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Marketing 101: No Apology Necessary
Business ownership requires many strategic decisions. Often they involve product (or service) design, selection and pricing. We have to make careful choices in light of our costs and our competition.
Some months ago, I was at a book fair, offering encouragement to young writers. Several published authors were there, offering free advice and selling their printed books. One gentleman writer kept apologizing every time someone asked him the price of his book.
“You can get it cheaper as an e-book.”
“My publisher requires me to charge this.”
“I’m so sorry that it costs so much.”
He would say these things to people who had not complained. They were interested in buying and appeared to be willing to pay a fair price – which is what he was asking.
He seemed embarrassed to ask for payment, forgetting the long hours of writing that had extended over months and years. If he calculated the amount of money he had earned per hour of writing, he might never write again!
Understand your market.
Set your price.
Do not apologize. Your time and efforts are valuable!
If the product or service does not sell for that price, have a special time-limited sale.
Apologies can make you seem unsure of the value you offer. As a result, they lessen the perceived value in the eyes of potential buyers.
Of course, there are times when negotiation is in order. And, if there is someone who would be desperately helped by your product or service but clearly cannot afford it – consider a freebie.
Honor your decisions and your work with appropriate pricing. Be confident! Customers want to buy from sellers who understand the value of what they offer.
Until we meet again,
The Entrepreneur’s Friend