Before we get into the topic of if you should lower your prices, let me tell you about a little horror story that happened to me the week before Black Friday.
You know about my family recently moving to Puerto Rico and I’ve told you too many times to count, how awesome it is here. And just when I thought it couldn’t possibly get any better, my family took a week-long trip to a little island off the coast.
Let me tell you, this place was magical! There were probably 40 times when I thought to myself, is this place really real?!
Butttttt… this magical place had one curse on it.
The WiFi was basically non-existent! Yeah, as online business owners this is our worst nightmare. Then on top of this, it was going into the busiest week of the year! Eckkk!
Although it did give me a few extra gray hairs up top, it didn’t ruin my week. You know why? Because I have a team and systems in place to have things run without me.
Please, please, please make sure the foundation of your business is strong so that it can withstand even the most inconvenient situations. Build your team and have the systems in place that will guide them WITHOUT you.
Now, I’m back in the land of 4 bars, and all is well again. Four bars is truly a glorious sight for me.
Back to today’s topic: whether you should lower your prices.
So, pricing-related questions are some of the most common I get, and I recently had one from a student that I thought might benefit you big time.
Have you ever thought this?
“Should I drop the price of my product to match or even go lower than my competitors, or even go lower than or match Amazon prices so that I can sell more?”
This was the question that came in from the student, and I think it’s possible that you might have a similar question as well about lowering your prices. (or maybe I’m getting to you before you have it, in that case – awesome!)
Here’s the thing, pinky-promise me you won’t compete in the price race to the bottom.
Um. NOPE
BECAUSE if you do this, you’ll be working for pennies, and I know you are worth so much more than that!
You should be making money and putting it in your pocket.
That's what businesses do! If you are not making money, that’s considered volunteer work, and that can be done elsewhere.
There will be a ton of others who are willing to play the race to the bottom game, and I say let them!
Let them work for pennies, and you can focus on making dollars!
You OK with that?
Heck YES! I thought you’d be. ?
So, how in the world do you keep making dollars when so many others seem to be okay with making pennies?
It all comes down to giving them a concert experience, and that’s exactly what I am talking about in today's podcast episode. Yup, creating a concert in your online business so you can charge more and not lower your prices. It’s really not hard to do, it’s can just take a few tweaks, but it can make a world of difference. So get ready to turn up the bass…podcast episode 11 is about to rock your cash machine world!
Key Takeaways:
- When you feel you have to continually lower your prices.
- They can work for pennies. You are worth way more than that.
- Odds are you're willing to pay more to shop in the online store you love.
- Your online boutique or store can deliver an entire concert experience.
- How to win while you keep the prices where they need to be.
- You can copy public domain content sans permission or paying fees.
- These platforms can help deliver the concert experience.
- How your website can help.
- With every package I ship out, I add this.
- Delivering that wow-worthy experience in a simple yet effective way.
- Fostering a customer base that is loyal to you and your brand.
Additional Resources
https://www.gutenberg.org/wiki/Main_Page
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