The Psychology of Charging More

Dan Lok Show

Dan Lok

Careers, Management, Entrepreneurship, Business

4.8 • 826 Ratings

🗓️ 28 October 2024

⏱️ 2 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today's competitive business landscape, pricing strategies are not just about numbers; they're deeply intertwined with psychology.

In this episode, Dan Lok delves into the fascinating world of how and why setting higher prices might not just be good for business but can also benefit your clients in ways you might not expect.

Transcript

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0:00.0	If I charge way more than my competitors and make way more profits, aren't I greedy,
0:20.2	aren't I ripping my clients off?
0:22.6	How many have this little mindset in you?
0:25.6	Come on, let me see the hand, thank you.
0:27.6	If I charge more than my competitors, aren't I ripping them off?
0:31.6	Aren't I being greedy?
0:34.6	We get in our own way by what we have in our own head and what we will do with the money
0:40.0	and what we are willing to spend. We project our own values onto people, onto our prospects, right?
0:48.9	And everybody's got stuff. How many have some stuff in your head, right? About money.
0:52.6	We all do, including me. How many have some stuff in your head
0:55.1	about money?
0:55.8	We all do.
0:57.0	Let me see the hand.
0:58.3	Every one of us, every one of us,
1:01.6	which relates to price
1:03.2	and most of it is not healthy.
1:06.3	If you see someone buying something
1:09.0	like, oh, someone buying a watch for this much money, oh,
1:13.6	that's wasteful.
1:14.6	Like that is stupid.
1:16.6	Don't project our values onto other people.
1:20.6	Yes?
	...

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