I recently read (and it’s been beaten into us by quite a few folks lately) that in order to be successful with your business, you must offer an experience that falls into one of these categories:
1. the best
2. the cheapest
Generally, I think this is accurate. Playing in the middle territory is dangerous and a sign you are trying to be all things to many people. However, these terms are very broad and subjective, particularly when earning the “best” position in a customer’s mind.
Personally, I think you can achieve the “best” status at multiple price points within the same group product/service offering. For instance, Motel 6 can be the best (budget category), and so can Four Seasons (luxury). You can have the best food by serving $100 entrees as well as $5 hamburgers.
The key is to determine the experience your guests want at the price point you are offering…in other words, how do they want to feel? Then, simply do it better than everyone else in your class. Choose an edge to play on, service, food, artwork in each room, or whatever makes the experience distinctive and memorable. And, be the best at doing that. Of course, it’s usually not one feature that makes the experience memorable in the first place, it’s a combination or culmination of experiences which makes you stand out above the rest.