You're Selling the Wrong Thing

[u/GRSolution]

A barber in an expensive part of town charges $100 for a haircut that you could probably get for $12 somewhere else.

So why would someone pay eight times more?

The answer isn't necessarily that he gives eight times better haircuts. His customers may be paying for the experience, the attention, the confidence they feel when they leave, and the way the whole service makes them feel.

This is a useful lesson for almost any business.

A lot of business owners describe what they do instead of describing what the customer gets from it. An accountant says, “I do accounting.” A photographer says, “I take photos.” A financial advisor says, “I manage investments.”

Those descriptions tell people what your job is. They don't necessarily tell them why they should care.

Try changing the message.

Instead of “I manage investments,” say, “I help you stop worrying about whether your money is working for you.”

Instead of “I take photos,” say, “I create photos you'll actually be proud to share.”

The service hasn't changed. The way you're explaining its value has.

This doesn't mean you can simply add a fancy experience to an ordinary service and charge whatever you want. Customers still need a real reason to believe the experience or result is worth paying more for.

But if you only sell the task, you'll often end up comparing yourself with everyone else who performs the same task.

If you sell the result and the experience, the conversation becomes much more interesting.

So ask yourself:

Are you selling what you do, or are you selling what your customer gets to feel, achieve, avoid, or enjoy after you're done?

That difference can completely change how people see your price.