Would you pay £75 to learn how to make a decent cup of coffee?
Whether you personally would or wouldn’t… many people do.
People have completely different ideas as to whether something is worth what it is priced at.
The thing that most people forget is that pricing is subjective and relative.
Their opinions are often based on personal experience, their likes, dislikes and other prices.
Comparison with other products is often a very big factor and the products do not have to be similar either.
For example, a serious coffee lover would probably love to pay £75 to spend three hours learning how to make a decent coffee at a 200 Degrees Coffee Shop barista school…
But they may tell their friend who has spent £77 on a course teaching how to make money on Betfair that the Betfair course was too expensive.
I’m inclined to think that if paying £75 for three hours of coffee making is considered a good price, then £77 for something which could earn you thousands of pounds back, is too low.
200 Degrees do an Intermediate Barista course costing £85 and their Advanced Latte Art course – learning how to make pretty patterns on top of a milky frothy coffee – is £95.
All courses are three hours long.
There are a lot of coffee lovers who would happily pay those amounts to learn how to make decent coffee.
Some people may pay to learn to make coffee professionally as a way to find work as a barista or open their own coffee shop. Investing in yourself for the future is a good thing to do.
A person who loves coffee but has a strong dislike to gambling would see the price of the coffee course as acceptable but the price of any product regarding gambling as a total waste of money.
A person who only drinks tea and wishes to make TAX free money trading sporting events could have the complete opposite opinion.
They may not understand why anyone in their right mind would pay £95 to learn how to make pretty patterns on top of a milky frothy coffee, especially if they are not planning on doing it as a career.
How much money a person has is also a big factor.
A person who has several million pounds is likely to see the prices of specific products differently to someone who is on a low income and has been living in their overdraft for several years.
A lack of money can often cloud a person’s view of prices because they may be consumed with desperation and the ‘it’s unfair’ mentality which a lack of money can breed.
People who want and need to get out of a financial hole may see prices of things they need but cannot afford and feel a little depressed.
They’ll think that ‘it’s unfair’ that they cannot afford it or that they are not being given the ‘breaks’ to escape their current situation.
To them, those much needed products are ‘too expensive’ mainly because they cannot afford them at that time.
A person who is financially secure may look at the same products, see the opportunity and potential that they offer and think that the product creator is stupid for pricing it ‘too low’.
For me, the point of pricing is that you charge for what something can do and not what it is.
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It’s the reason why a thousand sheets of printer paper is far cheaper than a 24 page step-by-step guide showing you how to make a lot of money or build a successful business.
It’s not what it is; it is what it can do for the person who buys it.
You are free to price your products and services at whatever price you want but you could quite easily be selling yourself short if you are setting your prices at what a few people believe is ‘a fair price’.
As we know, pricing is subjective and relative so setting your prices to other people’s opinion of what is fair is not good practice.
200 Degrees know that those who love coffee are happy to spend up to £95 to learn how to make a decent cup of coffee. They are selling to coffee lovers.
All that really matters is that you sell your products and services to the right people.
When you find the right people, they will happily pay the price you ask… whether or not someone else – who isn’t in the slightest interested in your product – thinks it’s too expensive.
I’ve compared prices of a coffee course and a gambling product to highlight how different groups of people see prices differently, but comparisons of similar products can be good too… especially if yours is better value for money.
As another example, I have seen several courses teaching how to make money sending simple emails that are priced – in my opinion – way more than they should be.
As a person who makes a lot of money writing and sending simple emails, I believe that I am in a position to say that those prices are over inflated. One such course was priced over £550.
Their followers and fans are happy to pay those prices because of the ‘celebrity’ status of the product owners. It’s a mix of ‘idol worship’ and trust.
They are seen as the ‘big guys’ of online marketing, and they might be… but their courses are no better or have more information in them than many other courses available.
People are paying more because of name and reputation only.
People do it all the time.
You only have to look at television shows like Eat Well For Less and see how many people buy big brand products over lesser known products yet when it comes to the blind taste test, most of them can’t tell the difference.
Many are surprised to find that they prefer the taste of the cheaper alternatives once they have been exposed to them.
The name and reputation of a person or a company can add pounds to a product.
Before I bring this to a close, let me take the time to mention our own product which shows you exactly how to make money writing and sending simple emails.
Unlike the other over inflated courses I have seen, this one is affordable and at a price which I believe is more than ‘fair’.
To learn more, click the link below:
The Email Secret
Kind Regards
John Harrison
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Here’s that link again: