This is Hank Hoffmeier with a marketing and business tip.
What I would like to discuss with you today is something that happened to me recently that made me really think about pricing and value.
I needed to have a jacket altered recently, and I needed to take in. I brought it to a tailor that I have known to produce good quality in the past it has been given to me as a referral from friends. I brought the jacket in and paid a lot of money, but for some reason the sizing was not correct and the work has to be redone and I hope that the jacket turns out okay.
In the meantime, I have another jacket that needed some more alterations in a different aspect, and I decided to try a different tailor. This happened before I knew about the issue with the other jacket. So, now what happen is the cheaper tailor, the second one, I was actually very satisfied and happy with the results. And the one where I paid pretty much double the first tailor ended up not being what I needed, what I wanted, as far as fit and feel. It was a little bit tight, so I needed to have them taken back out a little bit.
So the moral of the story is just because something is more expensive does not mean it is more valuable or be of better quality. So when you have a product or service you are offering, make sure to price it right. Just pricing your product and service higher does not mean people think it is quality or be of value. They are going to determine that on their own and you will have a specific sweet spot when it comes to your pricing. You will need to determine that based on how people are reacting to the results of your product or service, with the pricing you are offering.
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