increasing the value of what you’re offering it’s not just a location for
offering it’s not just a location for
offering it’s not just a location for you think about any hotel chain you’ve
you think about any hotel chain you’ve
you think about any hotel chain you’ve got the budget motels the this you know
got the budget motels the this you know
got the budget motels the this you know slimy places where you might not
slimy places where you might not
slimy places where you might not actually want to spend the night in
actually want to spend the night in
actually want to spend the night in their bed but it’s super cheap all the
their bed but it’s super cheap all the
their bed but it’s super cheap all the way up to the Ritz Carlton’s in the four
way up to the Ritz Carlton’s in the four
way up to the Ritz Carlton’s in the four seasons of the world what’s the
seasons of the world what’s the
seasons of the world what’s the difference you can have two hotels
difference you can have two hotels
difference you can have two hotels across the street from each other one
across the street from each other one
across the street from each other one with a massively different price and the
with a massively different price and the
with a massively different price and the other it’s because the hotel with the
other it’s because the hotel with the
other it’s because the hotel with the higher price has a lot more service
higher price has a lot more service
higher price has a lot more service they’re offering something different
they’re offering something different
they’re offering something different something that people will pay for that
something that people will pay for that
something that people will pay for that the other guys aren’t offering it
the other guys aren’t offering it
the other guys aren’t offering it attracts a better customer to you it’s
attracts a better customer to you it’s
attracts a better customer to you it’s attracting people who value service who
attracting people who value service who
attracting people who value service who will treat your place better who will
will treat your place better who will
will treat your place better who will refer more clients on to you you don’t
refer more clients on to you you don’t
refer more clients on to you you don’t want the guys we’re just gonna pass the
want the guys we’re just gonna pass the
want the guys we’re just gonna pass the low budget bottom-of-the-barrel clients
low budget bottom-of-the-barrel clients
low budget bottom-of-the-barrel clients on to you you want the guys who can pass
on to you you want the guys who can pass
on to you you want the guys who can pass on real business to you so you have to
on real business to you so you have to
on real business to you so you have to now think about a way to make your place
now think about a way to make your place
now think about a way to make your place stand out so that the only thing you’re
stand out so that the only thing you’re
stand out so that the only thing you’re competing on is not just price you
competing on is not just price you
competing on is not just price you should be able to charge that extra $50
should be able to charge that extra $50
should be able to charge that extra $50 $100 or whatever it is because you’re
$100 or whatever it is because you’re
$100 or whatever it is because you’re offering so much more value than your
offering so much more value than your
offering so much more value than your competition and it doesn’t have to be
competition and it doesn’t have to be
competition and it doesn’t have to be things that cost you a lot of money it’s
things that cost you a lot of money it’s
things that cost you a lot of money it’s more perceived value so start thinking
more perceived value so start thinking
more perceived value so start thinking about everything you can do to make the
about everything you can do to make the
about everything you can do to make the experience better for your customers so
experience better for your customers so
experience better for your customers so there are some basic things like you
there are some basic things like you
there are some basic things like you provide free Wi-Fi free parking right
provide free Wi-Fi free parking right
provide free Wi-Fi free parking right just look at the hotel industry but what
just look at the hotel industry but what
just look at the hotel industry but what else could you do imagine the life of
else could you do imagine the life of
else could you do imagine the life of somebody who’s coming to Pretoria okay
somebody who’s coming to Pretoria okay
somebody who’s coming to Pretoria okay they may not have ever been there look
they may not have ever been there look
they may not have ever been there look at a typical persona of the of your
at a typical persona of the of your
at a typical persona of the of your average customer coming to you or you
average customer coming to you or you
average customer coming to you or you may be more your ideal customers coming
may be more your ideal customers coming
may be more your ideal customers coming to you what are their challenges people
to you what are their challenges people
to you what are their challenges people pay for seasons because of the
pay for seasons because of the
pay for seasons because of the convenience because they’re helping make
convenience because they’re helping make
convenience because they’re helping make those people’s lives easier so that
those people’s lives easier so that
those people’s lives easier so that people like paying hundreds and hundreds
people like paying hundreds and hundreds
people like paying hundreds and hundreds of dollars every night for one hotel
of dollars every night for one hotel
of dollars every night for one hotel room so what else can you add to the
room so what else can you add to the
room so what else can you add to the experience of your customer when they’re
experience of your customer when they’re
experience of your customer when they’re coming to your place what are their
coming to your place what are their
coming to your place what are their other problems lodging is a problem
other problems lodging is a problem
other problems lodging is a problem you’ve solved it but what else do they
you’ve solved it but what else do they
you’ve solved it but what else do they have to do are they tourists do they
have to do are they tourists do they
have to do are they tourists do they need to know about Pretoria would it be
need to know about Pretoria would it be
need to know about Pretoria would it be helpful to have somebody give them a
helpful to have somebody give them a
helpful to have somebody give them a tour what’ll help be helpful to have
tour what’ll help be helpful to have
tour what’ll help be helpful to have some information in their room about
some information in their room about
some information in their room about great places to eat great things to see
great places to eat great things to see
great places to eat great things to see any holidays that are coming up any
any holidays that are coming up any
any holidays that are coming up any important festivals or events that are
important festivals or events that are
important festivals or events that are coming up how can you up the value that
coming up how can you up the value that
coming up how can you up the value that you’re providing so that if you do
you’re providing so that if you do
you’re providing so that if you do increase your price by 50 bucks or 100
increase your price by 50 bucks or 100
increase your price by 50 bucks or 100 bucks or whatever it is you’re not going
bucks or whatever it is you’re not going
bucks or whatever it is you’re not going to get that massive drop in business
to get that massive drop in business
to get that massive drop in business this is a challenge for every
this is a challenge for every
this is a challenge for every entrepreneur because we typically
entrepreneur because we typically
entrepreneur because we typically undercut our prices and I know it’s hard
undercut our prices and I know it’s hard
undercut our prices and I know it’s hard and I know it comes from a belief that
and I know it comes from a belief that
and I know it comes from a belief that that we’re not good enough that we don’t
that we’re not good enough that we don’t
that we’re not good enough that we don’t deserve to have that money where you
deserve to have that money where you
deserve to have that money where you should be you should be the expert at
should be you should be the expert at
should be you should be the expert at what you do and you should care more
what you do and you should care more
what you do and you should care more than anybody else because it’s your
than anybody else because it’s your
than anybody else because it’s your business so if you really care about
business so if you really care about
business so if you really care about your customers find other ways to add
your customers find other ways to add
your customers find other ways to add value to the experience with them so you
value to the experience with them so you
value to the experience with them so you can justify charging a higher price when
can justify charging a higher price when
can justify charging a higher price when that happens you’ll have a lot more
that happens you’ll have a lot more
that happens you’ll have a lot more says you can apply to every property you
says you can apply to every property you
says you can apply to every property you have every business that you run and
have every business that you run and
have every business that you run and it’ll make all the difference in the
it’ll make all the difference in the
it’ll make all the difference in the world
world
world believe those are you watching you like
believe those are you watching you like
believe those are you watching you like the video please get our thumbs up below
the video please get our thumbs up below
the video please get our thumbs up below and please leave a comment underneath I
and please leave a comment underneath I
and please leave a comment underneath I want to know what you’re thinking the
want to know what you’re thinking the
want to know what you’re thinking the comments really make my day every day so
comments really make my day every day so
comments really make my day every day so I love seeing them come in thank you so
I love seeing them come in thank you so
I love seeing them come in thank you so much and I’ll see you guys soon
”
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