The gap between cheap and expensive is widening. According to Seth Godin, the price of a cheap bike used to be $39 while an expensive bike was $300 (8:1 ratio). Now a bad bike costs $69 while the top-of-the-line model goes for upwards of $8000 (116:1 ratio on the premium model).
I find it that many of my clients are often afraid of raising their prices or setting their prices at a premium in the first place. It’s impossible to compete on cheap for a boutique operation. It’s more fulfilling AND profitable to sell something remarkable and charge a premium for it.
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- What’s remarkable about your product or services?
- Are you currently undercharging?
- How can you repackage what you already market or sell to get more of a premium for it?
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