Listen, I’m NO marketing expert. As a matter of fact, anyone that knows me knows I run from all things (traditional) marketing. But there is one thing that I know for sure – as service-based entrepreneurs, we are selling value, expertise, and results. As a product-based business, you are selling quality, uniqueness, and other product attributes. And ALL of us are selling an experience. How you deliver on all these things really determines if you have a satisfied-repeat buying-referral giving client OR… the opposite.
While price can be a determining factor regarding IF you get the sale or not, it’s oftentimes not even the first, second, or third qualifying factor. So, when you are creating your plans and services packages and the pricing that goes along with them, keep that in mind. While we always want to be comparable with those (on our level and) within our industries, keep this in mind – WHAT PROBLEM ARE YOU SOLVING and how much money do you think your IDEAL client will pay you to solve it.
At the beginning of my business, I was working really for pennies on the dollar. I wanted to be “accessible” and “affordable”. I was booked and busy with a client list that most virtual assistants at the time could only dream of. And I am thankful for every person that’s been a part of my journey BUT let me tell you where all of that busyness left me – RESENTFUL and hating my business. I was barely making it (ok – basically broke), drained with no time to work to grow my business or even my skillset, and little to no freedom to live the life I wanted (which was one of the reasons for being an entrepreneur).
And this was in part the result of leading with price instead of value. Hoping that once I got people in the door with my price, they’d see my value and we could discuss an increase. But nobody likes the bait and switch. Combine that with the fact that I hate talking about money, especially after a deal has been made. And let’s be honest, why would anyone volunteer to pay more for the same great service you already provide to them?
Now when I say, “Don’t sell the price before you sell the product,” that doesn’t mean you have to keep your pricing hidden or a secret until after you get folks on the phone or until they get the very bottom of a sales page, or my personal pet peeve – hide it BEHIND the purchase button so people only see the price in the cart. But know your worth and start charging it. And be unapologetic about it.
Price is NOT the only thing that defines your company and the services you provide so stop marketing as if it is.
*If you need a little help with determining the right pricing structure for your business or if it’s time for an increase check out my ebook Prices Are Subject to Change.
