You cannot sell me a cheap haircut, concert ticket or veterinary service:
There is a market for every product at every price point and price is NOT the determining factor in a lot of the non-essential purchases we make.
In the past twenty four months, I’ve spent THOUSANDS of collective dollars on things I COULD HAVE spent hundreds on.
So why did I spend more than I had to?
It wasn’t for lack of availability or ignorance. I knew I could have easily seen the exact same BSB concert for $62 instead of $350. I know I could have gotten a haircut for $25 instead of $75 and I know I could have brought my dog to a less expensive, non-specialist vet.
So why didn’t I?
I value the experience
Well, let’s start at the top. I value the experience I have. When I spend money on non-essentials, I want to ENJOY myself. This isn’t a stroll down the toilet paper aisle at Target. I actually CARE that I have a good, fun, thorough, positive experience when I take the dog to the vet, go to a concert, or get a haircut.
I want assurance
I am happy to pay for assurance. I’m happy to pay extra for my concert ticket to get a better view. I’m happy to pay for the specialist vet who has an after-hours on-call doctor 24/7 available to clients. I am happy to pay for the experienced stylist to cut ALL the hairs on my head. (I mean, it’s MY HEAD!!!)
So just because I COULD pay less, doesn’t mean I want to.
Saving money doesn’t do me any good if I have a bad experience with paying less, or feel stressed out because something is missing, or don’t get to make eye contact with my favorite Backstreet Boy. (swoon)
We all have different values and tolerances
You might be reading this thinking, well I don’t give a hoo-ha about the Backstreet Boys and that IS stupid to spend that much on them. That’s because we have different values and different tolerances. Maybe you are a more resilient pet parent than I was and you can get by without that after hours line. Maybe you don’t care quite so much about your haircut… but I know there are things you do value and are willing to spend on.
I saw the value in these things and paid for them. The Backstreet Boys have done an excellent job making everything they do an easy yes for me. The vet I took Valentine to provided us with so much reliability, comfort, assurance and care that it felt like the right price! And the lady who cuts my hair is not only excellent with scissors, she’s super nice and fun to talk to and she has a flexible schedule. These entities have built up brands and businesses that support the prices they charge. They won me over and I am their ideal consumer now: I don’t balk at the price, I value the work, I never shut up about how great they are and I return time and time again… and the price is not the determining factor.
You cannot sell me a cheap haircut, concert ticket or veterinary service anymore. You can have customers like that, too. But you’re going to have to set the price and build up the infrastructure around it. If this sounds like something you want to do but have no clue where to start. I suggest starting here with this FREE pricing workshop Janet from Paper and Spark and I collaborated on to help you.
We are covering some very hot topics that might interest you:
- Why your pricing strategy is so important to the success of your shop
- How your ability to pay yourself & re-invest in your biz hinges on your prices
- The top 3 signs your prices need fixing ASAP
- How the right prices allow you to work smarter, not harder
- ANNND: The 3 key components you must have in your new successful pricing strategy
Create more customers that don’t bat an eyelash at your prices and will pay what you charge, over and over.