7 Reasons to Dare to Charge More
Whilst catching up on my reading over the holidays, one article in Monocle magazine stood out to me….
It was a short article but contained this sentence from a Scandanavian entrepreneur
Sometimes in business being daring is about standing up against the 'norm'. The norm established through the manufacturing age of increasing volume through offers and discounts may seem an easy solution, however being a successful brand is not about taking the easy decisions, it is about making the right decision.
One question you might ask about your business is
"Dare we charge the right price for our product – if not, why not?"
You see I believe many businesses daren't charge the right price because they are not differentiated enough from their competitors. The charge towards volume reduces the differentiation.
- It moves from specialised to commoditised offers.
- It moves the focus from quality to quantity.
- It moves focus from product development to production planning.
- It moves the focus from delighting the customer to pleasing the buyer at the retailer.
- It moves the focus from increasing value of the offer to reducing cost of the product.
- It moves the focus of the talent from effectiveness to efficiency.
- It moves the focus from brand development to line extension.
So the question is if it is true that "Who Dares Wins"…….what is your brand scared of? The answer to your long time growth lies within those fears and sorting out the internal issues to address those fears…..