That’s what a recent poll said. According to the poll, 85% of people said they would pay more money for a more expensive product that gets the job done better. Although that does not apply to the fast food restaurant behemoths out there, it does apply to most entrepreneurs. People are willing to pay more money for a better product.
Instead of focusing on having a low price, focus on having a quality product. The low price does help get a volume of sales, but the product you sell still needs to be good. A quality product at a low price will result in a gradual pick-up in sales. A bad product sold at a low price will get nailed and then lose sales.
That’s why some renowned trainers are able to charge thousands of dollars every hour for a coaching session. Brendon Burchard charges $10,000 for a coaching session. These renowned trainers are able to charge high prices because people are willing to pay a higher price for a higher quality product. Although most people are not willing to pay an extra $5,000 for a coaching session, they are more willing to pay an extra $100 for a coaching session with the better expert.
Having low prices does result in a volume of sales. I am a big supporter of putting the prices low to get more sales. However, once someone buys your product, they need to be “wowed” away by your expertise. Don’t put your customer in a state of woe. Put them in a state of wow.