A study by the American Medical Association – described on Reddit – explains why you should charge more for your services:
82 participants received two small electric shocks. One before taking a pain killer and one after.
In group 1, they told them the pain killer cost 10c, and they reported less pain 61% of the time.
In group 2, they told them the pain killer cost $2.50, and they reported less pain 85% of the time.
But the twist was that both pain killers were actually placebos.
The reduced pain was all in their head.
So a high priced placebo reduces pain way more than the cheap one. This highlights the powerful link between price and perceived quality.
The key takeaway:
Higher prices makes your services more desirable.
Not more desirable for everyone, of course.
But there are plenty of clients out there who will take you more seriously if you quote a higher price.
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