The True Cost of Undercharging: Lessons from an Electric Car Holiday

In our recent holiday in the UK, I decided to rent an electric car to get around. Excited by the prospect of driving this eco-friendly vehicle and the savings I’d make on fuel, I was oblivious to the impending hassle I was going to subject myself.

I wasn’t completely blind.. I found out there are charging stations in Wales.

What I didn’t know was the wide variety of speeds and amount of time it would take to charge up.

Once we made the drive from London to Wales the state of the battery always became top of mind.

Every other day, I found myself visiting a charging station to ensure I had enough battery for our upcoming trips.

So, since the quickest charger was at the nearby McDonald’s, we had to hang out in their parking lot for an hour or so, keeping an eye on the car so the local little hooligans wouldn’t mess with it.

This unexpected chore not only interrupted my relaxation time but made it the most expensive car I could have rented — as it wasted so much time.

This experience echoes a common pitfall that many businesses fall into when pricing their products or services.

Just as I underestimated the costs and time associated with maintaining an electric car, many companies underprice their offerings and neglect to consider all the costs associated with operating their business.

They find themselves scrambling for additional funding or other resources to keep their business running smoothly.

This ‘charging time’ is a drain on both their resources and their energy, detracting from their ability to focus on opportunities and growth.

Just as an electric car needs to have enough charge to cover the distance of the journey, so too your business needs to charge enough to cover your costs and ensure a healthy profit.

When your business is adequately ‘price charged’, you have the resources you need to invest in the customer experience, marketing, and other key areas critical to your success. You can outspend and outcompete your competition and often drive them out of the market.

So, take the time to evaluate your pricing strategy and make necessary adjustments to ensure that you’re charging what you’re truly worth. With a well-planned and executed pricing strategy, you’ll be able to reach new heights of success and have enough ‘charge’ to fuel your business’s growth for the long-term.

Start with our 17 January “Are you Charing What You’re Worth” workshop scheduled online for 17 January at 10 AM EST / 3 PM GMT / 7 PM GST.

 

Click here to find out more and register to join us.