| Pricing Pricing Pricing… what should I charge… should I put my prices on my website… the eternal pricing questions… Yesterday on a session with a client, I came up with an analogy so thought I’d share it with you too. Now we don’t want people to choose us based on price… but ultimately it does play a part. Think of a restaurant… and a restaurant menu. Especially when the menu is on display outside the restaurant. (With prices) How do you decide where you go to eat if you know nothing about the restaurant? If you are hungry and walking past, most likely from their branding, the building itself, the decor… and the prices on the menu. Those prices set an expectation of what you’ll get and your experience. Let’s say you want a cheeseburger… are you going to go to Mcdonalds… Five Guys or Hawksmoor… Cheeseburger is a cheesburger right?… No. (If you are vegetarian, stick with me here) In Mcdonalds you pretty much have to order it yourself. Touch screen… number.. paperbag. Small burger… on your way. Quick as. You know how it works and you know what you get for your money. You’re not expecting anything else. Five Guys… it costs a bit more… you get to customise the burger… it’s a bigger burger. You get to speak to a person to order. Takes longer to get your order. It’s still fast food… but it’s not McDonalds. It’s not so much about the experience, but the expectation is a ‘better’ product. Now Hawsmoor… it’s no longer so much about the burger, it’s also now about the restaurant… their ethos and the overall dinning experience. And the price reflects that. Your branding and your pricing helps people decide if you are the right ‘restaurant’ for them. It’s all part of the bigger picture that helps people know what to expect. And get the right people through the door. Then the trick is to make sure what they are expecting is what they get… Hawksmoor prices with a Mcdonalds experience isn’t going to last. Get it right and you can start throwing reputation, and recommendations into the mix. This can apply to the different services you offerFree Self – guided (Self study) GroupOne to One. How does it differ across them? Work out where you sit and craft your message and brand to fit your prices. Then don’t be afraid to show everyone which type of restaurant you are. Do you need to look at your branding and pricing?Are you getting the right people through the door? Katy x |
What to price: The restaurant model. Can the people you are attracting afford what you are offering?
