“How can I get the best price on this?” is generally a good line of thought when you’re shopping. I’m not knocking it.
But if you’re not willing to pay retail for something, for better or worse, that means it has little value to you.
Think about it like this.
Imagine you only have $3,000 to your name for the next three months. It’s not ideal, but it’s survivable.
You really want a $1,500 watch— it’s sharp, has all the latest features, and you’ve been dreaming about it since the concept photos leaked...but you’re probably not going to buy it.
It’s not that you don’t have the money for it. You just don’t want to plunk down that kind of cash for a watch until either the price changes, or your situation changes.
Now take the same scenario, but imagine you could buy a fully loaded, two-story house in a great area for the same amount.
Leaving behind half your money for the next quarter doesn’t seem as bad now! Who wouldn’t live on bologna and tap water for 90 days if they could do it from a beautiful new home?
The house has more value.
How does this apply to ecommerce best practices?
If you’ve built a brand with worth, your product will not be valuable to everyone. If it is, one of three things is happening.
- You’re in bad need of a reality check
- You’re not differentiating properly
- You’re a supervillain monetizing the air we breathe
If your work is growing with people who love what you do, don’t worry about anyone who’s not into it! They aren’t the customers to pursue, and you’ll lose brand viability trying.
But what happens when people who don’t value your product come after you?
Haggling at garage sales and flea markets is expected. With ecommerce and online services, not so much.
When people challenge the value of your offerings, negotiating with them seems tempting. No one wants to lose out on business. But you have to release yourself from the toxic mentality of “needing everyone’s business” and go on the (polite) offensive.
Take a look at this email chain (yes, this was a real life conversation).
That’s a huge discount being requested, and the suggestion that I should be scrambling for their cash makes my blood boil. Because I know the value of my company, my team, and what we’re bringing to the world, a price break of any kind was off the table.
Here was my counter:
Rather than cave out of fear, I tried to change his mindset. Losing a customer didn’t bother me nearly as much as the garage sale mentality!