“Businesses also go stale,” he added, alluding to the ‘green apple’ syndrome when trying to make one’s business stand-out from all the other similar businesses.
“To be the red apple in that sea of green you need to think differently,” he said.
It’s all about how you package the product not the cost/price of it, he told the audience. For example he’d lately moved into selling a luxury tent with down pillows to guests at €150 a night.
“You’re no different if you offer the same product or price as your neighbour.”
It’s important that the consumer consider ‘How has the proprietor marked me out as a consumer?’.
And as for reducing prices, dropped prices become the benchmark, he warned., “Instead, add value in different ways”.