What is it about price and value that makes it so paramount when running a business?
I vividly remember when i was a serving corp member in Cross River State; Ikom to be precise.
I had to get myself accustomed to the very sumptuous delicacy I enjoyed due to my change in environment.
I really never had a cultural shock, the only thing i struggled with was the language. It was as if that was where God destroyed the tower of Babel.
Back to my point. I cherished the palatable swallows like Garri and Akpu with their corresponding African dishes like Edikang Ikong, Salad soup, groundnut soup, and egusi soup just to mention a few.
These meals are so delicious that you would want to part with your hard end money just to satisfy your belly with this delicacy with a bottle of chilled Malt drink and water
They are quite expensive… I must confess.
I am not a ‘foodie’
Fast forward… After my service year and coming back to my base here in South West, I would most of the time walk several streets just to look for this type of food.
I have been used to that experience and i want to get more of the value for prices higher than i could possibly pay while living in Ikom
Two things stood out in my illustration.
The Value and The Pricing!
What is it about pricing that makes it so paramount when running a business?
Yes, pricing is the perceived worth for the product you sell or service you render after which you make profit from it.
You cannot over emphasize the power of value in pricing.
Infact, pricing is directly proportional to value.
So, when trying to create a product or offer, take your time to itemize the value your customers will be getting too.
Look less on what your competitors are offering but look more into what extra value you can give to make your customers part with their money, come for more and even refer others to your business.
Do not be caught in the web of PRICE REDUCTION simply because you want to gain more customers and take your sight off the value you will be given. You are doing to yourself a great disservice.
The supposed customers you got from your price reduction strategy will abandon you if they know you have no value to offer them.
That is my simple tip for you when pricing your goods.
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