Don’t be the taco truck
To win, you need to either be better or cheaper. Being cheaper is a tough game. Most businesses try to be better.
But demonstrating and earning the premium for being better can be tough. The buyer’s expectation is often based on those in your market who are fine being cheaper.
Think about it this way. You can pay a wide variety of prices for a taco. Less than a buck at Taco Bell, for example, if price is your thing. But quality comes into question.
You might pay more at a taco truck, but not much more. Maybe better ingredients, certainly more authenticity and a more valuable experience.
Head to a fancy Mexican restaurant and you might end up paying $15 bucks for two tacos. Seven dollars for a taco!
That’s crazy…until you factor in why that experience is better. More comfortable. More satisfying. Yes, hopefully quite tasty as well but you’re clearly paying for far more than a tortilla, some meat and fixings.
Nobody walks into a table linen restaurant and expects to pay taco truck prices. If they don’t like the prices on your menu, they’ll go to the taco truck. Those aren’t your customers anyway.
You can’t sell to everybody. Know your niche, know how your value is differentiated, and stand up for it. Be proud that you’re turning people away or losing deals on price! You’re unique and valuable and worth it. Focus on finding the customers that share that value translation with you.
I love eating at taco trucks. But I don’t want to be one.