More Reasons Why You Should Not Cut Your Rates

Posted on March 27, 2012 by LCT Magazine

NO CHEAPSKATES, PLEASE: It was a coincidence that I got a call from New Jersey operator and 2010 LCT Operator of the Year Bill Atkins today on the topic of value pricing and rewards programs just as I saw this article from Inc. Magazine: Will Your Customers Pay More? The short answer is they will if you are offering a quality service or product that doesn't waste clients' time. The recent recession proved that the easiest way to survive is to simply follow the rule of giving the milk away for free instead of selling the cow -- and we all know where that leads. Operators who preserved price integrity are having a better recovery, having avoided the race to the bottom. A price is as much a communication tool as an expectation for revenue: A quality brand needs to be backed up by a value price. As this article shows with its examples that can apply to the limousine industry, people will pay more for anything if they want it bad enough and the service/product is good enough. Related LCT article: Treating Clients Like VIPs -- Martin Romjue, LCT editor  

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