The experts say…
Raise your prices.
Slash your prices.
Follow this model.
Give it away.
Jack up your price and then put it on sale.
Heart-centered entrepreneurs want customers to feel like they received great value, but you also need to put a roof over your head, send the kids to college, and take a vacation or two a year.
I’m going to tell you right now, the only one who knows the best model to use for your pricing is you. I’ll prove it right here and now.
Choose one service or product that you currently sell.
Think about the cost, time, and energy it took to create. And what it takes to market it. Think about the value it creates in your client’s life.
Now, think about the price tag on that product or service. For the moment, forget what other people in your niche charge for something similar. How does it feel?
Too low?
Too high?
Just right?
Do you need to change what’s included for that price?
If your mind didn’t interfere, your Inner Business Expert just told you what you need to know about the pricing of that offer.
You see, you’re the one who creates the ideal pricing for your ideal market by choosing a price that feels aligned with your heart.
If it’s too low, you feel resentful and ripped off.
If it’s too high, you feel like you’re not giving enough and that you are ripping off the consumer.
Either way, profits don’t increase until the pricing feels just right for right now. You can always change your mind later. If your pricing needs to change, do it when you feel ready. If you do it before then, resistance will rear its ugly head.
Years ago I created a new product that took many hours for my team and me to create. My audio editor told me how much value I was giving this product. She thought it should be priced at at least $500.
My gut told me to price it around $200. I knew the value it’d bring to my customers would be worth thousands to them, yet why did I price it so low?
It just felt right.
It supported the vision I had for this product being a great kick-start for a struggling business owner. Also, at the lower price point, it’s a no-brainer for someone new to my work to say HELL YES, and they risk little investment. Then they fall in love with the product, get results, and become raving fans wanting more of whatever I got. 😉
This is exactly what you want for your pricing… it feels good in your heart and lines up with your overall business model. And it’s profitable.
Once I price something… it rarely changes. I never come down on my coaching fees. What’s the logic behind it? There is none. I just don’t want to budge. I’m very clear about the value of my time and energy, and that’s that.
If you haven’t done it lately, it’s good to do a gut price check on everything you offer. If you shift any of your pricing, you don’t have to tell a soul, or you can announce it to your database so they can grab it before the pricing goes up or get it at its new lower pricing. Either way, everyone wins.
If you feel great about what you charge, you’ll be a happier business owner. And being happy is very attractive to your future 5-Star buyers.