When we think about a problem, we like to solve it. Our brains are suckers for the open loop and we want to close it. If you are asking how to make something cheaper, you get solutions and thoughts on cost-cutting or quality cutting. And those that are super efficient at making things cheap have extreme scale to amortize such costs.
If you ask how to make something more expensive, you have to think about value. How do you make something worth more? How do you become worth more?
There are plenty of people that crave better. They can easily get cheap merchandise. But, they can’t always get that exquisite taste, feeling of quality or identity to name a few reasons why we pay more for the things we love.
What if you took the challenge to look at your prices? What would it take to make the value worth double? What would that look like? Can you add a thoughtful gift? What if you followed up with custom service at the right timing? The extra effort or concierge service could easily increase the value perception if you package your offering with some creativity.
Increase the value before anyone even asks. Sometimes it’s cost. Other times it’s care. Then, if you get traction that is repeatable, you can see if the value warrants an increase in price.
In a crowded marketplace with so many options for cheaper options, it would be hard to compete in categories that have people thinking about the low-cost option.
Become more expensive. It’s a fantastic way to differentiate and push yourself to be desired more. It’s not free. But it’s worth it.
Don Dalrymple 