“Customers don't go for the cheapest price, they go for the least risky option.” Ever heard that before? Truth.
Think about it. People constantly overspend on brand names they love… and trust.
The reason people fall in love is because the brand connects with them on some level, enriching their lives. But before love, comes trust. These mega-brands have built trust with people over time through a solid process that delivers predictable results. Customers know what they're getting when they pony up $1,000 for the latest iPhone. At that point risk is so low that customers don't think twice about spending. What if a brand new smartphone hit the market tomorrow and promised all the things that Apple promises? Would those same people drop the grand? Doubtful. No trust has been established because there is no process (that we're aware of) that would lower the risk of getting a quality product for the money.
I've had clients hire me even though I am more expensive than most of my competitors. Why? As one put it, "We figure since you have such confidence in your process, that we have confidence in you to deliver results."
Let that sink in.
BTW, I not only got my full asking price (I never discount), I also received their trust, confidence and respect. They were, and still are, a great client who lets me do what they hired me to do, rarely pushing back. What's that worth to you?
And it keeps happening.
I have other clients with similar experiences.
Ownable means that it's branded specifically to your business, with a unique name that sticks in people's minds. It should be simple enough for the customer to understand quickly. If it's too complicated then it backfires and creates confusion in their minds.
Confused people don't buy.
One of my clients is a personal trainer. We developed a very simple process, or methodology, by which he can display on his website so that when visitors see it, they trust in my client to deliver the goods. We called it "APLE", which stands for Assess, Plan, Learn, Execute. These are the steps that he follows when starting off a new client. We purposely created a name that is in line with his brand. Apples are healthy, and people hire him to get healthy. Each step is explained in order to set them at ease. Clients don't want a company who is going to wing it with them! That's too risky. Clients want safety, and if they see he clearly knows what he is doing, then they feel safe… and they buy… at a premium.
I'm sure you already have a process, even if it's in your head. I suggest you get it out of there and onto your site, give it a marketable name that is in line with your brand, and talk about it with each potential client. You can charge more because as we said, people will pay more for low risk.