In some cases, "CHARGE MORE!" is bad advice. Let me explain.
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What should Barbershop B do? If they "charge more" will their business magically improve? Of course not.
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A business' capacity to charge more depends on a number of factors: 1. How the customer perceives your product's value 2. The intensity of the customer's desire for your product 3. The availability (supply) of your product vs demand 4. Your customer's ability to pay
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How did Barbershop A manage to "charge more?" They didn't start at $38. When they opened their doors initially, they charged what everyone else did. BUT, they differentiated their product. They had superior service. They responded to the emotional desires of their clients.
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Gradually, over time, demand for Barbershop A increased. Clients had to start booking appointments months in advance. THAT'S when they increased their prices: when there was clearly an intense demand for the product. "Charge more" only works when there's sufficient demand.
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You can't charge more if your product doesn't give people something they desire: relief utility status safety progress belonging significance breakthrough entertainment
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Keep reading the thread
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They asked: "What do men these days want?" Answer: a place where they can feel like a man, nostalgia, a place to talk about their life, a haircut so good it gets noticed, barbers with opinions about what hairstyle to wear.
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Which one is serving the customer needs? Likely they aren’t addressing the same market. I’ve never booked a hair appointment in my life and never would. It’s like “Contact Us” pricing on a SaaS. Nope! Not for me! I walk past and if there’s two people waiting then it’s too busy
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I know it's the same market, because so many of us switched from cheap "walk-in" haircuts, to more expensive "you gotta book in advance" when this shop opened! They ignited a desire in a group of people, and those people switched. "People like us, do things like this" - Seth G
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