Segment: Don't Price for Approval, Price for Sustainability - Cheap Pricing Kills Your Business

Summary

Konnected Minds Podcast

Host: Derrick Abaitey
Guest: Charity
Episode Segment: Don’t Price for Approval, Price for Sustainability – Cheap Pricing Kills Your Business
Date: March 29, 2026

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Episode Overview

This episode centers on one of the most critical yet misunderstood aspects of business: pricing. Derrick Abaitey and his guest, Charity, discuss why pricing should not be set to gain approval or appease everyone, but rather to ensure sustainability and growth of the business. The conversation dives into personal anecdotes, actionable strategies, mindset shifts, and practical advice—all tailored to help entrepreneurs overcome the fear of "pricing too high" and to understand the importance of valuing their work.

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Key Discussion Points & Insights

1. The Fear of Pricing and the Trap of Cheapness

[00:07–02:20]

• Charity notes that many new business owners are scared to price their products appropriately, so they underprice out of fear of losing customers.
  • "You don't price for approval, you price for sustain. Your business needs funds. Not just profits, it needs funds to do well." [00:17]
• She illustrates with her experience in China, having to order packing bags in bulk, requiring substantial cash outlay. Pricing too cheaply wouldn’t have allowed her to cover these investments.
• Charity emphasizes knowing your target market and being unapologetic about your pricing:
  • "Not everyone is your customer…If someone comes to you and says, ‘your prices are too expensive,’ you say thank you. Go to where it's cheap." [01:03]
• Business owners must be selective with their customer base to attract those who appreciate value, not just low prices.

2. The Pitfalls of Chasing Every Customer

[02:21–03:24]

• Charity shares an anecdote about a woman selling similar products at a low margin, struggling to make real profit after accounting for packaging and delivery:
  • The other seller tried pricing at 100 Ghana cedis but lost customers due to sudden price shocks, revealing the mistake of trying to serve everyone.
  • "That's because you're trying to make everyone your customer. You're not being selective when it comes to customer base." [02:53]
• She reinforces that if your product is truly needed and desired, people will find a way to buy—even at a higher price.

3. Building Perceived Value and Confidence in Your Business

[03:25–04:20]

• Charity points out that small business owners often “pity themselves” when sales are slow, which backfires:
  • "People don't want to buy from struggling businesses...If your business doesn't attract people, people don't want to buy from you." [03:43]
• Creating a sense of demand and confidence in your product attracts more buyers.
• Presentation and belief in your business creates momentum—even when sales are slow, perception is key.
  • "If no one is buying, make people believe that they are buying. People are so curious to know, why are people buying from her?" [03:58]
• Sustainable pricing is not about quick profit; it’s about ensuring your business can improve, grow, and last.

4. Powerful Lessons: Price with Your “Full Chest”

[04:20–05:30]

• Key takeaway: "If you're thinking about sustainability, price it to your full chest. Don't be scared." [04:24]
• Charity's personal results:
  • She outperformed the competitor by choosing the right pricing strategy and focusing on value, selling 500–600 pieces within a year.

5. Discipline vs. Motivation in Business

[04:45–05:33]

• Derrick asks what’s helped Charity most: discipline or motivation?
  • Charity: "Discipline really pushes me every single day...I'm motivated mostly also by the smiles I put on people's faces." [04:45]
• Interacting with customers motivates her, but daily discipline drives the business.

6. The Best Business Advice

[05:33–05:39]

• Charity reaffirms: "Don’t price for approval, price for sustainability.” [05:33]

7. Book Recommendation

[05:40–06:33]

• Charity cites a book by “Femi” as particularly helpful.
  • She reflects on people’s critique that the author “had a head start,” but believes the lesson is about consistency, not privilege:
    • "It's not about getting a head start. It's about knowing what you are doing." [06:18]
  • Advises: Approach business stories and books with an open mind.

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Notable Quotes & Memorable Moments

• Charity [00:17]:
  "You don't price for approval, you price for sustain. Your business needs funds. Not just profits, it needs funds to do well."

• Charity [01:03]:
  "Not everyone is your customer…If someone comes to you and says, ‘your prices are too expensive,’ you say thank you. Go to where it's cheap."

• Charity [02:53]:
  "That's because you're trying to make everyone your customer. You're not being selective when it comes to customer base."

• Charity [03:43]:
  "People don't want to buy from struggling businesses...If your business doesn't attract people, people don't want to buy from you."

• Charity [04:24]:
  "If you're thinking about sustainability, price it to your full chest. Don't be scared."

• Charity [05:33]:
  "Don’t price for approval, price for sustainability.”

• Charity [06:18]:
  "It's not about getting a head start. It's about knowing what you are doing."

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Important Timestamps for Reference

• 00:07 – Introduction to the problem of pricing and fear of charging more
• 01:03 – On knowing your ideal customer and being firm about price
• 02:53 – Case study of why attempting to serve everyone fails
• 03:43 – Why you must project confidence, not desperation
• 04:24 – Pricing for sustainability as a foundational lesson
• 04:45 – Motivation vs. discipline in entrepreneurship
• 05:33 – The “best advice ever received” - price for sustainability
• 05:40–06:33 – Book recommendation and lessons beyond privilege

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Conclusion

This episode delivers a masterclass in pricing psychology and sustainable business growth. Charity’s advice is clear and actionable: know your value, understand your audience, and don’t be afraid to price in a way that supports your long-term vision. The conversation, full of authentic anecdotes and sharp advice, will resonate with small business owners and aspiring entrepreneurs committed to building resilient, growth-focused enterprises.

Remember:
"Don’t price for approval, price for sustainability." – Charity [05:33]

Transcript

[A]

If some of the things you have said has been nostalgic for me, is there anything we can speak about that we haven't?

