I’ve been thinking lately about prices. Are you charging a reasonable price for the services you offer? Do you pay a reasonable price for the services you receive?
A while back there was an advertising campaign for a very famous brand of washing up liquid. It showed a person emptying their bin, only for the “economy” black bag they had been using to break, showering vegetable peel and empty cartons all over the floor. “That’s false economy!” the voiceover said as the poor person struggled to pick up their rubbish and put it into a second bag. There is a reason why, in the middle of a recession, with so many economy brands and discount stores available, the big name brands continue to thrive – their products are for the most part, of a superior quality. People are prepared to spend more on them because they do the job better, faster or more easily.
Have you ever decorated a room, and decided to use “economy” paint, but ended up having to do several more coats in order to cover the colour underneath? Extra time spent, and extra money on that second pot of paint. False economy!
What does this have to do with your business, you may ask?!
Think for a moment about your training. In this industry there are lots of different training courses and accreditations available, and they can vary wildly in price. You might be tempted to just plump for the cheapest option when faced with such a wide range – but what you should really be looking at is value for money, and the return you’re likely to get on your investment.
For example, a training day costing £500 might sound like a big outlay – but if you come away from that day with a great new skill that you’re confident using on your clients, at a charge of £65 per treatment, you only need to do 8 treatments before you’ve made that money back – and probably gained yourself eight fabulous new clients to boot!
I’ve been on cheap courses myself – and I’ve walked away from most of them thinking “yikes, I’m going to need to do another training course before I can actually provide that treatment for my clients!” You really do get what you pay for, so why not pay once for something that will add value to your business, rather than twice?
I know price is very important these days, but so is quality. In fact, in our line of business I would argue that quality is more important. If you can offer your clients a great new treatment with confidence and skill, they’re more likely to come back to you and recommend you to their friends.
Be choosy with your investments!!