5 Confidence Crushing Pricing Mistakes That Are Costing You Big Time!
Your pricing is your announcement to the world of your confidence in your skill-set.
So Why do so many of us struggle with putting a dollars sign on the value of our services?…
Most people make several mistakes when setting a price for their services or programs.
Mistake #1. Add up the costs of delivering what they sell and add only a small fee (for themselves) on the top of that.
Mistake #2. They figure out how many hours they will need to work to deliver the service and simply set the price based on that.
Mistake #3. They look at what everyone else is charging and set their price roughly in the same ball-park.
Mistake #4. They create a new product, program or service, outline or create the content, then jump straight to pulling a price out of thin air.
Not one of those methods accounts for the value of the impact your working with the client will have on them; how they will be better off after using your services.
Huge Mistake #5. Talking yourself out of client’s paying you and assuming that you can’t charge more than a certain – usually pretty low – amount for what you do and that your audience won’t pay more because…
… Because that’s how things are in your market, area, city….yada-yada-yada!
… Because nobody charges more for this kind of work!
… Because nobody makes a lot of money in your line of business.
Etc., etc…. blah, blah, blah! You add your own “excuse” to this list!
Confidence Boosting Pricing Secret Sauce…
Many entrepreneurs provide only one option for prospective clients and prospects can take it or leave it.
Let’s be clear, most people will leave it and that will leave you feeling inadequate and unsure of you ability to effectively offer the results you know in your heart that you can offer.
I don’t want that for you. Today, I’m clear that you’ve got to offer options so your clients can find a place to fit into to solve the problem they have using your products, services and systems.
If you want to attract more prospects and turn them into clients who pay, you’ve got to give them a few different options – people LOVE options because they feel like they are in control of the buying decision.
When I began to offer a few different options, I began to sign up more and more clients for my programs and I know you can get excited at the thought of doing the same.
Here’s my #1 Confidence Boosting Pricing Recommendation:
Offer different price points of service so there is one for every budget. BAM!
Every business has three types of customers: customers who want discounts, regular folks, and customers who want the red carpet treatment.
When you add a red carpet option, you’ll find that most people will avoid it. You’ll also find that people will avoid your cheapest option, too.
When people buy products and services they avoid the extremes (the cheapest and most expensive) and settle for the middle ground.
All you’re really doing is ensuring that your pricing caters to each customer segment. That way, my lovelies, no matter which option they choose, it’s okay!
Here’s Confidence Boosting Pricing Recommendation #2
You want to use a clear process that reliably uncovers exactly what your unique brand of transformation is worth to your clients… and what it’s worth to YOU!
- The transformation that your clients want in their lives – the results!
- The cost of not making a change
- What will unfold for them as a result of making that change
- What that’s REALLY worth to them, in dollars
Once you have all of that information, you can confidently set a fee that your
clients will gladly accept. And it will likely be much, much higher than what you’re
charging (or can even imagine charging) now.
Of course, you MUST believe in your new fee, 100%. That’s why if you want to confidently price your programs and services and earn what you deserve, you’ll also have to work on YOURSELF, too.
You’ll be amazed at how following these simple fixes will dramatically boost your confidence, your bank account along with it, and ultimately grow your business.
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Shameca Tankerson is Founder of Stiletto Wealth Society, a global community Dedicated to Empowering Women Entrepreneurs with Bold Breakthrough Business Strategies to Uncover their Flow Factor™, Gain Confidence they can Cash In, and leverage it to Create an Amazing Life and Business.
She is passionate about empowering women who find themselves playing small and are deeply and secretly scared of showing up as POWERFUL, DYNAMIC, and CONFIDENT to courageously own “who they be” and leverage it!
Posted on October 29, 2013, in business, Business Finance, Business Management, Encourage Me Girl, Money Moxie & Financial Mojo. Bookmark the permalink. 4 Comments.
this are great recommendations for confidence boosting.
I have struggled greatly with coming up with a price for my DJ services. I never thought about creating 3 packages, a Red Carpet, medium and Budget.
What great information. I’m really excited now to set this up for next year’s scheduling!! Much appreciated!!
Excited for you Missy! It’s true..People just want choice and when face with choice they will likely pick at one. When given one option they’ll likely choose none..
I really need this info right now because I’m working on opening an Etsy store featuring my art and have no idea what to price it at. I think I’ll go back and reread your post. 🙂 Visiting from UBC and hoping that your week is shaping up nicely. 🙂