Easy Pricing
Strategies to Determine Your Rates
It
might just be the most stressful decision you ever have to make: what to
charge?
You’ve
got the competition to consider, your own skill set, what you perceive to be
your skills (yes, this is different from the former for most of us), what your
market will pay, your location, and a host of other variables. Working it out
can feel like a hurdle you can’t quite get past.
Of
course, there are some strategies you can employ. One popular method is to use a calculator such as the one
found on Melissa Ingold’s Time Freedom
Business. These will quite quickly tell you what you need to be charging to
reach your income goals, and they’re a great place to start.
But
what about all those other questions? Creating a solid pricing structure
requires you to do a little more digging. So with your starting number in line,
take a look at:
Your Competition. This might take a
little detective work, since a lot of coaches and service providers don’t
publish rates. But if you pay attention to their websites and social media, ask
a few discreet questions, and get on their mailing list, you can figure it out.
Be
realistic about who, exactly, your competition is, though. Don’t undervalue or
over-sell yourself. In other words, make sure you’re comparing yourself to
another provider who shares the same skills, market, and track record, rather
than simply looking at who you strive to become.
Your Skills. In some fields, this
is easy. There are certifications and educational programs that allow you—by
virtue of having achieved them—to charge a certain rate. If you’ve followed
this path, then pricing will be easy for you. If not, take a solid look at what
you can legitimately claim as a skill.
Do-it-yourself Business Plan
Look,
too, at your track record. Have you proven yourself by helping former clients
(and do you have the testimonials and case studies to show for it)? Have your
former clients moved on to bigger and better coaches after working with you?
(That’s a good thing!) These are all reasons to maybe consider a higher price
range than you might have first thought.
Your Market. In the game of
setting rates, it’s your market that has the final say. As any first year
economy student can tell you, the price of anything lies where what the buyer
is willing to pay meets what the seller is willing to accept.
If
your goal is to give newbies a helping hand and lead them down the path to
success, that unfortunately means you can look forward to low paying gigs.
That’s not a bad thing—everyone has to begin somewhere—but it does need to be
acknowledged. If, on the other hand, you’re target market is more established
and economically stable, then a higher fee isn’t just warranted—it’s a must.
They will expect a higher price, and will not find value in the lowest-cost
provider of anything, whether it’s coffee beans or business coaching.
Finally,
don’t forget that pricing is never set in stone. It’s flexible. If you find
you’re attracting the wrong market (or no market at all) you can always change
your rates. Working too hard for not enough return? Raise your rates.
It’s
your business. You get to call the shots.
Create a Sales Funnel, with this Sales Funnel Planner
The Step-by-Step Planner Covers (19 PAGES):
- Step 1: Product Inventory and Categorization
- Exercise: Inventory and Categorize
- Step 2: Fill in the Holes
- Exercise: Plan to Fill in the Holes
- Step 3: All Roads Lead to Rome
- Exercise: Make the Connection
- Step 4: Upsells and Downsells
- Exercise: Plan Your Upsells and Downsells
- Step 5: Making Good Use of Your Real Estate
- Exercise: Create Your Cross Sells & Special Offers
- Step 6: Planning Your Email Sequence
- Exercise: Plan Your Follow-Up Sequence
- Step 7: Behavior-Based Sequences
- Exercise: Plan Your Behavior-Based Follow-Ups
- Step 8: More Prime Promotional Space
- Exercise: Plan Your Related Products Offer
- Exercise: Create a Resource Guide
No comments:
Post a Comment