#017: Stop Worrying About Copycats
Focus on what makes you unique and build a business based on trust and relationship.
Happy Saturday fellow Price Crafter!
Last night, my friend Emma, a polyglot and voice coach, reached out to me about her pricing plan.
Her concern? She’d been pricing too low. The reason was unexpected:
"Some clients reach out for my services, then copy what I do. I really need to charge a lot more (for those non-returning clients)."
While there are plenty of reasons to raise prices, avoiding potential idea theft shouldn’t be one of them.
This situation raises two important pricing considerations:
Short-term vs. long-term thinking
The power of your unique value proposition (UVP)
Let’s dive into these today.
Short-Term vs. Long-Term Pricing Strategy
I rarely dine at restaurants near tourist hotspots like the Louvre.
Why? We all know they overcharge for mediocre quality, relying on tourists who won’t return.
This short-term pricing strategy works for them because they’re not concerned about repeat customers. But for businesses relying on relationships, this approach is short-sighted.
In pricing, we often talk about Willingness to Pay (WTP)—charging the maximum price your customers are willing to pay. But I’d add an important nuance:
“Charge the maximum price your customers will happily pay, and they’ll recommend your services afterwards.”
Pricing is about value creation and value extraction.
You solve a problem (value creation), and your price is the reward for the solution (value extraction).
However, determining how much value to extract is subjective.
Leaving room for customers to feel happy about their purchase and willing to recommend you can make all the difference.
Relationships and trust are the foundation of any business. Even if you don’t have something to upsell or cross-sell right now, building long-term trust will always pay off in the long run.
Your Unique Value Proposition (UVP)
Many people worry about their ideas being stolen. But that fear is a waste of energy.
Yes, great ideas get stolen.
While ideas are easy to copy, implementation and experience are not.
Take, for example, my time pricing Foreign Exchange services for a major international bank. Wise was one of our top competitors.
Their fees were so low that it made high-street banks look like they were committing daylight robbery.
Were they worried about being copied?
Not at all.
Why? Because their low-fee model wasn’t something traditional banks could replicate without incurring significant losses. Wise knew they had a unique offering that banks couldn’t easily match.
Similarly, when I was pricing mobile phone plans for the largest telecom in Australia, competitors offered unlimited data, something we couldn’t replicate at the time without a massive hit to our revenue.
Our competitor knew this and targeted budget-conscious customers who do not care as much about network quality.
The “unlimited data” idea could be copied, but it would be difficult for others to follow without significant drawbacks.
The Lesson: Own Your UVP
Emma’s situation is no different.
While others can copy her methodology, her unique value - being a polyglot voice coach, sets her apart.
Clients needing help with both French and English pronunciation will naturally gravitate toward her.
The same principle applies to my own work.
In my upcoming communication workshop, I’ve invited someone I deeply respect, a well-known figure in Pricing Communication.
Am I worried about him stealing my ideas?
Not in the slightest.
In fact, I’d be honoured if he found value in my work and used some of my concepts in his work.
Finding your Unique Value Proposition may sound cliché, but it’s crucial.
It’s the only way to stop worrying about your ideas being stolen. Even if someone does steal them, they can’t replicate what makes you unique.
Key Takeaway
Focus on finding your Unique Value Proposition and stop worrying about others copying your ideas.
If your offer can be easily replicated, it’s time to rethink your approach.
Have a lovely weekend!
Cheers,
Claire
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