Determining the right price for your product/service often tends to be a complicated and tricky subject. Essentially, it comes down to determining what you’re really worth and looking for ways to leverage your brand. Here, I give you some sound advice into the best ways to charge what you’re worth:
1. Give more value
Once again, one of my favorite recurring themes comes up. It’s always about value. This is the base of getting more clients in that are willing to pay what you consider to real for your services. Make sure to take care of the details. Find ways in which you can give more with your products or services.
If what you have is a product: can the packaging be better? Are the materials top-notch? Is there a way to improve the experience for customers? If what you offer is a service: what else can you give customers to leave them happier with your work? In what other ways can you provide value for them? This should always be a question you should be asking yourself. Find ways to make your brand the best possible so that you can keep on growing.
2. Figure out your perceived value
The best way to find out what your product/service is worth to your clients is by simply asking them! How did the work you did for them help their business? How did it increase their sales or improve their brand? Or maybe you lowered their costs. Did they get more clients thanks to what you offered them? Talking to clients will help you understand either that quantifiable number or the emotional value that you are worth to them.
Also, think about how you can add even more value to what you have been providing so far to your clients!
3. Determine your range
Sure, you know what your bottom is. That floor where you determine the least you would be willing to charge for your services. But don’t forget about the ceiling! Think about a number that really gets you excited and aim for that number. Maybe it’s a number you have to work on constructing. Do whatever you need to do for your business in order to be able to achieve that number. Meanwhile, keep a flow of customers within your range.
4. Don’t look to compete on price
We’ve all been there time and time again: we have a great product or service, but don’t really know for sure what to charge for it. So, we do what any logical person would do, try someway, somehow to find out what your competition is charging, and end up charging somewhere along those lines, maybe even less, thinking that it will attract more clients. But, what if that competition isn’t really competition? What if what we offer is a lot more valuable than what they offer?
Looking to compete on price will only be a race to the bottom. I’m going to say that again, in other words, in case you didn’t catch it the first time. Competing on price will take you down a road in which the only “winner” is the one who charges less. Is that what you want for your business? To be known as the cheaper option? I’m sure you don’t (unless, of course, what you’re selling is based on volume, in which case maybe you do). Stick to competing on value. I can’t say it enough! It’s all about establishing yourself as unique and able to give the best option out there!
5. Find the right customers
So, a lot of the time what happens is, we look for anyone that’s willing to pay anything for our services. That’s the first mistake you will make. You are underselling yourself by accepting any client that comes your way. I know it can be scary rejecting potential customer, but trust me on this: there are certain clients you don’t want to have. A lot of times, you will find people who will never get your value and will make you work like crazy!
If you want to charge better prices for your services, look for clients that don’t have serious money issues and won’t understand the value you can bring to them. Being selective is a good thing!
6. Positioning, baby!
Positioning yourself as an expert in your field will definitely enable you to charge more for your services. So, figure out exactly what you’re an “expert” on. What experiences have you learned over the year that make your knowledge particularly unique? Try leveraging your brand on that and position yourself as an expert in that subject. If what you offer is a product, figure out what niche you fit in best.
When you are known for something, you have the upper hand and the ability to charge more for what you offer. So make sure people know that you know what they want to know. You know? Write a blog that shows your expertise, launch and online course, write articles, get featured in other publications. Positioning is all about putting your brand out there!
7. Of course, branding
Your website, emails, products and branding in general should absolutely reflect how amazing your product/service is. No matter how incredible your product and how much value you’re giving clients, if your branding, design, look + feel and communication don’t reflect a brand that is worth “IT,” nobody will pay more than “market price.”
If you’re looking to charge more for your brand, make sure to invest in the right design that will show the best version of you.
How to charge what you're worth!