As regular readers will testify, I often will use the Lowedown to discuss the principle that people do not buy on price alone, and would advocate any business with designs on bigger things to ‘go gourmet’ and offer a premium service.
Premium services and products usually come with a much larger price tag, so the ‘emotional’ part of any decision to purchase that product will be larger than usual … and that emotional investment will only increase as the price goes up.
That emotional factor becomes even more dominant if the premium product is the realisation of a long standing dream, like the Lamborghini you’ve wanted since it was a poster on your bedroom wall when you were seven.
There is a responsibility, therefore, for any provider of a premium product or service to address both the emotional and financial aspects of what they are doing and ensure, to the best of their abilities, that they not only satisfy but exceed their customers’ expectations.
They need to make everything, for want of a better word, perfect.
Fail to tick all of those boxes and you can be sure it will elicit a very emotional response indeed.
For instance, a couple visiting a Michelin starred restaurant for a 40th wedding anniversary have made a large emotional, as well as financial investment in their decision to book.
They are expecting the best experience they could possibly have, something entirely detached from what they might normally get at their weekly excursion to the Toby Carvery. They want something that measures up to the yardstick of their imagination… and failure on the part of the restaurant to deliver anything less will simply not be good enough.
If, in reality, the service is sloppy or the food poorly cooked you would expect them to complain, and complain more vehemently than they normally might because to them, it is much more than just a meal.
The damage is done however, because whilst the restaurant can give them their money back they cannot give them back the feeling of anticipation, expectation or excitement they had before – that has now gone.
So, whilst I would still encourage any business of any type to offer a premium service or product I would ask that you first ensure that before you go ‘live’ with such a venture that everything you are promising, you can deliver on a consistent basis.
Make sure every‘t’ is crossed and every ‘I’ dotted. Make sure you can exceed what you say you can deliver, and satisfy your customers’ emotional investment as well as the financial one, or you could find that the negative response far exceeds what you might be expecting…
Until next time,
Publisher, Tim’s Business Lowe Down