The video, part of the Small Business Advantage series by Horicon Bank and hosted by Pat Miller, emphasizes the power of storytelling not just in marketing, but also in pricing strategy. The key message is that a compelling story can justify higher prices by positioning your business as the only solution for a specific type of customer.
Key Points:
- Seth Godin’s Insight: If you had to raise your prices 10x, what would you change to make your offer clearly worth it? This thought experiment encourages businesses to rethink their value proposition.
- Consumer Behavior: People rarely choose the cheapest option for things that matter to them. If your business is indistinguishable from others, you’ll be forced to compete on price.
- Differentiation Through Story: Businesses that survive and thrive do so by telling a story that resonates with a specific audience. For example:
- A bookkeeper for fast-growing businesses who helps manage chaos.
- A bookkeeper for mission-driven nonprofits who understands their unique needs.
- A bookkeeper for veteran entrepreneurs preparing to exit their business.
Each example shows how the same service—bookkeeping—can be tailored with a story to attract a niche audience and command higher prices. Telling a strong, specific story is a competitive advantage. It helps attract the right clients and allows you to charge more confidently.