Many businesses that I have consulted for boasted about their low prices but hated the fact that customers would only purchase products on discount. Those businesses failed to sell products at a profitable margin and often could not afford other expenses including employees, marketing, and general operating costs. It’s great when your customers love your low prices, but if your customers are the only ones winning, then that is not good for your business.
Most customers – the ones you want – will view your product or service as an investment. They likely will not see your prices as an issue considering they desire other conveniences of your business, which may include your location, quality, reputation, etc. That’s a very different mindset from that of customers who simply want to buy a product at the lowest cost possible. However, it is your responsibility to market your overall value as the focus of your business and not just your prices.
— For more lessons like this, purchase your copy of Act Like a Business: Think Like a Customer by Dr. Elijah Clark from all major bookstores. —
Dr. Elijah Clark (April 12, 2023). Attracting the right customers [Web log post]. Retrieved from https://elijahclark.com/lesson-169/