Like many other commenters here, I am not a fan of this formulation. I am, however, very surprised that a really common and legitimate pattern has been overlook

Like many other commenters here, I am not a fan of this formulation. I am, however, very surprised that a really common and legitimate pattern has been overlooked: If you haven't lost business over price, you aren't charging enough. In fact, if you can measure it, you should usually aim for ~25% of your lost business to be attributable to price (as an individual service provider in a field like graphic design). The reason being that no matter how little you charge, about 10% of lost business will seemingly be attributable to price (it's a reflexive default answer for some folks when they didn't really want to spend anything at all or be bothered making the purchase). Note that the phenomenon isn't symmetrical: you can easily lose business because your prices are too low, but it usually won't show up attributed in that way, instead you'll get other reasons like lack of professionalism or reference customers.