“It’s too expensive!” My COO was looking at me like I was crazy. We were talking about how to price our new analytics solution. “They’ll never buy it!”
The conversation felt like deja vu because it was the same one I’d been having in my own mind for weeks.
“Is it too much? Not enough? Will customers buy?”
Pricing causes lots of drama for entrepreneurs.
You think it’s not really up to you. That it’s up to the customers or the market to decide what your solutions are worth and that you’ll only know once they buy or not.
But it’s the other way around.
The price of your solution reflects your belief in the value you’re offering.
And that’s completely up to you.
When you set a price for something, you’re declaring your belief in the value of these 4 things:
1. Your ability to lead the company
2. Your team’s ability to implement and support it
3. Your solution’s ability to deliver value
4. Your customer’s ability to understand and receive the value
Dig deep to see if you have doubts in any of these areas.
Notice if you think you or your team aren’t quite as good as the competition. If you’re embarrassed because your solution isn’t quite finished or it’s duct-taped together. If you think your customers won’t understand it or get results.
What you believe in these 4 areas affects what you say in your marketing – and how you say it. It affects what you do and the culture of your company.
And that affects your customer’s perception of the value.
Instead of discounting your price, increase your belief in the value.
With the way you think, feel, and act about your business and your solutions.
I hired a coach, trained my team, added more value to our solutions, and made them easier to understand and use so that customers got results faster.
Instead of choosing a price and hoping people buy, LOVE your price because you 100% believe it’s worth it.
Your customers can tell the difference.
What will it take for you to believe in your price?