Thursday, August 24, 2017

You get what you don’t pay for

Here’s the question entrepreneurs are afraid of asking. 

Does a lower fee make you more affordable, or less attractive? 

Well, it all depends. Because price, like everything else in business, is a story. It’s a narrative that customers tell themselves about value. 

That’s the thing about buying. It requires emotional commitment. When people part with money, that transaction affects their expectations and biases and efforts and levels of satisfaction with the thing they buy. 

It behooves us to be expensive. Customers who spend more for a product or a service value it more, and therefore, get more use out of it. 

Like the patient whose pharmacist strategically tells him that the pain pill he just popped wasn’t some cheap, generic brand, but the number one, doctor recommended, most expensive medication on the market. 

Think his headache will go away faster? 

As my mentor use to say, we are what we charge. We have to be ready for the money that is waiting for us. 

And so, if we fail to put a pricing stake into the ground and take a stand for our worth, then we will continue to get flattered into delivering free work, cheapening our instrument further, giving far too many cookies to far too many mice, conditioning the market to treat our work as a gift and not as a useful product with significant value. 

It’s time to set boundaries on your generosity. 

You’re running a business, not a charity. 

Next time a prospect asks for a fifty percent discount because they’re a nonprofit organization, explain to them that your organization is for profit. 

Trust me, they have plenty of money.  

Nonprofit is a tax code, not a financial strategy. 

LET ME ASK YA THIS...  
Does a lower fee make you more affordable, or less attractive?
LET ME SUGGEST THIS... 

For the list called, "99 Ways to Think Like an Entrepreneur, Even If You Aren't One," send an email to me, and you win the list for free!

* * * *

Scott Ginsberg
That Guy with the Nametag
Author. Speaker. Strategist. Inventor. Filmmaker. Publisher. Songwriter.  
scott@hellomynameisscott.com
www.nametagscott.com


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