Episode 40

How to get to the premium clientele

Arvid Madland Lyngnes published on

Allowing yourself to become a specialist is the first step on the business ladder to a more attractive clientele. By diversifying into new markets, you and your company can keep developing your expertise and not “dilute” it by catering to a broad spectrum of challenges. A Ferrari mechanic will charge you a lot more for fixing your Ferrari, than your local mechanic down the road. But if you enter the Ferrari garage, and you see a few Ladas, Skodas and Toyotas. Your trust will drop, your willingness to pay a premium for their services will disappear completely. And there is a good chance you will take your Ferrari somewhere else. This goes for almost any business as well. And if you want to be a specialist, the one business that charges a premium for fixing the ferraris of the business world. By diversifying your market, you expand the number of Ferraris in your clientele. Hence you don't have to fix the Toyotas, Ladas and Skodas to stay in business. And you can keep on developing your Ferrari fixing skills while charging the premium that makes you attractive for the premium clientele

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