Every now and again I see an initiative popping up where companies let their customers decide how much they want to pay for a given product or service, often lunch or dinner at a concept restaurant.

The idea intrigues me… if I look at myself, I am regularly embarrassed when the taxi app I am using is charging me a ridiculously low fee which I then decide to top up generously towards what I see as a more reasonable fee. The same when I work with creatives who I think undervalue their artwork for example. 

I realise with my background in value based pricing I might not be a typical customer, but I like to believe that as entrepreneurs we know the hard work that goes into creating a product or service and we would equally be happy to pay for the worth, as I think would many other customers too…

SPARK OF THE DAY

It would be an interesting experiment to let your customers decide how much they would like to pay you for your product or service: if they decide to pay less, you know you’re off the mark or haven’t been able to sell your worth; and if more, you now know you’ve been undervaluing yourself!

I am seriously thinking about giving this a try myself – to be continued ✨