I was having my shower this morning when disaster struck.
Just as I was finishing, I looked out to grab my towel and realised I’d forgotten it.
The towels were in the hot press.
Do you know that feeling?
You’re nice and warm in the shower and you have to brace yourself to go out, tie toe through the bedroom, down the hallway and grab your towel.
I don’t know about you but when this happens, I always grab my towel and go back into the shower.
It’s nice and warm there, so I do a rough drying off before I get out (to the wet carpet in the bedroom).
And funnily enough, while having my shower, I was thinking about a query I got last week on pricing (some people do their best thinking in the shower).
This individual wanted to increase prices but was afraid they would lose the client (I get this question a lot).
Value, value, value – if you deliver sufficient value to your customers, price should not be an issue and you can increase prices.
How can you measure the value you deliver?
With some businesses this is easier than others but I firmly believe, it’s possible to measure value for almost every business type. If not, then why are your customers giving you money?
As well as value, there are other important factors to take into consideration as regards pricing. We work with people we like and trust, so let’s assume your customers like and trust you.
Do you go to the same hairdresser/barber all the time?
What about restaurants, clothes shops etc?
We are creatures of habit.
We don’t like change.
This is an important factor for us. It will help keep customers loyal to us. The same way we are loyal to businesses we use on a regular basis from restaurants to barbers.
Value is still the most important factor but don’t underestimate how important the loyalty factor can be.
If you increase prices, your customers will still probably be slow to change.
Many won’t even notice the increase.
And those who do are a bit like I was this morning in the shower, when I forgot my towel. It was nice, safe and warm in the shower and I didn’t want to get out and walk down the cold hall way to get my towel.
Your customers will be the same. They know, like and trust you and feel warm and safe working with you. They don’t want to change to somebody they don’t know and may not like.