“You know you’re priced right when your customers complain—but buy anyway.”
John Harrison
Let’s talk about setting fair prices. Why does it matter?
If you try to sell a rock for 10 million dollars, it won’t work because the price doesn’t make sense. But if that rock is a diamond – shiny, rare and precious – then maybe someone might pay up. Jewelry tends to be expensive, so selling a diamond for 10 million dollars isn’t too far-fetched. And because that is diamond, rare, shiny and precious, that you can say is reasonably fair priced.
On the other hand, imagine selling a laptop for an inflated price like $10,000. Who would buy that? Maybe if it was top-of-the-line with high-end specifications, someone might consider paying $3-4k. Anything beyond that has little justification unless there are unique features or value additions involved.
Read the original one from Josh Kaufman here: https://personalmba.com/pricing-uncertainty-principle/
That sums up our discussion on pricing reasonably. So long folks! Have an excellent week ahead.