Why We Pay $60 for a $10 Steak

One of the things Patrick Bet-David wrestles with as a CEO of a financial firm is how can he sustain the level of growth that his company is experiencing. Just two years ago, he was doing 500 policies a month. Then he reached 1,000 policies a month. Now he’s doing 3,300 policies in a month. His challenge is to sustain that growth and still maintain a good level of customer service and customer experience for everybody.

That challenge is like the difference between going to Ruth’s Chris Steakhouse or Applebee’s for a steak. The quality of the steak might be similar but at Ruth’s Chris, you pay way more. Why? Because they do well in 8 areas PBD has identified. Pay attention and think how you can apply these 8 things that the high-end places do well to your business.

The 8 Areas to Think About That Get People to Pay $60 for a $10 Steak

  1. Pay Attention to Details

    1. A big part of customer services is paying attention to details. These high-end restaurants ask questions like, “Are we celebrating anything tonight?” If yes, the whole staff is made aware of that birthday or anniversary so they guests feel special. You can do this with your CRM in your business for your clients.
  2. Service

    1. These restaurants do more than just bring your food to your table. They make someone feel special like they are getting what they paid for. It’s as simple as the language that you use.
  3. There’s an Experience

    1. The music, the smell, the lights, the décor, it all adds to the experience. It puts people in the right mood and it makes them feel like the whole evening is magical. Figure out how you can change and improve your experience for your customers and they will reward you for it.
  4. Unique Recipes

    1. They do something different than anybody else. You have a recipe no matter what industry you are in and no matter what you sell. Tell your story of your recipe and what makes you different and better than your competition.
  5. Special Formula

    1. Having a special recipe or formula within your company that brings your clients and customers back is a great way to set yourself apart. You can do special experiences for your customers that no one else is even trying.  It makes people feel special.
  6. The Environment

    1. What does the environment look like when you are selling? The environment is very different between Ruth’s Chris and Applebee’s. Different environments help build your brand and your value.
  7. The Team

    1. The most crucial part when you are in customer service and experience. Your team needs to support your principles and your values every day with every customer. They are the people that prove to each person why you are worth the price you are asking for. The experience is lost without a good team
  8. Quality of the Product

    1. At the end of the day, whatever you do during the sales experience, it doesn’t mean much if the quality isn’t there. Make sure you elevate your quality to match your high standards for the experience. Remember, you are the product.

Next Steps: Go to restaurants, take notes, and then apply these concepts. Don’t forget to tweet @patrickbetdavid

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