Pablo Picasso was once approached by a fan and asked to draw something for them as a souvenir. He created something in only a few minutes and presented it to the excited fan. Then he added, “That will be $10,000 franks.” The rather shocked fan pointed out that it took Picasso only a few minutes to create the drawing. Picasso replied, simply, “No ma’am. It took me all my life.”
Picasso was pricing his work not according to the cost of “manufacturing” or even for how much of his time the drawing required, but instead according to its long-term VALUE.
Branding is everything, and everything is branding! Make sure your entire brand story, especially your messaging, focuses on the real benefits or VALUE it offers your customer.
Always target the right market and showcase your real VALUE effectively and you’ll find you have to explain your price a lot less often. And you’ll NEVER have to apologize for it.
Don’t cut the price, build the brand! – Dr. Burt