I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
FREE Is a 4-letter Word
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As I put together this evening's Pricing for Profitability session for New York Public Library's Business Center, which is free and open to the public, by the way, I was reminded of the amazing power and perils of the word "free." This little 4-letter word is a double-edged sword for business owners. On the one hand, it lights up our brains and makes us do illogical things that often work against our own best interests. We buy more than we normally would or intended to, or we pay more than we should given other alternatives. In study after study, "free" tripped up consumers, distracting them from the more money-saving options. And, don't get me started on "Free Shipping" versus discounts. People keep opting for that free shipping even when the discounts would save them more than the cost of shipping. When used skillfully, free can be an effective sales and pricing tool. But, for business owners who are trying to drive sales by giving away their products or services, free can cut deep into the perceived quality and value of what they have to offer. While we are drawn to free stuff, we don't value it the way we do the stuff we pay for. And therein lies the rub. In order to make free work for you, you have to understand its subtleties and pair it with other strategies that foster and protect your product or service value. As you can imagine, this isn't easy. If you'd like to learn more about pricing and the right strategy for your business, schedule your free consultation. PS - Last week, I asked What's Your Money Mindset? Check it out if you missed it. Your success is our stategy! |
Easily Said & Done
I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
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