In this episode of PassionPreneurship, Dr. Erin Jacques talks about how to set higher prices for what you sell. She looks into tips from Alex Hormozi's book, "$100 Million Offer," and explains how to make customers happy to pay more for great products and services.

Key Takeaways

*   Premium pricing isn't just about the cost—it's about the perceived value to the customer and their willingness to pay for the solution that meets their needs.

*   To command premium prices, entrepreneurs must focus on both increasing the perceived dream outcome and perceived likelihood of achievement while minimizing time delay, effort, and sacrifice on the client's part.

*   The 'value equation' by Alex Hormozi is a pivotal concept to understand: divide the dream outcome and perceived likelihood of achievement by the time delay and effort and sacrifice. This helps to create a high-value offer.

*   Perception is king. By managing customer perception, you can make time delays seem shorter and the purchase more gratifying.

*   Examples of successful applications of these strategies can be found in companies like Amazon and Shein, which have mastered the delivery of perceived reduced time delays.

Resources:

*   Dr. Erin Jacques on Instagram and TikTok: @Dr.ErinTalks

*   Alex Hormozi's book: "$100 Million Offer" (specific URLs not provided in the transcript)

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