Valuable lessons about pricing from a Farrier, my dad.
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I must share this, I have been thinking a lot about this as I evaluate the pricing on many of my own products.
So, for your Christmas present, here is a story for you!
I learned something valuable from my dad.
My dad is a farrier, he shoes horses for people. He used to do it for a very low price, despite the extreme back breaking work. He started getting discouraged because it took so much work for so little money.
And many of those horses are so rowdy, and difficult to deal with.
Ever try to nail shoes onto a 1000 pound wild animal before? Yeah. I bet you can imagine.
At first he was afraid to up the prices because he was afraid he would loose business.
But finally he did raise his prices.
He lost a little bit of business alright, but do you know what happened?
The cheap people with lousy rowdy silly horses went away, and the people with better quality horse stayed, because they new they wouldn't find a better farrier in the area.
So my dad shod fewer horses, but still made just as much money as before.
He has upped his prices several times now, and attracts the attention of quality customers with excellent quality horses.
Some people left because they found cheaper farriers, but ended up coming back because those farriers messed up their horses feet. They decided it was well worth the extra money to stick with my dad.
And by the way, my dad is now known as one of the best farriers in several counties!
That inspires me to want to be one of the best crocheters around, and to charge what I deserve.
Thank you dad!
I hope my dad inspires you too!
Posted at 4:29pm Dec 25, 2009 EST
Responses
I remember reading an article once about a woman who made hats. Her prices were not very expensive and she did not sell many. She decided to up her prices and she wound up selling much more. Seems people perceived her more expensive hats to be better quality. And your papa was right.. better to do fewer and still make the same amount. Quantity isn't always quality.
Posted at 4:36pm Dec 25, 2009 EST
jess, yep, especially when you're breaking your back lol.
Posted at 4:38pm Dec 25, 2009 EST
That also reminds me of a story I heard recently about the man who invented the flipover hospital beds to prevent bed sores.
I can't remember his name, but his dad gave him every penny he had so he could make those beds, and they wouldn't sell.
Finally he upped his prices and became a millionaire!
Posted at 4:40pm Dec 25, 2009 EST