Hi! This post is part of a 12-part video series called YOU: Ruling Your Realm — 10 Declarations for Savvy Entrepreneurs who want to rule their entrepreneurial realm and up their addictability factor. You can catch up on the whole series beginning here with the Intro. While you’re at it, be sure to download your free copy of my primer on the mindsets needed to rule your realm. It’s the perfect complement to what I’m sharing with you in each video.
Here’s the 6th Declaration in the 12-part series, YOU: Ruling Your Realm: I’ll set my prices according to my market, to my personal code, and to what my right people expect to pay for the value I provide.
As my business mentor likes to say, price is what they pay, value is what they get. When it comes to pricing, we all have internal sensors that pick up on a reasonable price range for any product we might admire in the market — from striped wool socks to that fabulous new coaching package you just have to have. No matter whether we’re willing or not to pay a given price, our uh-oh meter goes off when a price seems exorbitantly high or crazy, crazy low. There’s a misalignment there, a lack of resonance between the value we’ve promised to provide {or the value we actually provide} and the price we’ve asked.
And the savvier your right person prospect is, the better intuitive hit they have on where you fall in the pricing lineup of comparable providers.
So how do you price to signal customers’ intuition? And what does branding have to do with all this?
In this video, I’m laying out some truths about branding and pricing and how they interact.
Please remember to read underneath the video after you’ve watched. At that time, I’ll ask you to click through to the Abby Kerr Ink Facebook page and share a personal experience you’ve had with branding and pricing.
***IF YOU’RE READING THIS POST IN YOUR EMAIL INBOX OR IN A RSS READER, YOU MAY NEED TO CLICK THROUGH THE POST TITLE ABOVE TO VIEW THE VIDEO ON MY SITE.***
I’d love to know about a personal experience you’ve had with paying a higher price than you intended to mostly because you wanted to affiliate with a certain brand?
And when I say ‘affiliate,’ I don’t necessarily mean in an in-club, snobbish sorority-type way. {Although that dynamic is at play in every market all the time, too.} What I mean by ‘affiliate’ is: to be a part of, to get closer to, to feel drawn to, to associate with, to tap into, to derive the deeper benefit of. Spin it however you want — I guarantee that you affiliate all the time with your favorite brands, as do I.
Click through to my Abby Kerr Ink Facebook page, Like it if you haven’t already, and share with me and the other emergent entrepreneurial leaders there. See you there!
Thanks for watching. I’ll be back soon with the 7th Declaration video!
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