031 20: Value > Cost
We are at the endmost stages of our current project for a product that is soon to be on the shelves. Yesterday my partner and I were in discussion around the feasibility of our prices to customers.
We understand that it’s important when working with prices to realize it is not for us, but for our customers.
The assertion of young businesses and low price points for a wider audience is a fascinating one.
To say we are new and we will not want to offend customers with our prices. It is the reason why there must be a use of the right pricing strategy that’s appropriate to the target market.
We understand that any strategy we apply is a two-edged sword. We cannot be all things to everyone. What attracts one customer might turn off the other.
The judgement at this point is that at the end of the day we may not need to be apologetic about the prices we settle with.
We have to be practical and open to the subjective nature of the process. It is a prime learning curve for any new product activity.
If we are really solving a problem and we are assured that the product gets the job done. It is not our place to doubt the value we put on them. It is up to the customers who sample them to make a judgement. Ours is to present them with an opportunity that will allow them to make that decision.
When we sell an item that costs ten bucks to make for ten bucks merely because someone says it’s a bit too expensive. We need to think about the other three to five potential customers who stand a chance of not receiving the product. Prospects who would have less struggle making a decision because they seek the solution in the value you serve.
We may sell an item for ten bucks and in a month’s time, the whole operation may go underwater. The second person we sold to with less resistance then comes back later to find out that we are out of business.
The conclusion is that we need to be there to help solve the problem again the next time.
If people believe in the solutions you offer. And can see that the results they get are more valuable than the cost they pay. They will come back without a question.
Therefore, ours is to keep going, creating and finding new ways.
P.S. The products we refer to in this article will be made available by @letlhare.eb — we desire they’d be of great benefit to you.
This note was originally published on www.blvckuniverse.co.za
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