The Other Guy Charges More Than You. So Why Do His Customers Happily Pay Extra?
by Carmen Sognonvi | Oct 18, 2011 | Personal Development for Local Business Owners | 1 comment
Do you ever wonder how other local businesses can charge more than their competitors, and yet their customers happily pay the difference?
In this video, Carmen tells you what it is that sets these companies apart, and how you can achieve the same results.
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The other guy charges more than you. So why do his customers happily pay extra? -> https://www.carmensognonvi.com/expert via @carmensognonvi
The secret to charging more? Embrace your expert status -> https://www.carmensognonvi.com/expert via @carmensognonvi
You are already an expert. Here's why -> https://www.carmensognonvi.com/expert via @carmensognonvi
Hi I'm Carmen Sognonvi. If I told you that there was something you could do as a local business owner that would help you establish instant credibility with prospective customers, turn them into loyal customers who shop only from you, charge more for your products and services and have your customers happily pay the difference, would you do it? I'm guessing your answer is yes, right? Well, in this video I'm going to share with you the mindset shift you need to make if you want that to happen.
If you want to be seen as more than just another local business, you need to embrace your status as an expert in your field. Why? Because experts have credibility, they inspire trust among customers, and they can charge more for their products or services.
Now, embracing expert status is easier said than done. Let me share a story with you that illustrates that point.
I once went to a workshop that taught women how to write and submit op-ed pieces for publication. It was a fun event for me because I got to meet an amazing group of women who were at the top of their game in their respective fields: which included everything from military intelligence to hip hop, from foreign policy to environmental activism.
One of the first exercises the workshop leader had us do was to go around the table and introduce ourselves in a very specific way. We had to say "My name is ______, I am an expert in _______, because ________"
No big deal right? Well actually it was a big deal. I got through the exercise, but felt totally awkward as the words came out of my mouth. But as we went around the room, women just started falling apart. They would stumble over their words, backtrack, say things like "well I don't that I would call myself an EXPERT at this…", downplay their accomplishments.
And it just really boggled my mind, because these were women with PhDs! One woman had just come back from Afghanistan where she had been advising the president! And even she hesitated to call herself an expert!
Now, I think that embracing expert status can be more challenging for women than men, for a whole slew of reasons having to do with the way girls are conditioned and socialized – but I won't get into that here.
The point is, no matter how accomplished you are, it can feel really uncomfortable to get used to the idea that you're an expert at something.
Maybe in your mind, you can only be an expert if you've published a book on the subject. Or have a PhD in that field. Or be quoted regularly in the media on the topic.
But what if you shifted the way you thought about the word "expert"?
What if being an expert simply meant this?
You know more about a certain topic than the average person, and people would appreciate learning about what you know.
That's not so scary, right? Wouldn't you describe yourself that way? Absolutely you would!
But may you're still not convinced.
You may be thinking to yourself, but Carmen, I own a donut shop, and I know a lot about donuts, but I've only been working with donuts for 5 years, and there are people who have been working with donuts for 20, 30, even 40 years! How can I possibly call myself an expert?
Well, let's take as an example someone you probably know of: Suze Orman, the personal finance guru.
Do you think there are people in the world who know more stuff about finance than Suze? Probably. There are people with PhDs in economics and finance, who have written textbooks on the topic, who write newspaper columns about it, who are advising the president about financial or economic issues.
If that's the case, why does Suze Orman even have a career?
Because she's good at taking complicated concepts and breaking them down in a way that makes it easy for the average person like me to understand. Plus, she's got a distinct point of view when it comes to how people should manage their money, and she's able to express that point of view in a succinct and memorable way through her catchphrase, which is "People first, then money, then things."
Remember, being an expert is not…
It's not about how much you know, it's about how you share
Still not convinced?
Maybe you're thinking to yourself:
"I can't be the donut expert! The guys at Voodoo Donuts in Portland, those are the donut experts. They're always in the papers and on TV."
You need to take the pressure off yourself. There's no reason you have to be THE single authority on a topic. In fact, it's not even possible. On any given topic there are a multitude of experts. And each one brings their own spin to the topic, their own point of view, their own style of explaining things.
That's all you need to aim for – you want to be A expert, not THE expert.
You are A expert, not THE expert
Ok now you're thinking, fine Carmen, I can get down with being A expert on donuts. But I don't want to be one of those annoying blowhards who's always bragging about stuff.
Well, I'm actually glad to hear that! I find those blowhards annoying too.
The trick to embracing your expert status without being obnoxious is to simply stick to the facts and avoid hyberbole.
So don't say "I own the pre-eminent leading most-respect donut shop in the history of the world and possibly the universe."
Instead, you want to say "I own Acme Donuts, which has been featured on the Food Network and won the Donut of the Year award from the National Donuts Association in 2011."
See the difference? You're able to exude authority without sounding like you're bragging, because you're just stating the facts.
It's not bragging if it's true.
Becoming an expert in your field is one of the best ways to set yourself apart from other local businesses. And all that really entails is embracing the notion that…
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How do you feel about embracing your status as an expert in your field? I'd love to hear about your experiences! Thanks for watching!
Liz on January 22, 2015 at 11:11 am
Great advice!
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