I read a “serves you right” story yesterday:
News broke a few days ago that the Ledger X, a specific and popular make of crypto wallet, a physical device meant to store your bitcoins, memecoins, and shitcoins, was compromised somewhere along the supply chain.
The wallets were tampered with and a little mechanism was added, which transmits your crypto secrets to somebody out there in this dark world and wide, and drains all the crypto that you were foolish enough to store in the Ledger X.
I say foolish enough because, according to the article I read:
“Tampered devices were available for nearly half the price of the original hardware.”
Point being, you don’t want to buy for cheap, because you get what you pay for.
Likewise, you don’t want to sell for cheap, because savvy customers, the one you want to have for the long term, know you get what you pay for, and will therefore avoid cheap.
And before you come at me with your counterexamples of things that were cheap but good, or pricey but bad — yes. This rule of thumb of thumb might not be 100% accurate. But in the words of Travis Sago, it is 100% useful.
I’m telling you all this because in my Daily Email House community, Community Shogun Chris Dyson asked, “What’s the ONE part of your process your customers seem to struggle with the most?”
I made a list of four different things that I think my customers struggle. #2 on my list was, “They are reluctant to raise their prices and frequently undercharge.”
Like I said, you don’t want to sell for cheap. Ideally, that means you raise your prices, up to and even including being the most expensive in your niche.
However, if you are reluctant to do that yet, then at least stop selling yourself as being cheap.
Yes, you can charge less than the going rate if you must. But give it another reason than “because I’m affordable” — otherwise smart customers will suspect you are actually trying to steal their money in some secret way, like the half-price crypto wallet did and does.
Good news is, there are dozens of possible justifications you can give for charging a lower rate than the rest of the market. If you wanna see some of them:
https://www.skool.com/daily-email-house/100-contest-reasons-to-be-cheap