The psychology of pricing is a really fascinating subject. Well, it’s fascinating to me.
If you sell a commodity product, then you don’t really have much control on that front – the “market” sets the price, your competitors and you play a little dance, raising it here and lowering it there, seeing which sticks.
But if you sell a high-value service – especially one that is based on trust on your ability to deliver – then pricing is an incredibly complex subject. Complex, because it all depends on you. And what’s going on in your brain.
I’m going to expand on this theme further over the next few letters, but in the meantime …
Take action: Do you want to raise your prices? What’s stopping you? No, really. What’s actually stopping you?