Press Release (ePRNews.com) - PETALUMA, Calif. - Jul 02, 2018 - While many entrepreneurs may want to charge as little as possible for their product or service to attract more customers, making their product more expensive may be a safer decision. Gaining attention and demand for a project may be more important than price. Charging more for a product may be an important way of getting attention. Brandon Frere, successful entrepreneur and CEO of Frere Enterprises, thinks that charging more for a product may make it more successful.
“Making a product as low-cost and effective as possible isn’t the only option,” said Brandon Frere. “Charging more money causes people to look at a product differently and come at it with different expectations. Just make sure the quality is up to par with the price.”
Charging a premium on a product has an obvious benefit: it requires fewer sales to make a profit and justify the expense of a project. It has a few subtle benefits as well: higher price may cause a person to notice the expense and research it in order to justify its price. When a client begins looking at a product, it means that they have a chance of buying it. The question then becomes, is there a way of showing that a product can justify its expense?
Making a product as low-cost and effective as possible isn’t the only option. Charging more money causes people to look at a product differently and come at it with different expectations. Just make sure the quality is up to par with the price.
There are many reasons that people may be willing to spend more money on a given product. If a product is easier to buy or arrives quickly, that may be enough to win over time-sensitive clients. If a product has a lower cost of ownership, durability or some unique feature that makes work a little easier, the client may spend money in order to save in the long run. If the product is more pleasing to look at, has more effective feedback or fits a luxury lifestyle, many may be willing to spend more in order to enjoy it as a beautiful part of their routine. Lastly, someone might buy due to effective customer service, a seller’s reputation or a company mission statement, which can create a pleasant experience for the client that they may wish to experience again. If an entrepreneur can accomplish all of these standards and more, then their product or service should stand out compared to others.
Even without these benefits, it may be worth charging a premium just to manage risk. The difficulty in generating interest is often harder than convincing people to pay slightly more for a given product.
“‘High-quality’ is a status that most products should shoot for,” said Brandon Frere. “Even if an entrepreneur doesn’t want to make their product high-quality, many should consider raising their price as a risk management decision instead of assuming that cheaper is better.”
About Frere Enterprises
Brandon Frere is an entrepreneur and businessman who lives in Sonoma County, California. He has designed and created multiple companies to meet the ever-demanding needs of businesses and consumers alike. His company website, www.FrereEnterprises.com, is used as a means to communicate many of the lessons, fundamentals and information he has learned throughout his extensive business and personal endeavors, most recently in advocating on behalf of student loan borrowers nationwide.
As experienced during his own student loan repayment, Mr. Frere found out how difficult it can be to work with federally contracted student loan servicers and the repayment programs designed to help borrowers. Through those efforts, he gained an insider’s look into the repayment process and the motivations behind the inflating student loan debt bubble. His knowledge of the confusing landscape of student loan repayment became a vital theme in his future endeavors, and he now uses those experiences to help guide others through the daunting process of applying for available federal repayment and loan forgiveness programs.
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