This is a great article on the "perception" of price. - Maryann Little
“Your prices are too high!”
Have you ever heard that before? All of us have at one time or another. You just wouldn’t have anything to sell if you never heard that line before. The problem is if you’re hearing way too much.
If everyone is telling you “Your prices are too high” then there is a problem. Yes, something is wrong, but it’s not your pricing! It doesn’t matter if your selling products or services, never think what you have or do is a commodity.
If you do accept that notion—just change all your marketing collateral to say “Lowest prices Guaranteed” and “We’ll match anyone’s price.” This way you can become another faceless and nameless business struggling to survive among the mediocre. A true follower of followers taking on a legion of worthless clients and customers who chisel your margins, steal you time, and generally make your business life miserable. Guess what, even when you react to all of them, they’ll still tell you “your prices are too high” and dump you for the next business for just two cents.
Let me tell you a secret. More often than not it’s not your price that’s the issue—it’s your prospects perceived value or your product or service. When your prospect sees and understands to value of what you are offering, in terms of their self serving wants and need, the price objection is eliminated or greatly reduced. The question is—how do you increase the value of your product or service? The answer, with benefits!
If you keep getting pushed back on your price—that means your prospects are not getting enough benefit. Your prospect’s desire for a solution at the best value possible is not being met. He or she is not seeing enough benefit to pay the price you are asking. There is a reason, or reasons, people use your product or service. It’s not for what is—it’s for what it does for the customer.
Can you look in the mirror and tell yourself ALL the reasons your customers and clients buy from you? Be 100% sure on that answer, because you’re betting your business life it. Are the same benefits you see in your products or services the same ones your customers and clients do business with you?
If you’re constantly hearing “your prices are too high” before you change the price, check out the benefits. Take a long hard look at your sales pitch, advertising, marketing collateral, and web site. Are you so busy extolling all your great features that you don’t mention the benefits? Do you present benefits, but not the ones your customer’s are interested in? Remember, your prices are too high only because your prospects don’t see what’s really in it for them.
-Tim Hayes
Getting Growing
https://www.thayescopywriting.com/
