Everyone is going crazy over Apple's new iPhone --- for better or for worse. Now, whether you like Apple or not, we can all agree that the price of the newly released iPhone is quite the shocker. That might turn off some customers, but I will make the bet that it's a smart move for the company. Why? A $1000 phone actually strengthens what their brand stands for: the highest quality brand, with the best customer experience.
This reputation is what helped Apple become the most profitable company in the world, and the first US company to hit $800 billion in market value, according to Bloomberg Technology. So, what can we learn from Apple?
Price is not the first thing most customers care about.
In fact, at my company we did a double blind marketing study and found that price (surprisingly) came in as the ninth most important factor when people were considering buying a garage door. Let me say that again: not the first, second, or third most important, but ninth.
So, stop obsessing over how you can slash your prices. Instead, create and price your products at a premium. Then, deliver an awesome customer experience. That is how you will become the Apple of your industry.
This two-step process will help you do just that:
1. Create a brand that is irreplaceable.
2. Create a killer customer experience.
A few final words