gh priced goods. They even buy the highest priced goods. Think Dom Perignon, Tiffany’s, Prada or Gucci. People love to splurge. They like to buy the best and spoil themselves. Being the low price provider is certainly not the only way to go. Of course many people go for the lowest priced item, we’ve all done it, but sooner or later many consumers get burned. They find the quality of the low priced provider problematic and they get sick of it. OrAs a small business, trying to play the low price game is a losing strategy, yet ironically that is the strategy so many small business owners start out with. This is a fear based strategy which is the first sign that it is the wrong one for small businesses. A flourishing business does not operate with a fear mindset. It runs on a plan of positive self expectancy and of wealth creation and charges full price for its value. By utilizing the following six steps your company can start to flourish too by maximizing your profit margins and not succumbing to the temptation of useless and many times dooming price cuts.

1. Don’t be afraid to charge what you are you worth. The old saying, “You get what you pay for,” is a commonly held truism. And perception is reality when it comes to marketing your business’s products and services. A flourishing business centers its strategy on value, and value by its very nature has a high price tag. When people see a high value, they expect to see a high price. If you looked at a Mercedes and then saw an unusually low price tag on it, they would immediately think, “What’s wrong with it?” So, if you proceed to tout all the great benefits of your product or service, your superiority to your competitors and your high quality or service and then slap a low price on it, you are planting this same question in your customer’s minds. What’s wrong with it? Contrast that with using a high price to differentiate yourself in a crowded marketplace, causing you to stand out and have people thinking, “I wonder why they are so expensive, they must be really good.” By discounting your price, you are sending the message to your customers and potential customers that your value is that of a jalopy not a Mercedes.

2. People like paying for quality. People do buy high priced goods. They even buy the highest priced goods. Think Dom Perignon, Tiffany’s, Prada or Gucci. People love to splurge. They like to buy the best and spoil themselves. Being the low price provider is certainly not the only way to go. Of course many people go for the lowest priced item, we’ve all done it, but sooner or later many consumers get burned. They find the quality of the low priced provider problematic and they get sick of it. Or

g six steps your company can start to flourish too by maximizing your profit margins and not succumbing to the temptation of useless and many times dooming price cuts.

1. Don’t be afraid to charge what you are you worth. The old saying, “You get what you pay for,” is a commonly held truism. And perception is reality when it comes to marketing your business’s products and services. A flourishing business centers its strategy on value, and value by its very nature has a high price tag. When people see a high value, they expect to see a high price. If you looked at a Mercedes and then saw an unusually low price tag on it, they would immediately think, “What’s wrong with it?” So, if you proceed to tout all the great benefits of your product or service, your superiority to your competitors and your high quality or service and then slap a low price on it, you are planting this same question in your customer’s minds. What’s wrong with it? Contrast that with using a high price to differentiate yourself in a crowded marketplace, causing you to stand out and have people thinking, “I wonder why they are so expensive, they must be really good.” By discounting your price, you are sending the message to your customers and potential customers that your value is that of a jalopy not a Mercedes.

2. People like paying for quality. People do buy high priced goods. They even buy the highest priced goods. Think Dom Perignon, Tiffany’s, Prada or Gucci. People love to splurge. They like to buy the best and spoil themselves. Being the low price provider is certainly not the only way to go. Of course many people go for the lowest priced item, we’ve all done it, but sooner or later many consumers get burned. They find the quality of the low priced provider problematic and they get sick of it. Or

y its very nature has a high price tag. When people see a high value, they expect to see a high price. If you looked at a Mercedes and then saw an unusually low price tag on it, they would immediately think, “What’s wrong with it?” So, if you proceed to tout all the great benefits of your product or service, your superiority to your competitors and your high quality or service and then slap a low price on it, you are planting this same question in your customer’s minds. What’s wrong with it? Contrast that with using a high price to differentiate yourself in a crowded marketplace, causing you to stand out and have people thinking, “I wonder why they are so expensive, they must be really good.” By discounting your price, you are sending the message to your customers and potential customers that your value is that of a jalopy not a Mercedes.

2. People like paying for quality. People do buy high priced goods. They even buy the highest priced goods. Think Dom Perignon, Tiffany’s, Prada or Gucci. People love to splurge. They like to buy the best and spoil themselves. Being the low price provider is certainly not the only way to go. Of course many people go for the lowest priced item, we’ve all done it, but sooner or later many consumers get burned. They find the quality of the low priced provider problematic and they get sick of it. Or

ur customer’s minds. What’s wrong with it? Contrast that with using a high price to differentiate yourself in a crowded marketplace, causing you to stand out and have people thinking, “I wonder why they are so expensive, they must be really good.” By discounting your price, you are sending the message to your customers and potential customers that your value is that of a jalopy not a Mercedes.

2. People like paying for quality. People do buy high priced goods. They even buy the highest priced goods. Think Dom Perignon, Tiffany’s, Prada or Gucci. People love to splurge. They like to buy the best and spoil themselves. Being the low price provider is certainly not the only way to go. Of course many people go for the lowest priced item, we’ve all done it, but sooner or later many consumers get burned. They find the quality of the low priced provider problematic and they get sick of it. Or

gh priced goods. They even buy the highest priced goods. Think Dom Perignon, Tiffany’s, Prada or Gucci. People love to splurge. They like to buy the best and spoil themselves. Being the low price provider is certainly not the only way to go. Of course many people go for the lowest priced item, we’ve all done it, but sooner or later many consumers get burned. They find the quality of the low priced provider problematic and they get sick of it. Or they get fed up with bad service, and decide it is worth paying a bit and have a more enjoyable consumer experience. When you look at how other top brands have positioned themselves successfully you can see that coming in high on the price end is not always a negative. To some people it is in fact a positive. This is not just a business to consumer phenomenon; plenty of companies that sell to other businesses have also taken this approach as a way to gain a market leadership position. Law firms, software companies, manufactures, consulting firms and almost every industry has one smart guy positioning as the premium player in the space and charging high prices and really delivering. There are also a bunch of low cost players trying to undercut him and focusing their pitch solely on price. Do you think the premium player is worried? Heck no, he is laughing all the way to the bank.

3. Take your focus off price and onto to value. The key is to find out what you can provide better than anyone else. Make your value worthy of a higher price and then find the right customers who will recognize the value that they are getting and be willing to pay for it. Rather than asking yourself how you can beat your competitors on price, ask how you can provide your customers more value. People are pressed for time more now than ever before. Despite technology’s claims that it was going to save us all time, we are now busier than ever. Anything you can do to save your customers time, provides them with more value that they are likely willing to pay for. To many people time is more valuable than money because it is finite. Combining other complimentary services as part of a bundle, adding in additional accessories, delivery and pickup can increase your perceived value. While you should remain consta