The importance of a good pricing

I made a mistake with my pricing, and I want you to avoid it.

Estimated reading time: 2minutes and 12 seconds

Some time ago, I made a mistake that cost me 25% of my revenue foolishly. What was this mistake? I lowered my prices for the wrong reasons.

A few months ago, a competitor entered the market offering much lower rates than mine. I panicked. I feared that all my customers would flock to this enticing offer. So, I made a hasty decision: to lower my prices to match the competition.

Yet, this decision turned out to be a big mistake. Why? Because I was comparing incomparable things (different quality, different features...), and our customers weren't complaining about the initial price. But that's not all.