Why You Should Charge More
Posted by Matthew Loop | 3 Comments
The video at the link below reminded me again why it’s important not to be the cheapest product or service provider in your market. How much you charge is directly related to the type AND quality of customer you get.
Like Yanik Silver has mentioned in a previous post, you must charge a premium price so you have a large margin to provide an extraordinary value & experience. By charging more, you can do more “high level” activities and over deliver.
There are psychological advantages to charging a premium as well.
Those that pay more for a service are generally better customers, value it more, and usually make the most of their investment. These clients are the ones that give you the best testimonials.
If you give away too much for free, others don’t value you / your service as much in the long-term.
The truth is, people are still paying top-dollar for things they want and need in this economy. Don’t be fooled by what you hear everywhere else. Those that position themselves correctly can command higher fees.
Check-out the full video interview with Yanik here.
Start to really think about strategic positioning in your local or national market and how you can provide 10x as much value for the premium price you’re going to charge.
Also, what can you do to be different and make doing business with your company fun? I’d love to hear your thoughts after brainstorming. Go ahead and leave your comment below.
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About the Author
Matthew Loop is an author, speaker, investor, philanthropist, and the highest paid social media revenue strategist in North America. He helps brands, startups, and small business owners multiply their influence, impact, and income by harnessing the power of the Internet. Since 2005 he’s trained over 21,000 clients in 25 countries. Millions have viewed his free business growth tutorials online. Connect with him on Facebook, Instagram, and Twitter.
You are so true Matt. I now have technology in my office that only one other doctor in all of NJ has and only about 100 doctors in all of the country and people call me from up to 1.5 hours away to come to me as their chiropractor as nobody else has this machine and the type of results it gets. On top of them driving by at least 1000 chiropractors to see me as NJ is one of the most saturated states, my per patient average is double to triple every doctor in my town which has 35 chiropractors for around 40k residents.
Anybody that would like to take a look at this technology can feel free to contact me if you’d like to know more.
Hello, I would be interested in learning more about what tech you are using.