Woman Sells Roast Plantain At High Price, Yet Beats Her Competitors
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Why will you think a roast plantain seller, in spite of the high competition still sells her wares at a very high price? Pricing your products to customers is one of the most difficult things to do by entrepreneurs. This has been my greatest problem as well as many entrepreneurs in Cameroon. We always give low prices in other to convert customers. We cannot carry the blame given the mentality of African buyers who will always like to bargain. At times we even go as far as giving higher prices because we know they will bargain and come to our actual price.
The irony about selling is that what people really want to pay for your product or service has little or nothing to do with it’s real value. So what we have to know is that a high price doesn’t send away customers but can instead convert them.
Read Also: How To Get More Clients With High Prices
You have been presenting your product or service to a client and everything is going on well. All of a sudden, you become paranoid when they ask about the price.
Anyhow, you don’t have to be paranoid. What you need to know is that people are influenced by their perceptions and not what you charge them.
Customers perceive high prices as to quality and value. Most of the times, we have the feeling that high prices means the value of the product is high. This is very common in Africa and my country Cameroon in particular.
You will buy an apple in a supermarket at 500frs ($0.9) meanwhile outside on the streets, someone is selling that same apple at 250frs ($0.4). The funny thing is that the customer will still bargain for less.
The apple has same test, same quality. What then makes the difference in the price? It’s the clients perception. They feel that the one in the supermarket is of high value because the price is high. So why is that guy afraid to sell at that same price as the supermarket? I bet you, if he does that, people will still buy.
What matters here is presentation. The way we present our products to our customers is what changes everything. Don’t mince words when pricing your products.
I will give an example. There is a woman at Rond Point Deïdo (Douala Cameroon) who sells roast plantains and plums.This woman has been there since for a very long time now. She sells roast plantain, maize, plum, and others depending on the season.
One thing very unique about her is that she prices her wares at a cut-throat price. This doesn’t deter customers from buying from her, even with the high competition around that area. There are other women besides her selling roast plantain. The difference is that her price is two times higher than the other women. Yet she finishes her stock before them. She doesn’t change her price when selling. She gives no room for bargaining, yet customers still flock to her buy her wares.
Her price has given more value to her wares than the others even though they are selling the same products. We can learn from her a lot. She has been at the same spot for many years, yet others who sell at low prices come and leave.
Be Like the Woman who Roast Plantain
There is no reason for you to offer low prices in other to gain customers. This should happen only if you are on promotion.
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To help you price your product or service, I have written this post, How To Get More Clients With High Prices. It’s worth reading and will help you not to be afraid of getting leads by offering high prices to your customers.
Don’t forget to share your experience about pricing your product or service in the comment section below.
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