“Clowns to the left of me
Jokers to the right
Here I am stuck in the middle with you”
Gerry Rafferty / Joe Egan, Stealer’s Wheel (band)
Like it or not, your service is usually seen as a part of the context, a puzzle piece, a link of chain that leads to some goal. The client will often be expected to find and pay for a service before your own, and sometimes after you as well.
It pays to know what these are, and how much they cost, because although they may not have anything to do with your industry, their price will in a way also set an expectation about the price of your service by “framing” it, making it seem natural (or unnatural) as a link in a chain.
For example, if a wedding reception is 4000 USD, the dress is 3000 USD and the banquet is 6000 USD, pricing the wedding photos at 400 USD will confuse and alarm the client much more than it usually would, if there were no other prices to “frame” it. However, a 1000 USD price tag will fit in much better, and seem natural.
It’s easy to conclude that your service is the exception to this, that it stands completely alone and has no “jokers to the right” distorting the way your client sees your price.
But what if there are? Find out who they might be, and you may discover a missing piece of the puzzle that has nothing to do with your direct competition but still explains why clients react to your price the way they do