Yes, your prices or fees could be too high.
Alternatively, you could be marketing to the wrong people.
Insanely expensive or a wonderful deal?
I was with a friend yesterday, who has just bought a car. Someone overheard him telling me what he paid for it and immediately told him, he must be insane and that the price was way too high.
Here’s the thing: The guy that said the car was too expensive, knows nothing about the market value of a 4 month old Aston Martin. The guy who bought the car, is an Aston Martin specialist. He has owned half a dozen of them, he follows the market and he knew he’d just got an incredible bargain. To qualify that, he could resell the car in a week and make £20,000 profit, if he wanted to.
So, here’s what we have
The same car.
The same price.
Yet, one person thinks it’s insanely overpriced. One person knows it’s an amazing deal.
What this means to you
If your business provides a product or service with an Aston Martin level of quality, it will always be too expensive, if you’re marketing it to the wrong people.
In short: Decide who your ideal client is and market exclusively to them. They will eagerly buy from you, because they are in the market for your ‘Aston Martin service’ and value the quality you provide.
PS – Here is a 3 part series I wrote, on how to work for the best clients and the highest fees:
How to attract the best clients and the highest fees – Part 1.
How to attract the best clients and the highest fees – Part 2.
How to attract the best clients and the highest fees – Part 3.