From Reinvention 101: Bold Ideas on Reinventing Yourself:
Companies like Ghirardelli Chocolates and Rolex Watches only sell to one type of customer. The ones who will pay for their special products and services. They make more money because they specialize.
Specialization makes a Lexus more valuable than a Toyota. Specialization makes Starbucks more valuable than Dunkin’ Donuts. Specialization makes Jos. A. Bank more valuable than TJ Maxx.
Get the idea?
They make more money as a result of their higher value. It’s been true in the medical world for decades. Medical specialists make more money than General Practitioners.
What is the “only” you can create to increase your perceived value and discriminating customer base?
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