Perceived value dictates pricing.
Here's an example ...
Put one of the nation's beloved grammy-winning chanteuses on a random corner in Times Square singing for free - and people rush by without noticing (and she barely makes $4).
Put that same chanteuse in a concert hall with a $75 ticket price and the critics line up to get front row seats.
What’s the difference?
The difference is
how the performance is
Now think about how this relates to your business:
- Are you accosting people + hogging valuable sidewalk real estate in Times Square or do you have a red velvet rope that keeps out all but your most raving fans and prospects?
- Are you approaching people at a time when they are most ready to connect with you?
- Are you wearing your best yoga gear or your best tailored suit?
- Is your nail polish chipped or do you have a fresh shellac?
Like it or not, these things communicate "something" about the value of what you are offering + affects your target market’s perception of the value you bring.
Now imagine yourself at a dive bar, the kind of place where they play beer pong. Imagine it has torn faux leather bar stools and reeks of stale beer with dart boards on the walls ... you get where I'm going. If you go up to that bar and order a bottle of your favorite beer or top shelf whiskey, what do you expect to pay?
Now, order that same bottle of beer or top shelf whiskey when you're at a swanky hotel lounge - how much will you pay there?
Double .. possibly triple?
Why are we OK with paying more for the same whisky at the swanky lounge?
Because when we're at a chic venue, we expect fabulous bathrooms, ambiance + maybe a celebrity sighting. Buying the same whisky at the dive bar is a different experience, and meets a different set of needs than buying it at the hotel lounge.
So ... do your services scream beer pong or crystal chandeliers?
How do you set the stage to maximize the value that people will pay for your services?
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About Latisha Kenya Murray
I'm the founder of Like a Celeb Concierge for Modern Business Owners + around here, we treat dreamchasers + do-er's like celebs! Our services give you more time + freedom to claim your fame + step into the spotlight - get more done, make more money + have more fun!