Dan Kennedy Marketing Secrets - The Cost of Underpricing or Underselling

Dan Kennedy Marketing Secrets - The Cost of Underpricing or Underselling

Interviewer: Now one of the great stories that you have in the book is the Doctor's Money and it was really a story about a situation that changed one of your client's life forever, but why don't you talk about that?

Dan: Well, his experience in not at all uncommon. It is the realization that you have been under pricing or you have been under selling out of your own belief about what others will pay, can pay, can afford to pay. So his particular story is about a patient in his practice who consistently sort of core mouthed, told the story of how she was hampered, inability to pay. And ultimately one day, it came to sort of climax with both the explanation that she wasn't going to continue to come in for her treatments because of money. But at the same time, the description of going to a very expensive spa across town to get massages. Chiropractic treatments in his practice, too expensive. Expensive spa, not too expensive at all the and the discovery of course that she's married to one of the wealthiest attorneys in the city.

So really, this is not a money issue at all, right? And so it all turned his thinking from the point forward about truth. And generally speaking, people will buy what they value, what they want even to their detriment. If we go pick the poorest trailer park we can find and drive in and take a close look, we'll find a door on one hinge and the steps are broken, and a broken down car, and a broken hair conditioner, and a giant plasma television in the middle of the room. And people do this all the time, so sort of the first lesson is that you never really have a price problem, you either have a selection of customer problem or more likely you have a presentation of value, a perception of value problem.

Beyond that, Sally's going to spend that money, regardless of whether she spends it with you or not. The people on the trailer park who spend their whole paycheck the minute they get it and spend their tax refund to buy the plasma TV. They're going to spend that money whether you exist or not. You not taking it from them will not cost them to suddenly open up an IRA account with it and begin to save for their retirement. You're not taking it is not going to alter their behavior in the least, it's just going to go so somebody else, instead of going to you. And the same through in his chiropractic practice. So him sort of pulling his punches and feeling like well, maybe he should let Sally off the hook and not make her feel bad about not completing her treatment program and not press her to you're not going to change her behavior about spending money at all one way or the other.

The only change it made is he doesn't have the money. That's the only thing that has happened in this instance and at different times, everybody's guilty of it and it's expressed in many different ways, it's expressed in under pricing, it's expressed in not collecting accounts receivable in a very business example. It's expressed in under serving, of scaling down in his case, a proposed treatment program to somebody in a carpet cleaner's case what they propose when they go out to the home. So scaling down the service based on presumptions or assumptions or what's being said. There's an old sales axiom, it's sort of course but it is that buyers are a lot lairs and really what it means is that people often they can't even annunciate their own truth. And so they say things merely because they have not been appropriately persuaded and successfully persuaded that what you wish to exchange with them for money is important, beneficial, the highest in best use of their money this day, this week, and so they say other things. I can't afford it, I don't have the money, you know, whatever. And we buy into that easily if our own attitudes of our belief system about money is not very good.

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