Avoid Annoying Hagglers and Honor Your Worth

Avoid Annoying Hagglers and Honor Your Worth

Solopreneurs get their share of annoying hagglers when closing a deal or finalizing a sale. Regrettably, many often end up on the losing side of the negotiation. Today's post is sharing a snippet from my latest mini-series, 6 Blunders Keeping You Stuck, Stressed & Strapped!  

Be aware of the further reaching implications and responsibilities associated with your price point. There is a lot of psychological things going on when people decide on what a particular price represents to them.  

For example, inexpensive products have PITA buyers. PITA is a slang acronym for "Pain In The A–".  Those annoying hagglers who are always asking for a discount.  I am not saying that people who buy inexpensive products are a problem – it is just that inexpensive products tend to attract more problem buyers than you might think. For example, many people who buy only when the price is low do not consider the value of the product.  They are just looking for the lowest price they can pay. There is little evaluation outside of “This better be inexpensive. I really do not want to have to spend money, because I do not like it.” Not the best way to start a relationship, right? How about, “I would love to take you out to dinner, Sue, but it better be inexpensive.” They are already entering the deal looking to be unhappy.

Buyers of inexpensive products are often playing a much higher stakes game than you think. They are often in a tough spot financially, so their needs are higher. They are going to hold your product to a higher standard than normal because they have told themselves that it needs to be extra good to justify the painful transaction. They are not inexpensive, necessarily.  They are just more likely to be pinning more hopes to what you are selling than what you intended.

Either way, you will receive more refund requests on your inexpensive stuff than on your expensive stuff in general.

On the other hand, you also face a few challenges with high-priced offerings. Expensive products have buyers who want their PDFs to be prettier, for example. How pretty? You’d be surprised. It is not unreasonable – mass-market expensive items have a lot of production quality in it.

A best-selling author has likely spent $3000 on the cover of their book alone – and that is just for a $20 hardcover. Expectations are high and it is more challenging to meet those expectations as a solopreneur because, unlike Random House, you do not have a team of people getting paid pretty significant sums of money to make everything extra shiny.

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About Online Biz Boomer Babe

Rachel Lavern is a Certified Business Coach and founder of My Booming Online Business--a blog for middle-age, global, uptown women. She is on a mission to transform entrepreneurs' finances by teaching the action set, mindset and skill set needed to get launched + make money.

Comments

  1. Wow, I’m glad you posted this. I don’t sell things yet but I will remember this when I begin selling items on my page. This was extremely helpful.

  2. Couldn’t agree more with your post. Its really tough for a solopreneur to even put a price on their products and its heart breaking to have people that try to haggle and claim your quality is not worth the price.

  3. I found this out a long time ago, Rachel. Any time I discounted my prices, the client didn’t appreciate the service.
    My service is very expensive now, and funny thing–clients appreciate it more!
    Great post.
    Susan Mary Malone recently posted…Do You Hear What I Hear?My Profile

  4. This applies to services, too: People often try to push the price of professionals down just to get a deal. Way to encourage entrepreneurs to honor their worth!

  5. I discovered this when running my arts and crafts school for kids. Whenever I had a special price I’d have people asking for longer sessions or further discounts. When I kept my prices at the usual rates I had people who were generally interested in my teaching and weren’t just looking for a cheap babysitting session.
    Tamuria recently posted…FOUR FUNTASTIC GIFTS TO MAKE FOR CHRISTMASMy Profile

  6. I had never heard of a PITA buyer but you are SO right!!! Love this! Such wise words!

  7. Very informative Rachel. I’ve been reading a lot about pricing lately because I’m about to introduce some new products and services, but by the time you weigh all the conflicting advice it feels like you might as well just toss a coin. Your article helps to bring some sense to the process.

  8. Honoring our worth is something that I just discussed with a group of natural health students yesterday. So many are afraid to charge for their service and in that they undervalue themselves terribly.
    Dr. Elise Cohen Ho recently posted…Fun With Friends at Tavern BowlMy Profile

  9. Your spot on advice needs to be shouted from the rooftops Rachel!LOL!

    Because far too often those discount wars are a race to the bottom of the
    most undesirable customer heap!LOL!

    I think it’s far more desirable to try and work far more intensely
    with the higher end customers and or clients!Great advice as usual!Thanks!

    BTW, I just joined the FB group for the 14 day Social Quant and I see you are one
    of the administrators!So I’m definitely looking forward to learning more now!
    Mark recently posted…Introducing One Of The Very Few Times A Sixty Seven Percent Success Rate Is Simply Not Good Enough!My Profile

  10. Rachel it has never ever worked for me to sell low priced products. Just like you said those buyers want the world for their money and more often than not ask for refunds. The shiny object addicts are the worst. They know they shouldn’t be purchasing and then they get buyers remorse and bam here comes the lies about the product so Paypal or credit source will support refund request. You have to know your worth so you can not be afraid to set prices accordingly. Thanks for this article!
    Lydia Brown recently posted…Celebrity Fame Alcohol and Substance AbuseMy Profile

  11. Charging what you’re worth and sticking to it is such a big issue, especially for women entrepreneurs it seems. I’ve heard it said that “pricing is a self-esteem issue,” and that made me sit up and take notice. Now I set my prices and you can take ’em or leave ’em but I’m not changing them because I’ve learned the hard way to value myself. Now, we’ll see how well it works because I’m about to put my rates up in January and I know some people who will not be happy about that. 🙂

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