Business & Digital Literacy

The Challenges of Charging for Products & Services in Emerging Economies:

This reflects the marketing spree I had for my Self Help Book, “The Art of Simple Living.” It was a marketing venture into the deep waters of what is called Direct selling, or Cold Calling on any prospect wherever they could be and could be found. This can be done at their workplaces or in the streets when they are busy with their own errands.  Each time I approached, someone, they would straight away want to know the price before I explain the value of the product, I was selling. Some will look at me from head to toe to my dusty feet from pounding the streets introducing my book to any prospect, I could see as potential clients. Most of them, would snarl and shake their heads expressing pity especially with the price tag of $ 25 on my book in an African state. It was like I was asking or begging for money in exchange for a valueless product-the book. Yet the book is worthy of that exact price tag. I never felt discouraged, for deep down from the perception I had of this product, I knew they were missing a gem- something of value. I felt inspired and empowered for the value and price perception I had for my brand, which, I knew I never communicated to all the prospects, I approached. They did not know anything about the product, the book I was trying to sell them.  It was a lesson; I would never forget and that I pray my children or anyone should never experience. That is why I am advocating for branding for effective value and price perception. “Never sell your product, in the street, it compromises the value and price perception of the product and undermines your brand vision and goals.

The Challenge:

Value and price perception, in any emerging economy, can be a challenge and has always been a challenge especially with the traditional mindset of buying for the sake of buying, not buying for quality and value. It is a challenge to reach a stage in emerging economies and other parts of the world, where clients appreciate the product and service without scrutinising and querying the price. However, this is understandable, as ‘value and price perception’ is very subjective and debatable. It has a lot of factors like social, emotional, and cultural issues, especially in emerging economies. Yet for any entrepreneur, whether you are operating in an emerging or developed economy, you need to price your products or service for survival and sustainability, as the main business aspect that drives profit and sustainability is pricing. So, how best can an entrepreneur in any emerging economy or challenging economy like the present, survive and succeed?

How to Float and Survive:

Businesses are meant to educate, inspire, and empower; it is your duty as an entrepreneur to transcribe and translate this understanding to your prospects to perceive the true cost of production of your product or service and the value attached to it. This understanding can only happen with some relevant literacy in life and business in the Digital Global World. However, here are the inspiring and empowering aspects to consider when pricing your products or services.

  1. Believe in your product and service.
  2. Educate your prospects about the value and benefits of your product.
  3. Focus on long term goals of establishing a valuable brand.
  4. Have a standing principle of quality customer versus quantity.
  5. Credibility with quality clients who have a positive and inspiring value and price perception of your products and services can be empowering and fulfilling.

Long Term Solutions: The present-day world needs literacy at all levels, not just the ability to read and write. It needs holistic literacy, to appreciate all basic literacies that make people understand life and business. People need to develop a holistic and humane mindset of learning to appreciate the value of services provided to them. It is not always about ‘’How much” but ‘’How it will benefit’’ you and make you a better person in life and business in the Digital Global World.

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