Stop Reducing Your Prices- Do this Instead

When I was little, and people would hear how much my mom charged to make uniforms, they thought two things.

1. Wow, it's so cheap.
2. Is the quality good?

Because we had little money, Mom always worried about charging too much for the uniforms. She stressed that people couldn't afford them if her prices were 'competitive.' And she always wanted to ensure every kid had at least one new uniform for the first day.

The problem was that people didn't see the heart that she had. They just thought cheap meant cheap quality.

So they were always shocked when they got their products, and it was just as good as the uniforms that cost them an arm and a leg.

The shift in mentality never came for Mom. And you may be like her too.

You are hoping to help as many people as you can. You acknowledge that it took a lot of work to get your business up and running, and want to make your offer more accessible.

The problem is that people don't see it that way. So, it's time to shift your mentality. Realize that you can still help those who aren't as fortunate. And opt for doing it in a way that will make them value what you offer instead of undermining it.

Instead of Reducing your price, opt for

Offering a Payment Plan

Offer a payment plan that allows them to pay you in installments before you deliver your product or service.

You can do this by having a standard payment plan of three installments available or by working with individual clients to understand what is affordable.

Offer a Smaller Package at a Lower Price

If your clients need help to afford everything you offer, consider offering less for a lower price. Doing this differs from reducing your rates because they see the value you place in your products or services.

After they work with you and realize how professional you are or how excellent your products are, they feel incentivized to want to pay for more.

Remember, people will always find a way to pay for something that brings value to them.

They also have the belief that low prices could mean inferior quality. If you are confident in what you do, keep your prices and find solutions for your customers in a way that motivates them to value your work.

The Challenge

I'd like you to develop three alternative options for your customers this week to help them access your products or services better without compromising where you place yourself in the market.