Raise Your Prices
This blog post isn't for everyone.
Some of you are in such a competitive market, you can’t possibly charge more.
Your prospects are too educated and your competition too fierce.
There is nothing you could do, no value you could add, no additional service you could provide that would make someone think that paying you more would make any sense.
Like if you sold water.
It’s just a commodity.
You can get it from the sky for free.
You can get it from your tap for damn-near free.
Although now that I think about it, I paid $0.99 for a liter of it at a convenience store the other day.
And my son ordered water at Rush’s last weekend and I paid $1.99 for the bottle.
I’ve paid at least $4 for the same bottle of water at Willie B Stadium when it was 100 degrees. (remember going to football games? Damn that was fun.)
No one forced me to buy water at any of those places. I mean, I could have gotten a cup and filled it up in the bathroom for free.
So why did I pay for it?
Convenience? Maybe.
Taste? I am not falling for that Fiji water crap...
So I could put the top back on and drink some later? Sure.
Because getting water from the public bathroom is gross? Yeah, that definitely grosses me out.
So how much would I pay for water if I needed it immediately to wash chemicals out of my eyes?
Whatever I had to pay!
Ok maybe water was a bad example…
Or, maybe not.
If you believe your business is a commodity and no one would pay you one penny more than the cheapest price available, then you’re probably right.
Don’t be surprised, however, when one or more of your competitors figures out how different packaging, specialty niches, higher levels of service, different delivery, customized offerings, different unit pricing, bundled services, or some other differentiator will allow them to charge more money than anyone else and make more money than all the competitors.
It’s gonna happen.
Come to think of it, why would a business owner hire a salesperson (you, for example) and pay them more than they might pay another?
I mean, salespeople are a commodity right?
You’re already good. Let me help you get better.
Bringing Honesty, Transparency, and Selflessness to Business.
Want to find out how I can help?
Like the blog? Subscribe to the Mailing List!