Is Your Price Right?
- June 10, 2013
- Posted by: Rochelle
- Category: Brand + Design, Niching, Personal Brand
How do you know if your price is right?
a. You have your ideal balance of revenue and work you love doing.
b. Your sweet-spot clients thank you when presented with your bill.
c. You’ve had potential clients tune out once they hear your fees.
d. All of the above.
The correct answer is…d. all of the above.
Because your price is right not only when both you and your sweet-spot clients are thrilled, but when you’re actively turning away clients who aren’t willing to pay your fees.
The right pricing always aligns with your brand.
It reflects both your value and the results you deliver. It is an integral part of your positioning and—done well—will perfectly match up with your clients’ experience.
Tip #1 : If you look and sound and read like everybody else, then that’s the best you’ll ever do on price. Average for your specialty. You’ll always be chasing somebody else and begging for your seat at the table.
Tip #2: Don’t be afraid to repel those who don’t like your fees. Firmly and without remorse. They will suck up the time you could more happily (and profitably) spend with those who value you and your work.
Tip #3: if you’re turning them away in droves, consider investing in highly-leveraged options—think books and digital products—to expand your business. Why limit yourself to a fee-for-service model?
Tip #4: Know your market. Research your competition and be very clear on your value (read: results). Teach your audience how to use you best.
Just remember that if you carve out the right niche for yourself—one that fits you like a glove and sings to your audience—you’ve got options. You can sell your consulting, speaking gigs or digital products at price points that give your competitors goose bumps.
Not to mention having a damn good time doing work you love.
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p.s. If you want more on this topic, stay tuned for Wednesday’s episode of Rochelle TV
6 Comments
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This makes me think about where I am on the scale. I need to study this more.
Hi Ed, I think this is one of those things that is always in motion. Competitors change, rates change, we change…
My advice: bill what you think your service is worth – and then add another 50%.
And then give your client a 150% effort.
Well there you go–works for me! Especially since lots of folks are actually worth more than they think…
You never want to get labeled that company that “charges too much”. Often times those are also the people that are frequently chasing business. If you can find the sweet spot in the middle the sky is the limit. People will use your services more and everyone wins. Thank you, good read.
This goes to the famous issue of quantity vs. quality. Some clients stay happy with mere presence; others recognize results matter. I argue and advocate for quality. It becomes hard to compare quality and the uniqueness of what you deliver. No one can be me. I know I offer myself as the “product”. I need to price accordingly.