Pricing — it is one of the things that I see all the day long, things that make me go ‘Uggghh!’ What I’m saying is that some people’s attitude to pricing, some suppliers’ attitude to pricing just kills me. What is it with the pricing?
If you are selling a product, the customer has to find out what it costs eventually, and that is a barrier to them buying it. They’re not going to buy it until they find out eventually why are you so scared to tell them at the start.
If you ask people, or my experience when I’ve asked people the most common excuse is we can’t publish our prices because then our competitors will know what we charge. Do you seriously think your competitors don’t know what you charge?
Do you know what they charge? Would you, if you wanted to know, wouldn’t you just find out?
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Can’t you just phone them up and pretend to be a customer, and the ask them, or get a friend to pretend to be a costumer, have them call in and drop something off? What was all that about?
Just imagine this — if you are the only one that is blatantly transparent with your prices and publishes everything, how is that going to change? Are your competitors all going to drop their prices to undercut you? Are they all going to laugh at you?
When they are in the middle of a full sale to their costumer, potential costumer, are they going to mention you and your prices? No. When is the subject going to come up?
Perhaps the customer says, ‘Oh what about Joe’s product? I’ve seen he charges _____.’ That person that’s in front of them is now going to have to make up excuses as to why what’s wrong with yours, but you have the upper hand because you were honest.
The customer knows you have no problem demonstrating your prices. What does that tell you? If you’re looking to buy something, and one company shows their prices, no one else does, what does that show you about that company?
It shows you that they are confident, they are confident that they’ve got a great product, they’re confident that they have a great price. It’s all in the mind, it’s all subliminal that goes into your customers’ head and they to think themselves, “That must be a good price otherwise why would they advertise it?”
But what a stir you’d cause in your community if you said how much you were.
Of course if every single one of your suppliers changed their prices, changed their entire business policy overnight, and changed their prices to undercut you to make you more expensive, then you might have a problem.
Say you charge $50 an hour, and everyone suddenly changed their price to be $49 an hour. Do you think that’s going to happen? Really? Maybe they changed it to be $40 then they won’t make money as much as you, and they won’t.
They would have to work harder, they want to have to make as many customers because they are not as transparent, and they don’t make as much profit. Just think it through, don’t be scared.
If you think to yourself, “Woah, lots of people have said that, but it won’t work in my industry.” The reason lots of people have said this to you just because it works for everyone. Be a leader, put your prices out there.
Put them on the website, and you could always put for more details, or “to see why our prices, why we are the only company who are confident enough to display our places publicly, call etcetera.”
Think about it, it works. Please don’t hide them. Don’t sneak in extra little tricks of when it comes to this and that, we’ll add a little extra.
Like in the old days when you used to get your cars serviced, or in someplace at North America do they still do it? But in the old days used to get your cars serviced, and used to know it’s gonna cost about £60 plus parts, you get the thing out, it costs a £150 and in there, there’s a new oil filter, this new oil, there’s the seat covers so they don’t get your seat dirty.
Then there’s wooden screen washer fluid. When you asked them about it, all these things just a few pounds, and they say well they have to put in every service. Why not put them in the price if they’re gonna put in every service? Because you’re trying to hide the true cost and now, I don’t like you. Now I’m gonna go somewhere else. That’s how it works.
Tuesday Toolbox Tip
Today, I’m going to recommend one that I use as a timer. Now this is a Chrome app, it works with Chrome, it’s called Moosti.com.
It is available in the Chrome Store, and you can download it, add it as an extension, it is totally free. What it does is it works as a timer. It follows the Pomodora technique, if you haven’t heard of the Pomodora Technique, look it up.
It is invented by a guy called Francesco Cirillo –he is an Italian, very clever, smart guy. You need to buy a Pomodora timer, which is, Pomodora is time for tomato.
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In the flesh, you know me, I don’t like tomatoes so this does kill me. But the Pomodora technique has a method of work, and you work 25 minutes, and then 5-minute break, 25 minutes, 15-minute break, and by break it means get up leave your desk, walk around, go make a cup of coffee, do what ever you like, go feed the fish.
Get a breathe of fresh air, get back to working. It helps you be more efficient the Moosti timer does the timing for you, and it just rings a little thing when it’s time for your break.
So it’s not related but it’s free, and for a tight one like me its saves me up to buy a timer.
So try it, moosti.com, dead clever. Helps your productivity that’s my tip for today.
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Have you told anyone what your prices are?
