One of our main topic in business coaching seminars was in a world where customers are always trying to get a price reduction, it’s very easy to fall into a dangerous trap:
Lowering your prices.
Before you do, please remember this…
Almost nobody buys the cheapest car.
Or the cheapest clothes.
Or the cheapest food.
They don’t seek out the cheapest restaurants, or the cheapest wine.
In almost every case, in almost every product category, most people do not buy purely on price.
The problem is, they often try to convince you that getting their business depends on you lowering the price; that it’s all about the cost.
Don’t believe it. Price is just one part of what they are truly seeking.
Convince them that you make a better product, or deliver a better service, or care more, or use better materials, or have happier customers, or are more trustworthy, and they’ll buy from you.
Even if you’re a little more expensive.
And often, even if you’re a lot more expensive.
Customers love to get a good deal, but they usually don’t make their buying decision based on whether they get one. For most of us, it’s a nice to have, not a must have.
Be strong. Keep your prices up.
Then improve how persuasively you talk about all the other reasons for buying from you.
Believe me, you’ll pay a high price for having a low price.