There is simply no excuse to rip your customers off!
Yes I know that’s a bold statement to make!
But it happens!
A LOT!
WHY are you in Business?
We all understand every business needs to make a profit so that you can continue being in business, so that you can continue to make a difference or provide needed services and products to market and thus also continue employing people and ensure you are paid as a Business Owner.
FAIR Prices is ethical!
FAIR Prices is honest!
FAIR Prices shows integrity!
FAIR Prices shows your WHY!
It angers me as Business Coach (and as a person) that I see some businesses rip their customers off!!!
Of course as a business you are allowed to charge your price and a consumer can decided to use your product or service. I know there is always a choice, however how do you set prices for your products and your services? Have you standardised these?
How do some businesses get it wrong?
Don’t have a price today and a different price for the same product or service tomorrow! I am not referring to an annual price increase, I am referring to the fact that prices fluctuate with no reason.
For example the SAME products and/ or service you charge different prices depending on who the customer is or if you’re thinking the customer can “afford” it! What an assumption to make based on what you think you see! And how unprofessional and unethical in my view.
In the last week I’ve had three different occasions where this has come up! In fact, one of those occasions a Business Owner was telling me that a Business Coach has given him a quote for coaching but had also given another business owner in his same network a quote that was half of what he was quoted for, and it was for exactly the same work and time! I apologised to that Business Owner on behalf of Business Coaches, this is not the same for the entire industry of Business Coaches. In fact I felt incredibly embarrassed to hear this!
What do your customers think?
Let me just say your customers are not stupid! They can see right through the façade when they are being taken for a ride! New Zealand is a small place, people talk to people! On average 1 person will tell 10 people of a dreadful experience they’ve had vs 1 person telling 2 people when they’ve had a good experience.
I have also seen some businesses completely price themselves out of the market! Your customers will not stay, they will not be loyal, no matter how good your product or service. They will use it until they are able to find an alternative!
The trust has been broken!
Don’t be this Business!
Don’t be this Business Owner!
Don’t be this Person!
I am all for businesses doing well. In fact, the businesses I work with I make it my mission to do all that I can to help them succeed! They succeed, I succeed, but not to the detriment of their customers whom I know the businesses I work with value!
Cash is King, but you ain’t going to be King with no customers!
I welcome you to speak to a professional that can help you standardise your pricing! Better yet, do a customer survey and see what your customers think!
Speak to someone that can help you through a process of ethically increasing your prices with transparent customer communication BEFORE you increase your prices!
I’m happy to hear some comments and thoughts around this, you’re free to contact me at faieka@inspiretoevolve.com
From a very passionate and ethical Business Coach!
Faieka