If charging low prices for your products/services makes you feel bad, don't do it.
Don't feel like you have to lower prices when somebody complains or decides not to buy because you're too expensive for them. Charge what you are worth. Charge based on the quality of your ingredients/materials, and based on the skills you used to make those products.
This newsletter was prompted by the fact that there's a #macaronmurah hashtag on Instagram. I haven't eaten many macarons but I know for a fact that they're not considered a "cheap" type of dessert.
I'm not trying to be elitist. I don't think macarons should be expensive and eaten only by the rich and fabulous. What bugs me about the hashtag is that macarons aren't that easy to make. I wouldn't be able to get the shells round and perfect the first time around.
It requires a certain skill to get them right, because they're apt to turn out flat, cracked or hollow. If a person can consistently produce a big batch of perfectly round macaron shells, that says something doesn't it? So why cheapen their own product with the hashtag?
You are what you charge.
Pricing is part of branding. If you consistently price your products below the market price, customers will begin to associate that kind of price with your brand. A reputation that has stuck cannot so easily be shrugged off. The opposite is true as well. Charge premium prices, become known as a premium brand.
Just to be clear: pricing is your prerogative. You know your own product and market more than I do. All I'm saying is that if it forces you to cut corners, don't do it. If it makes you feel trapped, don't do it.
The money that comes from charging what you are worth allows you to innovate. You can use the money to invest in learning new skills, tools, and make improvements to your products/services. In a way, it even forces you to innovate, because you have to deliver on the customers' expectations.
I'm going to throw in a statement that's not universal, but probably applies to you in some situations:
The more expensive something is, the more valuable it is perceived to be.
I know it doesn't apply to all situations. You probably try to make smart purchases, and judge the quality of a product carefully. But it's likely that you don't/can't do this for all aspects of your life. Especially if there is an emotional value attached to the product. This is where cheap = disposable, expensive = investment.
Is your product DISPOSABLE or an INVESTMENT for people?
So don't worry about people who complain about your prices. If the product you poured your heart into is truly excellent, you shouldn't concede to their demands. The people who complain won't be good customers anyway, so they're not the people you should be targeting. Focus on the people who care about the quality.