AI Summary
5 min readIf You Want To Make More Money, Avoid These 7 Mistakes
Jenny Britton opened a stall in Columbus, Ohio in 1996 selling what some have called the best ice cream in America. She used grass-fed milk before anyone knew what that meant, made weird flavors like cayenne chocolate and goat cheese with real pie crust, and people drove from out of state for a scoop. She charged two dollars. Because that's what every other shop charged. For four years she paid herself $600 a month, even when she sold out every weekend. By 2000 she was broke and ready to shut down Jenny's Splendid Ice Cream. Two years later she tried one last thing: she realized her ingredients cost four times what competitors paid, but her price was the same. She was selling Michelin-grade ice cream at Dairy Queen prices. She doubled the price. Today Jenny's Splendid Ice Cream does a hundred million dollars a year in revenue. Nothing changed except her price. Everything changed when her beliefs changed.
The Fear Tax and the Seven Pricing Sins
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What you'll learn
- 1 Timestamped Outline
- 2 (00:00) **Episode Opening & Hilton Ad** - College football ad followed by introduction to the episode's thesis
- 3 (01:06) **Book Launch Announcement** - Owner Be Owned releases September 18th with a million-dollar giveaway
- 4 (01:22) **The Jenny Britton Story** - How underpricing nearly killed a now-iconic ice cream brand
- 5 (03:16) **The Fear Tax Concept** - Why underpricing is a belief problem, not a math problem
- 6 (04:06) **Research Findings on Underpricing** - Most businesses charge 30-300% below their optimal price
- 7 (05:49) **Close Rate as a Pricing Indicator** - Your close rate reveals whether you're underpriced
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
My new book Own Or Be Owned is about building a business that makes more money without needing more of you. Grab your FREE ticket to the live launch, get our scaling tool, and enter for a shot at $1 MILLION in cash and prizes: https://contrarianthinking.biz/raiseyourprices
The only thing between you and the income you want is believing you need permission to charge what you're worth.
In this episode, you'll learn:
- The “Fear Tax”
- Why discounting is a death spiral and how Bed Bath & Beyond went bankrupt
- The value split pricing model: how to charge 10% to 30% of the value you create so your client keeps 70% to 90% of the upside and everybody wins
- The Seven Deadly Pricing Sins
- My five step repricing framework
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(00:00:00) Introduction: The Fear Tax and Why You're Underpriced (00:00:50) Jenny's Splendid Ice Cream: The $2 Scoop That Almost Killed a Dream (00:03:38) The Seven Deadly Pricing Sins: How to Identify Your Mistakes (00:05:45) Chris Doe on Pricing Psychology: The With or Without You Energy (00:07:50) Sin One and Two: Imitation and Delusion (00:09:09) Sin Three: Surrender Through Discounting (00:10:58) Sin Four Through Seven: Hustle Poverty, Hero Complex, Doormat Work, and Self-Extraction (00:15:01) Charlie's Story: From $5K Job Coaching to $40K Book Proposals (00:17:16) Value-Based Pricing: The 10-20-30% Formula (00:18:50) Compared to What: The Most Powerful Sales Question (00:21:06) The Five-Step Repricing Framework: Floor, Ceiling, and Action (00:24:31) The Million Dollar Book Launch and Your Next Move
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