The funny thing about "price" and "value" is that if given the choice, savvy consumers will always select value over price. Whether they're buying carrots or a car, people who are able to see added value (and afford it) will pay more.
Unfortunately for those in business (any business), we don't do a great job of highlighting the value we bring...at least I hope that's the case and not that we just aren't "bringing it."
"Bringing it" (Value)
Regardless of what biz you're in, you must provide enormous value to your customers...because if you don't, someone else will. The world has gotten a lot smaller, people have options, marketers have broad presence and everyone is after the same slice of the pie.
All too often, in an attempt to garner more clients or sales, or head off new competition, we'll drop our prices. Dropping prices is both the easiest thing to do, and the hardest. Keep in mind, once the market becomes accustomed to lower prices, raising them is a slow and arduous task.
If your only means of achieving a competitive advantage is by cutting prices, you've already lost the game.
3 Quotes/Ideas that I love & live by
1.) Always give more than you receive!
2.) The only people worried about price are those not providing enough value!
3.) Provide so much value that your customers will fear they aren't paying enough!
*note: these are applicable in your personal life & relationships as well
Traditional vs. Value-Based Pricing Mindsets
A "traditional"-pricing mindset causes us to continually ask the question "am I charging too much?" Conversely, a "value-based" pricing mindset that recognizes your value, the value of your time & the tremendous value you bring to the customer, causes you to ponder "am I charging too little?"
Keep this in mind the next time you set your prices, review your prices, are up against a new or existing competitor willing to slash their prices. Think about your customer, how you can add more value than the guy/gal down the street, and then communicate, communicate, communicate that to the customer!
husband + father + pilot + director of talent development + leadership coach + startup fan + reader of personal #development, company #culture & leadership books