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Tips, advice, and information for South African business owners

24 Jan

10X Your Pricing

Earlier this week, while checking in for an international flight, I discovered to my horror that I had forgotten my visa. Fortunately, I had an electronic copy and was able to print the document at a local retailer. However, it cost ten times more than normal.

Under normal circumstances, I would consider a 10X price increase for a commoditised product or service laughably exploitative. But these weren’t normal circumstances, and I paid the premium without complaint. It was a timely reminder of how the severity of our problems directly influence our price perceptions.

There is no greater leverage for raising your prices than creating more value for your clients. Yet many business owners are more concerned about their pricing (and the extent to which it is perceived as reasonable compared to their competitors) instead of the problems that they solve for their customers (and the extent to which those problems are uniquely aversive).

More often than not, “value for money” and “fair prices” are euphemisms for mediocrity and timidity – a convenience for business owners who are too lazy to bother understanding what their customers truly value, and too meek to charge what they are worth.

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