Have you ever bought something … anything … when there was a cheaper alternative available?
Of course you have – we all have.
Probably all kinds of different reasons, depending on what is it that you’re buying. But I’ll wager that you always have at least ONE reason.
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Maybe it’s a reason personal to you? Maybe it’s a reason common to most people? Or maybe you’re in the minority with that reason?
Whatever the case, it’s a reason, and it’s impacted your buying decision. And it’s resulted in you choosing to pay MORE for something that you could have found cheaper.
As an example … I always buy free-range eggs. They’re always a little more expensive than the cheaper ones generally available. I’m not sure that they actually taste any different, and I’m certain that if making a cake, it wouldn’t make any difference at all. But for me, personally, it’s important that they are from free-range chickens, and I’m happy to pay the extra for that alone.
“Sustainability” in general is a good example, actually.
There’s been a noticeable shift in the last few years, and environmentally-friendly, sustainable, generally-better-for-the-planet … and better-for-people … initiatives are becoming more and more “normal”.
Which, in my humble opinion, is GREAT!
This often comes with a higher price tag, though.
The “plastic-free” alternatives often cost a little more.
The “green” delivery company usually costs a little more.
Organic food costs more than non-organic. Healthy food is, in fact, generally more expensive than “less-healthy” food.
There is a cost to “sustainability”, and “environmentally-friendly”, and “healthy” … which is one of the reasons, I’m sure, that it has all been so long ignored.
But that is changing.
And that is largely thanks to the people. Because the PEOPLE are prepared to PAY MORE for these things now, so more and more COMPANIES have started to offer them.
And the reason the people are prepared to pay more, now – more than ever before – is because they UNDERSTAND the importance of it now.
The awareness and understanding of this subject is now such that this has become a PERSONAL issue to people.
And the longevity of our planet, our environment, our nature, and our own health, is now – to more and more people – worth paying a little extra for.
Which goes to show … PRICE isn’t always the biggest factor.
And NOR is “being different for the sake of it”.
It goes to show … sometimes, these aren’t the factors at all.
As consumers, we make buying decisions based on lots of different factors. The cost, of course, is always one of them. We ultimately only have so much money available to us, so we must choose according to our capacity.
However, our NEEDS, and our BELIEFS, and our PROBLEMS, and our DREAMS, and our ASPIRATIONS … these also play a part in our decisions.
A BIG part, actually.
And most of the time, we will choose an option based on THOSE factors.
NOT on price.
Pricing – in business – is one of the hardest things. And there is often a tendency for people to UNDERSELL themselves, as they feel they can’t justify a higher price. Or they aren’t good enough to warrant a higher price.
But maybe, if we remember the factors that are REALLY impacting people’s decisions, we can stop worrying about our prices being too high.
Because maybe, WHAT we are offering … the way we operate, or the problems we solve, or the dreams we help create … maybe THOSE are the things most important to OUR clients.
So maybe we should focus on promoting THOSE things, and not worry about the price at all?
Because the person looking for the free-range eggs isn’t looking at the price tags. They’re looking at the packaging, to check that THIS product suits their OTHER needs.