There’s this idea that when you’re asking consumers for money, the best way to get it is to ask for less of it. It’s not necessarily a well thought out strategy, but it does seem kind of intuitive, right? People have money they don’t want to give up, and if you ask for too much of it, they’ll move on to find something cheaper.
The problem is that this – like everything else your brand does – sends a message to your potential customers. And while you might get someone’s attention with a cheap product or deep discount, you won’t get much else.
I’m willing to bet that when you look back on your purchase history, the best things you’ve ever bought have 1.) cost a little extra and 2.) been worth the investment. These are the products and services you’re most like to brag about and recommend to your friends.
That’s what happens when you build your brand around an experience, rather than a price tag. By charging a little more, you create room for value, innovation, and customer service. It’s pretty simple, really. But it’s also incredibly difficult in the “race to the bottom” we often find ourselves in.
When the temptation comes to offer more competitive prices at the expense of a well-rounded customer experience, consider this:
“Any damn fool can put on a deal, but it takes genius, faith, and perseverance to create a brand.” – David Ogilvy
There will always be someone who can undercut your prices, but there won’t be anyone else who can offer customers the same experience your brand can. Rest assured: when you’re dedicated to exceeding expectations, you’ll always find customers.