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Perception is Everything

David Ginola had a well-developed sense of his value as both a footballer and a model – and l’Oréal turned that to great effect in their branding. How might you apply this to your business?

Changing the way in which you price what you sell is generally the quickest and easiest way to increase profits at a stroke.

Whilst there are a few businesses that will have little or no flexibility over the way they price what they sell, that is absolutely not the case for most. It’s also easy to convince yourself that ‘the market dictates the price’. But, for most service businesses, that is simply not the reality. So find subtle ways to test the prices you are charging in order to gauge customer reaction to an increase.

Clever businessmen understand that ‘perception is everything’ and will find ways to differentiate what they do from competitors in order to sell a product or service at a higher price.

Use a menu of products and services to make sure prospective customers know the full range of services that you can offer.

Think about offering your services in ‘Gold’, ‘Silver’ or ‘Bronze’ packages to enable you to charge more to those who are prepared to pay a premium, while still being able to accommodate the more price-sensitive customers with a service that costs you less to deliver. Use the menu to ‘fix’ the price of the best service in the mind of the buyer.

The menu should also stop you from simply ‘giving it away for free’ by failing to recognise the true value of what you provide to your customers.

The issue of pricing what you sell could easily be the subject of an entire book in itself. In this one, I simply suggest you take the opportunity to think laterally about your prices and don’t just ‘do what we’ve always done.’

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Test one new pricing strategy with a sample of new and existing clients. The results just might be transformational!

Author: Businesswise Accountant

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