At Holistic Literacy Empowerment, we believe in learning how to overcome challenges in the market guided by the Holistic Think Model, as highlighted in our Holistic Literacy Courses and blog articles. As an entrepreneur, knowing how to price a product is an important skill to learn and have when you venture out to sell your product or services in the market. 

Introducing a product and service in the market should not be about selling but more marketing. That is from my experience in brand building based on the purpose and value of our business venture and my exposure and training in the fundamentals of Digital Marketing. That 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 Direct selling, or Cold Calling on any prospect wherever they could be, and I could find them. You can do that at their workplaces or on busy streets when they are busy with their life and errands. 

The Challenge

Most people want to know the price before they establish the value. Each time I approached anyone; they would ask about the price before I explained 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 and introducing my book to any prospect I could see as a potential client. Most of them would snarl and shake their heads with pity, especially with the price tag of $ 25 on my book in a developing African state. It was like asking or begging for money in exchange for a valueless product. Yet the book is worthy of that exact price tag.

 I never felt discouraged, for deep in my heart and the perception of value I had of this product, I knew they were missing a gem. That is something of high value. I felt inspired and empowered by the price perception I had for my brand. I knew I never communicated with 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 value and price perception. “Never sell your product in the street. That compromises the value and price perception of the product and undermines your brand vision and goals.

Value and Price Perceptions

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 long way to reach a stage in emerging economies and other parts of the world where clients appreciate the product and service without scrutinizing and querying the price. However, this is understandable, as ‘value and price perception’ is subjective and debatable. It has a lot of factors like social, emotional, and cultural issues, especially in emerging economies. Yet any entrepreneur operating in an emerging or developed economy must price their products or services for survival and sustainability. Pricing is the business aspect that drives profit and sustainability. So, how best can an entrepreneur in an emerging or challenging economy like the present volatile economy do pricing to survive and succeed?

How to Float and Survive:

The intention of any business marketing strategy should not be selling but educating, inspiring, and empowering your target market about your products and services. It is your duty as an entrepreneur to transcribe and translate this understanding to your prospects to perceive the cost of production of your product or service and the value attached to it. This understanding can only happen with relevant literacy of yourself and customers and clients 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 the long-term goals of establishing a valuable brand. 
4. Have a standing principle of quality customer versus quantity.
5. Credibility with quality clients with 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 demands a holistic literacy to appreciate the basics of literacy that make people understand life and business. People need to develop a holistic and humane mindset of learning to appreciate services and the value 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.