I’m a big advocate of charging what you’re worth and refusing to play “follow-the-leader” or fight price wars in your market. Going for the lowest price is just another way of saying you’re not willing or able to be the better marketer.
Sure, a small amount of folks buy on price alone but it’s not the norm. Even if you consider yourself a price shopper, you surely wouldn’t trust your life in the hands of a no-name, hole-in-the-wall doctor’s office advertising a $5000 “Heart Surgery” weekend special would you?
At the end of the day, it comes down to value and perception. People don’t buy Mercedes and Porches for transportation. There are many cheaper options. People don’t frequent expensive, trendy restaurants because they’re hungry. There is no shortage of inexpensive food joints with no reservations needed.
And now to the product that prompted this blog post:
A $1,762.44 book on Amazon! Yup, $ $1,762.44! On Neuroscience. A lot of the reviews are poking fun but the fact that this book has a sales ranking makes me think there’s been some real buyers in the mix.I’d check out the page just to see the reviews!
So the next time you’re debating whether or not you should raise your prices by just 10 or 20%, think about the $1700 book!
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