#2661: Why To NOT Be The "Wal-Mart" Of Your Industry
Is adopting the low-price, high-volume approach truly the optimal path for all aspiring entrepreneurs?
Today, we're exploring why emulating Walmart or Amazon in your business might not be the best strategy. Choosing low prices and high volume can lead to challenges. Scaling requires a marketing budget, while low prices mean lower margins and more customer service demands. Instead, consider selling higher-priced offerings for better margins and a premium reputation.
Mindset around money matters; address it for entrepreneurial success.
Show notes:
[04:40]#1 Scale requires a ton of eyeballs constantly flowing to you.
[13:25]#2 Lower prices means more customer service needs, which you probably don't want to deal with.
[20:21]#3 If you're not going to be the cheapest, be the most expensive.
[22:44]Recap
Episodes Mentioned:
1690: A Dirty Secret That Social Media Platforms Don’t Want You To Know
2214: How Your Poor "Money Mindset" Is Keeping You Broke
2649: 25 False Money Beliefs That Are Keeping You Broke (Part 1 of 8)
2656: 25 False Money Beliefs That Are Keeping You Broke (Part 8 of 8)
Next Steps:
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Dre "DreAllDay" Baldwin
#WorkOnYourGame