If you charge a bit more for your product or service, it's more important than ever to tell your customers why you offer a better value than competition that seems less expensive.

In a post at his blog, Jim Connolly presents a hypothetical scenario that offers a choice between two consultants—Bob, who charges £50 an hour, and Sue, whose hourly rate is £75. "Sue is well organised and very experienced in her field," he says. "Something that takes Bob 5 hours to do, can be done to a higher standard by Sue, in half the time."

In other words, when working on an identical project, Sue will actually deliver better results and undercut Bob's bill by more than £60. But she can't expect anyone to assume that is the case: She has to let them know why she's probably cheaper than competitors like Bob.

"Once prospective clients or customers are aware that your higher than average price or fee could save them money and give them a better quality service," says Connolly, "it’s a lot more likely they will hire you."

The Po!nt: Don't charge a higher-than-average price for your product or service without explaining to your prospective customer why it offers good value.

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