Customers and clients tend to equate value with price. Hence, determining the Right Price is most important in making money fast. This is the argument presented by Loral Langemeier, author of the book, ” Put more Cash in your Pocket; Turn What you Know into Dough”.
Loral opined that price, perception and psychology tend to go together. People tend to equate value with price. If one quotes a price higher than the others, the general perception would be that that product or service provider is offering a more premium service than the lower-priced ones. Hence, he asserts that determining the “Right Price” is essential.
So how does one determine the right price then?
Loral said that after determining the target monthly income through the Fast Cash Formula he had determined, which in a basic summary states that the individual has to earn a monthly income of US$500 to US$1,000 per month and subdivided by weeks and days, one now has to find the Right Price for the product or service to achieve this target monthly income. He said that the Right Price is the determinant of whether a business can achieve its target income goals — and to determine it is not rocket science either.
To determine the Right Price, Loral instructed that one has to research the different competitors’ pricing. This can be done through what he terms the GPS system of research — the Internet! While googling for your competitors’ pricing scheme through maybe their corporate websites, one can start thinking about how you can promote your new product or service.
Once you get the range of prices offered by your competitors, Loral said the Right Price will be determined. Take the most expensive price quoted by your competitor and increase that price by 10%. That would be your Right Price to quote your future customers.
Loral said that at first, there will be quite a good amount of opposition to the concept of quoting a price that generally will be 10% higher than any at the market at that time. But as he had opined, the Right Price is something that people will perceive is a higher one because the service being offered is a better one than those offered in the market.
This quotation, according to Loral, makes good economic sense. One has to quote the Right Price to achieve at least the minimum of US$500 to US$1,000 target monthly income.
He said that by charging a little more than the competition, one exudes the perception of offering better service and, may be even earn more than what is targeted. The Right Price is most essential then in achieving this.
Loral further gives examples in his sixth chapter of the types of jobs that can give that “fast cash” to your pocket, supported by quoting the Right Price then. Jobs that some of his clients have engaged in, particularly after researching and determining their relative skills that can be optimized include Astrology & Tarot Reading, giving guitar lessons, catering & cooking, a seniors’ shopping service, desktop publishing, Handyman, foreign language lessons, lawn care, recording service for musicians, etc.
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