What Does Your Price Say About You?

To understand what your customer thinks of you, you need to think like they do.

If you have ever read a book, or completed a course, in sales or marketing you will have learnt that 'People buy on emotion' so how about this: If people buy on emotion AND people pay with money THEN what emotion does their money buy them?

When your customer buys from you what emotions are you satisfying?

For example, my young children regularly spend their loose change at 'The $2 Shop'. Of course the stuff is junk, and it breaks in no time at all, but when we shop there I feel safe because I know that nothing will cost more than two bucks. As for my kids they have the [short lived] fun of spending their disposable income. I feel SAFE and they have FUN!

'The $2 Shop' and others in that category market themselves entirely on price. Their price IS their marketing and, as a strategy, it works for them.

If you are contractor or freelancer think about your price and ask yourself: What emotion does it satisfy in your customers?

Greed? Disdain? Pity? Love? Lust? Pride? Fun? Security? Concern? Worry? Fear?

Does your customer purchase your product or service because they 'must have' what you offer? If so, why is that? Must they have what you offer because they are trying to outdo others (greed) or will owning what you provide make them proud of themselves, or will it satisfy their lust in some way? Does the price you charge have a bearing on your customer's impression of you? Will your price excite, entice, satisfy or disappoint?

Will your price make your customer feel safe or afraid? For example, the dentist who charges half the 'going rate' will always make me feel afraid.

Take the time to understand your customer's emotions and you will find it easier to price yourself right.

Jane Francis is the author of 'Price Yourself Right: A guide to charging what you are worth' [ISBN 0-595-38601-6] which is available at Barnes & Noble (US), WH Smith (UK) and at amazon.com. She is available as a coach, trainer and workshop leader to help you learn how to present your price with creativity and confidence You can read more at her blog: http://www.priceyourselfright.blogspot.com

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