Have you ever designed a new program, product or service or had an idea for one that you had no idea how to price? Oftentimes, do you wonder if your ideal prospects will pay you what you’re worth?
When you think about pricing your programs, products, and services in your business, it can be a tricky decision. However, no matter what you charge, if you don’t show to your prospects the value of what they’re going to receive, learn or walk away with after buying your program, product or service, then the price doesn’t matter.
If you can show enough value, you can charge really high prices. You would be surprised what some people would be willing to pay if they see that what you’re offering is the exact solution to the biggest problem they have.
Don’t be scared to raise your rate. Don’t be scared to charge a premium for your services or for working with YOU rather than one of your PEOPLE. It basically comes down to your own confidence and the wording you use to describe what you do and how it will help people.
What’s important is learning how to speak and write about the value you’re going to share or that your prospects are going to receive. That is the key to getting paid what you’re worth. This is a learned skill however for most entrepreneurs, you usually aren’t born with the ability to talk or write in a sales and marketing way while still exuding the value of what you offer by talking about what matters most to THEM about what you do.
Here are a few key tips on how to price your services:
- Figure out how many hours it will take you personally to provide the service, and then calculate your average hourly rate times that many hours (Make sure to calculate using your highest, retail rate).
- Decide what other products, services, or bonuses you can add into the offer to beef up the package value. Put a dollar value on those bonuses or extras, and add that to the above personal time.
- Then add any other resources, checklists, guides, workbooks, or materials on top of that. Show a value for those items.
- Finally, you should have a big total amount in total value. From there, you can break the price down in order to give a better deal. That way, you’re not really discounting. You’re showing the value and then the retail price.
One quick hint: When adding bonuses, add things that don’t take your time. This includes things like pre-recorded audios, pre-written materials, books, and somebody else’s products. This will better leverage your time while increasing the value.
Then the question becomes, “Which products, programs, and services do you actually offer in your business?”
Some business models–such as membership programs, group teleclasses, live events, and information products–could be a good solution for you. However, some also may not. You want to look at all of your options and the pros and cons of each before choosing which business models to use and how to price them.
To learn more about these strategies and how to better incorporate them into your business, you can do one of two things now:
- I would love to invite you to talk with me in a 1on1 complimentary JumpStart Your Business Strategy Session – click here to sign up for that now.
- Attend my three-day “Jumpstart Your Biz in a Weekend Intensive” live event. Throughout this event we will be talking about all of this and so much more, including all of the marketing you need to know how to do to attract more clients and make more money in your business. Go to www.
JumpstartYourBizInAWeekend.com now to register yourself (You can still bring a friend for FREE plus get a few other Free Bonuses as well)!
© Copyright 2011 K. Sawa Marketing International Inc.
