Brian and Patrick emphasize the importance of businesses re-evaluating and potentially increasing their prices. They highlight the common fear among business owners of raising prices and discuss the significance of profit margins. They also touch upon the psychological impact of pricing on consumer perception of value.
Blunt Force Facts:
- Margins matter – Dig into your expenses and profit margins. Make sure you are accounting for all costs.
- Customers are Suckers – They likely won’t leave over a small 3% price increase. They value convenience.
- Your Pricing is your Marketing – Higher pricing indicates higher perceived value and quality.