1908
4 min 56 sec

Q&A: Should I let my customers choose their own price?

This listener is thinking of letting her customers set their own prices. Is the pay-what-you-will pricing model revolutionary or risky?
Q&A

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What It's About

Today's caller wonders if they should let customers set their own price. Is this a good idea?.

Notes from Chris

Episode 1908
This listener is thinking of letting her customers set their own prices. Is the pay-what-you-will pricing model revolutionary or risky?

I tried this once myself—or I should say I was going to try it—and then a good friend of mine, Brian Clark, talked me out of it. I’ll tell you a little about that and also why I now believe this isn’t the right answer for most projects.

Of course, there are always exceptions, so I’ll mention what those might be as well.

"I've been selling a calligraphy set and several add-ons for years. It makes a small amount of money, usually $400 a month on average, but up to $3,000 a month during the holidays. I've always struggled with pricing, and lately I've been thinking: why not let my customers decide? I like the pay-what-you-will model and I don't think my customers will choose a price that's so low that I don't cover my costs. If nothing else, I could test it, right? I guess what I'm asking is: is there any reason __not__ to let customers choose their price?"

Listen to today's episode to learn more...

 
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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,

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Chris Guillebeau