21
Shoutout to the lady at Yellow City Coffee who changed how I look at pricing
I was talking to the owner of that little vintage shop on 6th about why she raised her prices, and she said 'people pay for trust, not for stuff.' That hit different because I've been undercharging for my fence work for years thinking lower prices would bring more customers. Has anyone else had a random conversation that totally flipped how you run your business?
2 comments
Log in to join the discussion
Log In2 Comments
jenny_sullivan971d ago
People pay for trust, not for stuff" sounds nice, but I'd bet they'd stop trusting pretty quick if her prices doubled. I wouldn't overthink one conversation into a whole business philosophy.
8
kim_martin1d ago
Exactly, "I wouldn't overthink one conversation into a whole business philosophy" sums it up perfectly. You can have the best relationship with a customer, but if you jack up your prices by double, that trust gets tested real fast. People trust you to be fair, not to price gouge them. I think a lot of small biz owners confuse "people like me" with "people will pay anything for me." It's not a charity, it's a transaction with feelings attached. Trust helps you keep customers, sure, but it won't make them ignore a 50% price hike.
2