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Worth Every Penny
Book

Worth Every Penny

Build a Business That Thrills Your Customers and Still Charge What You're Worth

Sarah Petty and Erin Verbeck
Greenleaf Book Group, 2012
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Editorial Rating

6

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  • Background
  • For Beginners

Recommendation

When businesses compete in today’s marketplace, mammoth companies like Walmart and Amazon set low prices for their respective sectors and force everyone else to drop their prices, too, often at their economic peril. However, one class of business – boutique firms – chooses not to get into that boxing ring. These organizations set their own business terms by selling customized products and services at premium prices. Boutique business experts Sarah Petty and Erin Verbeck explain (and sometimes repeat) the basics of the boutique business model. getAbstract recommends their insights to would-be entrepreneurs and small-business owners who would like to determine if turning their companies into boutique firms is an appropriate tactic they can use to avoid being competitively forced to discount their prices.

Summary

You Don’t Have to Slash Your Prices to Succeed as an Entrepreneur

For decades, travel agencies were a profitable industry. Then Priceline’s negotiation-based website appeared, along with a series of other cost-cutting Internet travel options. The September 11, 2001, terrorist attacks also hurt travel agencies. Many closed their doors or had to cut prices to be competitive. But not Kahalla Travel. The boutique San Diego travel agency maintained its prices and its customer base. The company thrived by providing exceptional value and service.

A Kahalla client named Libby traveled to the Dominican Republic with her friends to celebrate her 50th birthday. Her Kahalla travel agent, Becky, contacted the hotel and suggested that perhaps it could provide a birthday cake. She also proposed that the hotel staff decorate Libby’s room in a fun way. The hotel did as Becky requested, and this wowed Libby and her friends. Libby told everyone about what Becky had done to surprise her and how happy it made her. Becky’s initiative represents business as usual at Kahalla Travel. When she booked a retired theology professor for a Mediterranean cruise, she sent him information about Christian...

About the Authors

Sarah Petty is the founder of a boutique photography business, The Joy of Marketing, where Erin Verbeck is the Chief Joy Officer.

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