Here’s a thought. Say you really want to break into a new engineering market (characterization, dynamic simulation, flow assurance). Business sense might dictate that in order to get recognised, you have to win jobs in that market (business sense hah, try common sense).
Problem is, to win those jobs and gain goodwill, you might have to lower your cost, sometimes much below that of the jobs you do in your current market, while maintaining the same quality of product. Your plan is to raise your rates once you have established yourself as a provider of world-class product, and command fees to boot.
An alternate case is that your new clients are only interested in cost only, and as soon as you raise your rates, it’s bye-bye time. You may also have spoiled your core business, as word spreads that you can be got at lower prices as long as the other parties stick to their guns.
Here’s a solution. Seek out these new fields using the name of another company, one you don’t mind associating with low cost. For example, your boutique is called MAS, and your budget line is called Firefly. After you convince your clients that they really want MAS services, close down Firefly (or stop responding to invitation to bids), and tell them that MAS will provide the services they value so highly, which comes with a price.
At least MAS is still seen as a boutique.