As an entrepreneur, you have to decide what space in the market you want to occupy: Louis Vuitton or Wal-Mart?

You should be one or the other, as there’s not much breathing room in the middle. Be cheap, or be expensive.

Go to the Louis website, the first item is a “Pochette Métis” women’s handbag that might be large enough to hold an iPad Mini. It’s listed at $2,570.

On Wal-Mart’s website, I see a Spider-Man Easter Egg Activity set, for $3.24.

People who buy groceries from Wal-Mart don't shop for Louis Vuitton clothing.
People who wear Louis Vuitton clothes don't get their groceries from Wal-Mart.

Both make money. You just need to know what comes with each approach.

Wal-Mart did $560,000,000,000 (that’s Billion) in revenue last reported year. The Wal-Mart approach means LOTS of low-cost transactions, many customers, and all the stuff that comes with that.

Refunds.
Cheap customers.
Customer service needs.
Constant churn of people.
Low margins.
… Amongst other things.

Louis Vuitton did $75 billion dollars in their own right. This approach has its own challenges.

Longer sales cycles.
Higher margins - but fewer customers.
Ongoing job of positioning (looking like you're worth what you’re charging).
A MUCH smaller potential buyer market than Wal-Mart.
If you’re used to being Wal-Mart, the constant pull to lower your price to match demand of Wal-Mart-level buyers.
… Amongst other things.

Choose your shit sandwich. You have to eat one.

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