Pricing is about two things: the economic transaction and a statement of value. Pricing influences customers’ perception and view of quality. A high price can reassure customers about quality and may actually increase sales.
If you find you have to drop your prices or change your product to what rivals offer, it probably means you’re dealing with the wrong kind of customers. Instead, find the right customers – the ones who are prepared to pay the full price for what you can uniquely offer. We need to focus our businesses on things we can do that rivals cannot. This will enable us to increase prices – with the right kind of customers.
Only when we fully understand how valuable the benefits of our products are to the customer can we price accordingly.
See more about the toolkit here.
Note: This online toolkit or course includes access to live online group coaching events facilitated by David Parrish.