Beware The False Idol of Price.

We don't need to worship it.

Beware The False Idol of Price.
Photo by Nayani Teixeira / Unsplash

We don't need to worship it.

Price Is Not The Boss, It Works For You.

Who do you feel sets your prices in your business? You? Or does your price stare up at you from your pricing page imploring you to price lower:

  • "Who will pay for this?"
  • "This is way too expensive!"
  • "You haven't paid your dues!"

Don't Let Price Become A Crutch.

It's tempting to reduce our failure to sell to price. It's easy. It's simple. It's elegant. It incapacitates us and lets us off the hook – "I knew nobody would pay for that, it was too expensive." It's an easy excuse and an easy remedy:

  • "I don't need to learn how to sell... I'll just drop my price."
  • "I don't need to improve the product... I'll just drop my price."
  • "I don't need to upskill... I'll just drop my price."
  • "I don't need to gain confidence... I'll just drop my price."
  • "I don't believe in my product... I'll just drop my price."

These actions are caused by a misunderstanding of price's role in the buying decision. Fact: Price is rarely, if ever, the only decision criteria.

Price Is Rarely The Sole Reason For Buying.

When people need what you've got, they'll buy it. If they don't have the money, they'll find a way to get it. They'll either let you know, in no uncertain terms, that price is the only issue, or they'll do what everyone else does: they'll put it on a credit card. Don't discount your price on someone else's behalf, before, you've spoken to them. That includes setting your prices too low in the first place.

Don't compete on price.

You can use price as a tool, in specific situations, to get your deal across the line.

But unless you're a manufacturer selling commodity goods – price is never the only factor in a buying decision.

Turn This Post Into a Post Of Your Own.

Use these questions to write a post on LinkedIn/Twitter/Medium if you'd like.

  • Have you ever used price as a crutch? Do you worship price?
  • What other criteria do people consider when buying, apart from price?
  • Is your price working for you? Or do you work for your price?

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