As we continue on our series about how investing in branding can add value to your business, we will move on to talking about one of my favorite things: pricing! I know that pricing can be a weird subject for many business owners. You never know if you are pricing yourself to low or too high? Can you raise your prices without losing all your clients? There are so many questions that fall into the pricing category, but today we are going to talk about how defining your brand + investing in brand design can get you to the next pricing level.
Raise Your Prices By Investing In
When you have a strong brand awareness and reputation, price is a funny thing. A good brand has the power to charge the price they want due to the reputation they have built with their audience. People are wiling to pay for quality products, an experience, and the feeling they get while using your products. Let’s look at an example to get started. ⠀⠀⠀⠀⠀⠀
Starbucks vs. Dunkin Donuts-
Both companies serve coffee, but why is Starbucks double the price of Dunkin? Well they have developed the reputation of being a refined company that serves luxury coffee. People are willing to pay 5+ dollars for a cup of coffee (that probably tastes the same as a local shop or DD) because of the experience, brand look, and feelings they get while drinking Starbucks coffee. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
You may be asking, what does brand design have to do with it though?
When you take the time to invest in branding you will accomplish a few things that will allow you to raise your prices.
- You put strategy behind your look. When you take branding seriously, it will allow you to see who you are, what you want to accomplish and get serious about your business. This means you will dig deep into the emotions you want you brand to hold + who you want to work with and build a brand around that information. In turn, you will be able to target your ideal client better and allow you to reach that price point you have been dreaming of.
- You look the part. We have all stumbled upon a website that is all over the place but yet asking $200 for a shirt. It just doesn’t sit right with you. Why would you trust someone who doesn’t look professional with your money? When you invest in quality branding, you can tell. Everything is more put together, thoughtful and professional looking. Which means when you raise your prices and ask your clients to invest more into you – they feel comfortable trusting that you are a professional business who can handle the job.
A good brand reputation and client satisfaction will allow you to have the power to control your pricing. No more dealing with haggling clients who want 20% off ‘just because’ – a strategic brand opens you up to those clients who are willing to pay your full price + see the value behind it. And that my friend is an amazing thing.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Not only does it reassure you that this whole small business thing is worth it, but it also allows you to enjoy your work again. We all know when we accept those clients who want champagne on a beer budget, we regret it in the long run. Those are the clients that make you feel blah, question your work and just don’t allow you to enjoy what you are doing. We want to be working with people who SEE + FEEL the value of the product or services we offer. Those are the clients we should be striving towards.
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