When Customers Say Your Product Is Expensive, This Is What They Mean
The price might seem high, but it's not just about the product but the value it brings to them
You believe your product and service will satisfy your customers, but then someone says, ‘Your product is too expensive.’ You might start to wonder if there’s something wrong with it or if it’s simply out of their budget. This can make you question your confidence. What should you do in this situation? Instead of jumping to conclusions, take a moment to assess their situation and needs. View it as a valuable opportunity to identify the problems they need to solve and what might work best for them, rather than justifying your prices.
So, what do they actually mean by that? Sometimes, it’s not just about the price; it can also relate to other unmet expectations. Billionaire Warren Buffett famously stated, “Price is what you pay. Value is what you get.” This means that even if the price seems high, the value comes from the benefits and satisfaction the product or service provides. If customers feel they aren’t getting enough value for their money, they may express concerns, showing that their expectations haven’t been met.
They don’t understand or see the value
When your product has not emphasized any values, they cannot see it, and this is a very obvious mistake. In business, not communicating clearly your product value that emphasizes its benefits or unique features can confuse customers. This is especially when the benefits are too vague.
For instance, if you are only emphasizing how exclusive your products are without explaining the details, they will not see the real value. Explaining details such as high-quality leather or intricate stitching can indicate craftsmanship is involved, making the product exclusive. When they fully understand the benefits, quality, or unique features of the product, it can no longer seem overpriced.
They’re not the right customers
Sometimes, “too expensive” signals that they simply aren’t the ideal fit for your product or service. In these cases, it’s better to focus on those who understand and appreciate the value rather than trying to convince someone whose priorities may not align with what you offer.
What should you do when you are in that position?
It can be a tough spot to be in when you’re facing a situation where you might lose a customer because of price. Sometimes, there is more to consider than just the price itself. When a product is perceived as valuable and is a rare find for them, they will be eager to purchase it, even if it is expensive.
Emphasize your value, not the quality or price. Customers aren’t usually interested in hearing why you charge what you do because they’ve already made up their minds. A high-quality product does not mean it is high value. Products or services are valuable when they meet exactly their needs and preferences. Instead, highlight the most important things that they find valuable, such as time and cost savings, long-lasting, and how reliable your product is. Pointing out how your products or services will quickly solve their problem is also an effective way to change their mind.
Stay confident and unwavering. Sometimes, the best approach is to stand firm on the value without getting into the specifics of why it costs and what it does. This conveys confidence in your pricing and your product. When you are eager to justify the price, customers can see how you value your product. For example, if you offer a big discount on a product or service, customers might wonder about its value or think there’s something wrong with it.
Conclusions
Hearing “your product is too expensive” can be tough, but it’s also a chance to grow. Instead of seeing this as a negative, use it to understand your customers better. Often, the problem isn’t the price but how people perceive the value of your product. By clearly sharing the unique benefits and quality of what you offer, you can help customers recognize its true worth. Remember, some feedback may come from those outside your target market, allowing you to focus on those who truly value your products. Shift the conversation from price to value by highlighting how your product solves problems. This builds stronger customer relationships and also boosts your brand’s reputation.