What is a price myth buster? It is the false assumption of industries, companies, leaders, and their employees that they are losing existing and potential customers due to lower prices. The following are four excellent examples of price myth busters.
Price Myth Buster #1
Don’t ask the Customers what they want, give them what they can’t live without
A 1,000+-year-old industry had irrefutable evidence that nearly 80% of their customers made their purchasing decision based on price. This information was accurate. The customers are clearly telling them what is most important to them—the price of the product. Why would any company go against what all their customers are telling them? Until one organization did and not only disrupted and dominated that industry but became a model for brands from every industry to replicate.
Price Myth Buster #2
You can’t outsell high Customer attrition
One company was losing nearly 20% of their existing customers each year to competitors due to lower prices…so they thought. Watch what happened:
Price Myth Buster #3
Make the one thing the one thing
A financial company was losing 15% of their potential customers every single month due to finding the identical service for less elsewhere…so they thought. Every 1% was worth nearly $400,000 in revenue per month. Watch what they did:
Price Myth Buster #4
Often, when a customer complains about price, it is not because they are
not willing to spend that much, it is because the experience didn’t warrant it
Whenever customers would complain about price, this organization’s employees would say, “we are charging too much.” Watch what one organization did when a customer complained about having to pay $40 for a service:
Episode 74 of the CSRevolution Podcast
Quote of the Week
“If your customers are a discount away from going elsewhere,
you have zero competitive advantage.”
Become a Licensed Customer Experience Coach
Are you waking up before your alarm goes off, throwing the covers off, and jumping out of bed because you are so excited about your workday, your career, and the impact you are having? Believe it or not, there are a lot of people who do feel like that. Maybe it is time you become one of them.
The DiJulius Group is holding their next CX Coach Camp, training passionate CX (Customer Experience) Coaches. These entrepreneurs will be licensed to train businesses on the exact same methodology that has been used with the best customer service companies from all over the world, to start their own six-figure coaching business.
Become a licensed Customer Experience Coach – April 26 – 29, 2022
If you can answer yes to the following, becoming a CX Coach may be perfect for you:
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