Your product, your price, and the story it tells

A massive component that is overlooked when pricing a product is the story. It can be the story of the company or specific good. The story is why people line up to buy iPhones or Cronuts from Dominque Ansel. The story is critical especially when you’re a small to medium-sized business. It’s what separates you from the rest. Here’s an exercise to try with your products that’ll force you to think of the story your product deserves.

Imagine if you raised your prices by 50% and a customer asked why it was so expensive. Chances are just speaking about the product's features won’t convince someone to buy. It’s the story they’re looking for. Your product has a history because it’s a part of you. Think about the time right before launching the company. What is the origin story?

This is what the customers want to hear.

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