Published on March 12, 2014
How do you set your Price?
Setting prices for your goods and services seems to be a stumper for many businesses especially the micro-preneurs
Too high and items sit forever Too low and you cut your own profit margin.
• It’d be wonderful to have a secret formula that magically produced a good sales price for you.
• While a such a secret formula doesn’t exist — here is a story of price setting that makes you laugh but also makes a very important point ….
Hotel Bill -Take a minute to read this and laugh…… • An older lady decided to give herself a big treat for her 70th birthday by staying overnight in a really nice hotel. When she checked out the next morning, the desk clerk handed her a bill for $250.00. She demanded to know why the charge was so high. "I agree it's a nice hotel, but the rooms aren't worth $250.00 for just an overnight stay! I didn't even have breakfast."
The clerk told her that $250.00 is the 'standard rate', and breakfast had been included had she wanted it. She insisted on speaking to the Manager. The Manager appeared and, forewarned by the desk clerk, announced: "This hotel has an Olympic-sized pool and a huge conference centre which are available for use." "But I didn't use them," she said. ''Well, they are here, and you could have," explained the Manager.
He went on to explain that she could also have seen one of the in-hotel shows for which they were so famous. "We have the best entertainers from the world over performing here," the Manager said. "But I didn't go to any of those shows," she said. "Well, we have them, and you could have," the Manager replied.
No matter what amenity the Manager mentioned, she replied, "But I didn't use it!" and the Manager countered with his standard response
After several minutes discussion, and with the Manager still unmoved, she decided to pay, wrote a check and gave it to him. The Manager was surprised when he looked at the check. "But madam, this check is for $50.00." "That's correct I charged you $200.00 for sleeping with me," she replied. "But I didn't!" exclaimed the very surprised Manager. "Well, too bad, I was here, and you could have."
• There are so many lessons to learn from this story ….. • Which one sticks out for you?
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