Oscar Wilde famously once defined a cynic as “a man who knows the price of everything and the value of nothing”.
I am sure we all know people who are money conscious and will balk at paying anything but rock bottom for a product or service. This is all very good, unless one of these people happens to be your client or customer. Working long hours in a business and then underselling yourself is a sure fire recipe for a business that underperforms – permanently.
Regular readers will know that we’re fans of Derek Halpern’s ‘Social Triggers’ blog. Derek is a little off the wall but has some great ideas about marketing, selling, psychology and business success.
We may have our own price points for what we’d normally pay for a service, say £5 for a car wash or £15 for a haircut.
But – take a look at this video where Derek describes how he paid $310 for his haircut – and why he was delighted with the experience.
And forget your trip to the Hot Foam Wax drive thru’ – Gurcham Sahota charges between £600 and £7,200 for a car wash
There some interesting messages in here about how people feel about spending more money (or LOTS more money) for something that makes them feel good.
What can you do in your business to charge a higher price, delight your customers and keep them coming back for more?
- Could you charge 20 times as much as a competitor and provide a superior, unforgettable experience?
- Or, how about just double the price?
- What can you do to get your customers talking and sharing stories about how they splashed out on buying something from your business
Think about the price point and then wind it back in to see what services you can add in to deliver value, a memorable experience and then get your customers talking.