Segment: Don't Price for Approval, Price for Sustainability - Cheap Pricing Kills Your Business

0:00If some of the things you have said has been nostalgic for me, is there anything we can speak about that we haven't? OK, so I think one thing I would like to speak about here, when you are such a business, is pricing. That's because I've had a lot of people come to me who ask care to price. And because of that, they make their product so cheap because a certain number of people are OK with that. And they are so scared. You don't price for approval. You price for sustainability. Your business needs funds. Not just profits. It needs funds to do. When I went to China to do my packaging bags, they said I couldn't do less than 1,000 for a particular size. And I needed five sizes. It's means I have to buy 5,000 pieces. Or maybe 10,000 pieces. Imagine I was, you know, pricing so low, I'm not making good money. And then how do you push your business to the next level if you're not pricing well?

1:00Don't be scared to price. Not everyone is your customer. Know that people you are trying to attract and then push your business to them. If someone comes to you and says, oh, your prices are too expensive, you say, thank you. Go to where it's cheap. Don't be scared. Don't be scared to tell people off because there are some people no matter the price you put, it's expensive for them. But if you're able to stand on business, I mean, you don't have to be too expensive. But also make sure that whatever profits you are making or money you are making, they say room to improve your business. You don't want your business to be stagnant. And I'm saying this because sometime ago when I was in China, I was introducing a new product and then one lady came to me and was like, oh, I saw a similar product. I was like, oh, really? It was like, yeah, but it's not going well and all that. So I was like, how is she marketing it? I didn't care what I'm bringing the same product. I wanted to know what she was doing. And how much was she buying it in Ghana? And she said she was getting it for 50 Ghana cities and she was selling it for 70 cities.

2:02I asked there, when they buy do you package it? Do you put it in the packaging bag? She said yes. Let's say when you're going to buy it or when they're bringing it to do you pay the fee, you know, they have to bring it to you or you have to go for it. No matter what money is involved and she said yes, I was like, that's 20 cities. And if it's not something that a lot of people are buying, how are you able to make money for it? Oh, when she started selling it for hundreds of days, people were scared, people didn't want to buy it from her. I was like, that's because you're trying to make everyone your customer. You're not be selective when it comes to customer base. And then people will adapt. When someone relies your product are good and then their price is slightly high or I mean, something above their budget, if they need it, they'll go and come back. You don't have to make everyone your customers because of that you become so cheap that your business, your business, you've been in business for five years. I have been in it for three years and if mine is doing better than you, that should tell you something. Oh, okay.

3:03And that same product because I knew how to market it. I was sold, I think it came in June or July last year. Now I've sold about 500 PCs or 600 PCs. That's because I'm able to push it, make it fun. Let's put no, that's okay, you need this. I need it, you need it. But if you're just the pity, pity yourself, like, you know, that's something about small business owners, we like to pity ourselves. Like, oh, today no one has buzzed and you will never see me do that. If no one is buying, make people believe that they are buying. People don't want to buy from struggling businesses. If your business doesn't attract people, people don't want to buy from you. That's why there are some people selling in thousands and they still get orders. That's what, because people don't want to know why are people on head business? Why are people buying from head? But if you have small business, or then you sit down and then no one is buying from you. So you too, you want the world to know that no one is buying from you. Then yes, I wouldn't come and buy. Why is no one buying from you, I want to know?

4:05You know, but if people are buying, people are so curious to know why are people buying from head? And they push towards you. But you are, you know, you are not motivated and you are not pushing it. Honestly, you send people away. So know how to price well. Think about the future of your business. Unless you're looking for money, then you can leave it as any profit that you get or any margin that you get. But if you're thinking about sustainability, price it to your food chest. Don't be scared. Also, thank you. That was it. Business price in one way. I appreciate it and I hope my audience do too. In what you are doing in business. What has helped you the most? Motivation or discipline? Discipline and also motivation. I think, yeah, but discipline is more. Discipline really pushes me every single day. And I think I'm motivated mostly also by the smiles I put on people's faces. That one gets me, I mean, I don't get to talk to a lot of people in a day. So when I get to talk to my customers

5:06when they bring their problems and you know, I'm able to solve them, I feel motivated. I'm like, I need to keep going. So many people need me and I need to keep pushing myself all day. We need to hear about, you know, sometimes I don't even sell most of the times. I just give tips. I just teach them. And then people will come like, I want days, I want that, you know. And I sell my products. Also, what's the best advice you've ever received? Yeah, that's the price itself. Don't price for approval, price for sustainability. Amazing. And I'm going to ask you to recommend a book. What book did we? What is the title of this book? Really, I forgot to tell you that. I think one of the best books I've heard was Famio Tadalai's book. Okay, all right. Okay, it's motivated me. And when I was talking about it to people, and people were like, he had a head start. If you read the book, it's like he had it. Yes.

6:07But I don't take it from that point. If you're able to start from some way, you can continue from there. He had a head start, but if he didn't continue, if it was not consistent, if he didn't know what he was doing, he wouldn't have gotten to this point. So it's not about getting a head start. It's about knowing what you are doing. So I think it's one of the books that people should read with open minds, not about the fact that he had money. He's coming from money. It doesn't matter. Amazing. It doesn't matter. What matters is connected minds and conversation with Charity. So thank you so much for coming to the studio. Thank you. Tell what that is beginning to rain. But to my viewers and to my listeners, if you made it to the end, I definitely want to know in the comments. My name is DeRoccoVity, and we have been speaking with Charity, watching it. Take care and drop the comments. Share this with loved ones. I'm out. Bye. Connected minds podcast.