[B]

Okay, so I think one thing I would like to speak about here when you're starting a business is pricing. That's because I've had a lot of people come to me who are scared to price.

[A]

Yeah.

[B]

And because of that they make their product so cheap because a certain number of people are okay with that and they are so scared. You know, you, you don't price for approval, you price for sustain. Sustain. Your business needs funds. Not just profits, it needs funds to do well. When I went to China to do my packaging bags, they said I couldn't do less than thousand for a particular size and I needed five sizes. It means I have to buy 5,000 pieces or maybe 10,000 pieces. Imagine I was, you know, pricing so low I'm not making good money. And then I go, how do you push your business to the next level if you're not pricing well? Don't be scared to price. Not everyone is your customer. Know the people you are trying to attract and then push your business to them. If someone comes to you and says, oh, your prices are too expensive, you say thank you. Go to where it's cheap. Don't be scared. Don't be scared to tell people off. Because there are some people, no matter the price you put, it's expensive for them. But if you're able to stand on business, I mean, you don't have to be too expensive. But also make sure that whatever profits you are making or money you are making, there is a room to improve your business. You don't want your business to be stagnant. And I'm saying this, and I'm saying this because some time ago when I was in China, I was introducing a new product and then one lady came to me and was like, oh, I saw similar products. I was like, oh, really? It was like, yeah, but it's not going well and all that. So I was like, how is she marketing it? I didn't care whether I'm bringing the same product. I wanted to know what she was doing and how much was she buying it in Ghana. So, and she meant, she said she was getting it for 50 Gana cities and she was selling it for 70 cities. I asked there, when they buy, do you package it? Do you put it in a packaging bag? She said, yes, let's say when you're going to buy it or when they're bringing it to you. Pay delivery fee, you know they have to bring it to you or you have to go for it, no matter what money is involved. And she said, yes. I was like that. 20 cities and if it's not something a lot of people are buying, how are you able to make money from it? Oh, when she started selling it for hundreds, it is. People were scared. People didn't want to buy from her. I was like, that's because you're trying to make everyone your customer. You're not be selective when it comes to customer base. And then people will adapt. When someone realizes your products are good and then the price is slightly high or I mean, something above their budget, if they need it, they'll go and come back. You don't have to make everyone your customer. So because of that, you become so cheap that your business, you've been business, you've been in business for five years. I have been in it for three years. And if mine is doing better than you, that should tell you something. Oh, okay. And that same product, because I knew how to market it, I've sold, I think it came in June or July last year and I've sold about 500 pieces or 600 pieces. That's because I'm able to push it, make it fun, Let people know that, okay, you need this, I need it, you need it. But if you are just there, pity, pitting yourself, like, you know, that's something about small business owners. We like to pity ourselves, like, oh, today no one has bought. And you will never see me do that. If no one is buying, make people believe that they are buying. People don't want to buy from struggling businesses. If your business doesn't attract people, people don't want to buy from you. That's why there are some people selling in thousands, but they still get others. That's what. Because people don't know. Why are people on her business? Why are people buying from her? But if you're a small business owner and you sit down and then no one is buying from you. So you two, you want the world to know that no one is buying from you, then yes, I wouldn't come and buy. Why is no one buying from you? I want to know. You know, so. But if people are buying, people are so curious to know, why are people buying from her? And they push towards you, but you are, you know, you are not motivated and you are not pushing it. Honestly, you send people away, so know how to price well. Think about the future of your business. Unless you're looking for money, then you can leave it at any Profit that you get or any margin that you get. But if you're thinking about sustainability, price it to your full chest. Don't be scared.

[A]

Awesome. Thank you. That was business pricing 101. I appreciate and I hope my audience do, too. In what you are doing in business, what has helped you the most? Motivation or discipline?

[B]

Discipline and also motivation, I think. Yeah, but discipline is more. Discipline really pushes me every single day. And I think I'm motivated mostly also by the smiles I put on people's faces. That one just. I mean, I don't get to talk to a lot of people in a day. So when I get to talk to my customers, when they bring their problems and, you know, I'm able to solve them, I feel motivated. I'm like, I need to keep going. So many people need me and I need to keep pushing myself out there. They need to hear about, you know, sometimes I don't even sell. Most of the times I just give tips. I just teach them. And then people will come like, I want this, I want that, you know, and I sell my products. Awesome. Yeah.

[A]

What's the best advice you've ever received?

[B]

Yeah, that's the pricing stuff. Don't price for approval, price for sustainability.

[A]

Amazing.

[B]

Yeah.

[A]

And I'm going to ask you to recommend a book. What book would it be?

[B]

What's the title of this book? Really? I forgot. I think one of the best books I've read was Femi's book.

[A]

Okay, all right. Okay.

[B]

It motivated me, and when I was talking, I've spoken about it to people, and people were like, he had a head start. If you read the book, it's like, he had it. Yes. But I don't take it from that point. If you're able to start from somewhere, you can continue from there. He had a head start, but if he didn't continue, if he was not consistent, if he didn't know what he was doing, he wouldn't have gotten to this point. So it's not about getting a head start. It's about knowing what you are doing. So I think it's one of the books that people should read with open minds. Not about the fact that he had money. He's coming from money. It doesn't matter.

[A]

Amazing. It doesn't matter. What matters is connected minds and conversation with charity. So thank you so much for coming to the studio.

[B]

Thank you.

[A]

You know, I can tell that it's beginning to rain.

[B]

Yeah.

[A]

But to my viewers and to my listeners, if you made it to the end, I definitely want to know in the comments. My name is Derek Abayte and we have been speaking with Charity. Take care and drop a comment. Share this with loved ones. I'm out. Bye.

[B]

Connected Minds Podcast.