Don’t you dare DM me your price!!!”How to create an effective pricing strategy.

“In the world of Internet Customer Service, it’s important to remember your competitor is only one mouse click away.” -Doug Warner

Just a few days ago, a friend sent me this video that resonated with me strongly.

As I've stated before, and I'll confidently reiterate now, "Nobody has time to waste asking for the price of a good or service."

Let me emphasize that once more.

Why?

1. Because it's tiresome.

2, Because it's stressful, and,

3. Because we hate it-A LOT.

And as Keevo says, "Amazon putting their price, why not you?" - I'm paraphrasing here, but you get my drift.

Unraveling the Mystery: Exploring Diverse Perspectives on the Situation

I've asked countless times why this is happening, and the answers vary. Some of the responses include:

1. So, apparently, they're keeping their prices a top-secret, like it's some kind of national security issue ('REAAALLLLYYY?');

2. They're all about that "Brick and Mortar Experience", you know, to lure people in - sneaky marketing tactics at play here.

But what about the poor soul trekking from miles away, wallet in hand, only to find out they can't even peek at the price tag without a card? Shouldn't they at least get a hint of how much they're about to shell out?

"CXM=The art and science of coaxing lifetime loyalty out of daily transactions"- Steve Curtin.

Hope is not lost: A glimmer of light in the darkness

I recently hosted a workshop on pricing where we fearlessly tackled emotional issues surrounding this issue.

These include:

• The unwavering commitment to closing the sale;

• The dedication to retaining valuable customers;

• The bold stance against being labeled as “too expensive”;

• The unwavering belief in your “Value Proposition”-also known as your ‘secret sauce’

While I'm unable to disclose all the secrets at this moment, be confident that these concerns can be easily overcome. And it starts with the following :

1. Embrace the abundance mindset - There will always be more opportunities;

Opportunities are endless. By continuously enhancing your product, you'll continuously attract and captivate new customers;

2. Focus on your ideal customer - Is this truly your perfect match?

The issue arises when you try to cater to everyone. The key is identifying YOUR specific customers and serving them.. When you provide exceptional value, price becomes insignificant as they will be willing to pay regardless of market conditions.

3. Embrace the perception of being “too expensive” as a strategic advantage; Challenge yourself: compared to what or who? This underscores your strong market position. Not everyone is destined to be a market leader. Some excel in serving a niche market and find triumph in "Staying in their Lane". If this resonates with you, then setting prices for the masses rather than the classes ensures a consistent stream of sales.

4. Be confident in your “Value Proposition”- also known as your ‘secret sauce’- Have you conducted thorough “due diligence”?

Put simply, your value proposition/secret sauce defines the unique aspect that YOU excel at compared to others in your industry. This is determined by evaluating your strengths, as well as those of your competitors, and assessing performance.

Strategies to Address Gaps and Pain Points in Your Field for Price Competitiveness

Another approach involves identifying the gaps/pain points in your field and devising strategies to address them. Once you identify and consistently deliver on this aspect, price becomes a non-issue.

if you're unwilling to face the pricing challenges head-on, then you'll always be afraid of placing the required cost of business on your goods and/or services.

In the end, if you're unwilling to face the pricing challenges head-on, then you'll always be afraid of placing the required cost of business on your goods and/or services.

When you shy away from confronting pricing challenges, you inadvertently undervalue your offerings and compromise your business's sustainability. By hesitating to set a fair price that accurately reflects the value of your products or services, you risk not only shortchanging yourself but also disappointing your customers.

Instead, embracing these pricing challenges with confidence and transparency allows you to establish a strong foundation for your business. By clearly communicating the worth of what you offer, you not only demonstrate integrity but also build trust with your customers.

This honesty and openness in pricing fosters a sense of respect and loyalty among your clientele, as they appreciate dealing with a business that values transparency and fairness.

On the other hand, perpetuating a cycle of unclear or deceptive pricing strategies can alienate customers and tarnish your reputation. Customers are quick to recognize when a business is "playing games with pricing", and this can lead to frustration and ultimately drive them away.

It's essential to remember that customers are looking for reliability and honesty in their interactions with businesses, and pricing transparency is a key component of building and maintaining strong customer relationships.

What are your thoughts?

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