Many people I talk with have this belief, maybe it’s just a hope, but a belief that if only they had the right price they would be doing so much better than they are now. This belief in a magic price makes us feel good, just like Santa Claus makes us feel good. However, neither are true. Bummer.
Go back and revisit the last blog YOU Create Value, Price Only Captures It. You create value with your products, your services and your marketing. There isn’t a price that will magically create so much value that customers will flock to your product. In a few circumstances price can add a little bit to your perceived value, but not a Santa Claus amount. A magic price just doesn’t exist. Sorry.
So why should you care about pricing? Because it is amazingly profitable. A small improvement in pricing can produce a large increase in profit. See the next blog titled “Pricing Is The Most Powerful Lever” for more details.
Action: Admit to yourself that you hoped there was a magic price that would make you more successful. Now repeat after me: “There is no Santa Claus, and there is no magic price.” It’s almost time to roll up your sleeves and do some real work on pricing.