Business Opportunities with Danny & Zac - Showing You How To Make Money

Barbara Streisand’s back in town and doing a couple of concerts at the O2 arena in London. Now we don’t know about you, but we’re used to paying £20, maybe £40 tops, to go and see a top act play live.

But considering what the tickets cost to see Barbara sing her favourites, we doubt that amount would buy us an official programme and mass produced wall size poster. In fact, if we wanted to see the great lady live then we’d be looking at paying out more like £500 per ticket. Some ticket agencies are even selling them for £650 a go!

We remember the last couple of times Streisand came to town and we also remember that the ticket prices were going for top whack then as well. The thing is you know as well as we do, that the concerts will be a sell-out. Because some folks will consider seeing Babs in concert worth that much money.

And there’s an important lesson to be learnt here. 

If only a few tickets sold, then market forces would keep prices down. But Streisand’s people know the market will bear her unsurpassed £500 a seat rate, which means that’s what they’ll charge. 

And because of that Barbara can get away with doing less concerts without hurting her bank balance (which we’re sure is pretty invincible anyway).

So by knowing what her market will bear and limiting her live performances thereby making them more like special occasions than concert dates, Babs can do less than other top acts and still make more as much if not more money.

Of course when she does those concerts she’ll make certain her performance is outstanding. So even paying top whack her fans will still feel they got more than their money’s worth.

Now the question is are you applying the same principles to your business? 

Do you know your market? Do you know what your customers are prepared to pay?

Have you got your pricing right so you’re making a reasonable margin? Or are you rushing around just to keep your head above water?

Are you offering a product or service, which is unique? Special in some way? Something that will mean your market is happy to pay that much extra? 

In this day and age where just about every market is saturated and new competitors seem to spring up daily, it’s easy to forget that you can charge for a quality service. Buying business doesn’t help you and ultimately it won’t help your customers (because the service they receive will suffer if your business isn’t solvent).

And Barbara Streisand isn’t the only institution who applies these principles to business. Stella Artois has long sold itself on the basis that it’s ‘reassuringly expensive’.

So you should do the same. Remember people get what they pay for, and if they pay the right price then they get you!  

Filed under: Top Tips, Sound Advice, Inspiring Business Opportunities, Positive Business Opportunities