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Retail Tips: By Robert Johnston

Stop Playing Up Your Prices and Get Customers in Your Door

Charge what you are worth. Everyone knows the saying “You get what you pay for.” People know that going to a big box retailer to get fine jewelry won’t actually get them fine jewelry. People also know that if you go to Tiffany’s, you’re not going to walk out with a piece of jewelry that’ll turn green by the time you get it home!
If your product is worth the cost, then go ahead and charge that amount for it! Besides, if you have a valuable product or service that is priced cheaply, people will wonder what’s wrong with the product.
Focus on the great quality of your product or service. Find out what you make or do better than all of your competition. Do you have a superior product, or do you have a bigger selection? Ask yourself how you can give your customers more value, rather than how you can save them money.

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Quotes

“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”

Sam Walton

"The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities."

Michael Gerber

"Well, when you're trying to create things that are new, you have to be prepared to be on the edge of risk."

Michael Eisner