Some professional baseball players see enough value in their barbers to fly them around the country (sometimes internationally) to get a haircut. Why? Because these barbers meet some intangible value needs these players have. It’s a reminder that all our customers have intangible needs we meet which go beyond the features of our product or service.
Your prices send signals to customers…sometimes messages you didn’t intend. A master woodworker’s story illustrates the point.
You’ve had the ribbon cutting and you’ve got customers. Maybe you’ve even turned a profit. You’re still not officially in business until you’ve reached these milestones.
Apple’s rise to one trillion in market value–a first in U.S. business history–was achieved because of a pricing strategy which overcame missed forecasts. There’s a lesson (and opportunity) here for all of us.
Connecting people is considerate and admirable. There’s a right way and a wrong way to do it, however.
© 2018 Ray Business Advisors, LLC.