"Value is what you get."
- Warren Buffett
In the past weeks, I have had multiple discussions about PRICING and VALUE associated with time. Continually, the number of people that do not VALUE their time near as much as they value $10 in their pocket AMAZES me.
When offering a MEANINGFUL, VALUABLE service or product, you must be willing to walk away from opportunities when the only resulting option is to DISCOUNT your price, quality or reputation. Still, time after time, people WILLINGLY discount all of the above in order to "make the deal." But at what cost??
Consider the "GroupOn effect" that is sweeping the nation as daily discount emails are driving commerce for businesses. Sounds like a sweet way to push your business through the roof quickly, however, many of these businesses are ONLY selling services or products when on discount. (Buy an oil change lately?)
2 DEGREE SUCCESS STEP:
When you CONCEDE to the "discount gremlin," you find that he comes back to bite you again and again.
By DEVALUING your business, price, quality or reputation, you also create a new STANDARD for your business. No longer is your product or service deemed a high value, rather, something that can 'waited out" until the price drops and then acquired.
Additionally, consider WHO your clients are when you DISCOUNT… they are DISLOYAL, PRICE DRIVEN, NON-REFERRAL DRIVING, LOW QUALITY, LOW VALUE, LOW INTEREST clientele. Can you seriously say those are the clients you WANT?!
Discount at your own risk… it might just be your value as a whole that is discounted as a result!
Cheers,
Zach
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1 comment:
Empowering words, Zach. Thanks for sharing! Self sacrificing toxic tendencies will zap the heart right out of you! Attracting appropriate and valued customers should be the number one goal!
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