I wanted to share a few thoughts and ideas I have regarding pricing of products. This isn’t something I would normally discuss, but thought I would this time, as I find it a very interesting topic. And after listening to a great podcast by Zig Ziglar, I thought I should put some words down.
Now price effects everyone all the time. As Aqua Essentials is an online business, price is a factor and a reason why some people buy and some don’t. Not everyone is price focused but some are, and those are the customers need to be dealt with differently. Their thoughts are different.
Due to the nature of running an online business, I don’t always get the opportunity to talk to my customers. Most transactions are done online in the comfort of people’s home. So I have to do a lot of reading between the lines as to why people don’t buy. If I can talk to my customer about a product that they may be umming and arring about, then invariably they will purchase. After all that’s what they wanted to do in the first place (hence the call) and then need guidance about a product and why it’s right/wrong for them. However, sometimes the right choice for them costs more and some may feel the price is too much.
So is it difficult to pay too much for something you really like? Here’s one thought:
I think you can pay too much for something – I’d like a Bentley but it doesn’t mean I’m going to give you 100k for one…
It’s a fair comment. But the great thing about asking this question, it gets the ball rolling and the customer is now thinking about the subject, and the item they are considering. But let’s not forget one thing, the fear of loss is greater than the desire of gain.
and here’s something that I say to my customers when they are concerned about cost:
Now you’re going to be concerned about price only one time – that’s when you buy. But you’re going to be concerned with quality during the entire lifetime of the product…
Wouldn’t you agree that it’s better to invest a little more than you had planned instead of a little less than you should?
If you invest a little more than you had planned, you’re probably not talking about that much more money – maybe a few quid. If you invest less than you should and the product doesn’t quite cut the mustard, then you quite literally lose everything don’t you? And that’s really what I’ve built Aqua Essentials on, buying/selling good quality products that work well and are effective. I don’t sell cheap and I don’t buy rubbish for the same reasons. I want my customers to feel confident in what they are buying and like anything in life you get what you pay for don’t you.
There’s a famous saying by Jon Ruskton about price:
it’s unwise to pay too little – when you pay too much you lose a little money – that’s all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing what it was bought to do.
The common law of business balance prohibits paying a little and getting a lot – it can’t be done.
Food for thought heh?